William Dudley

Rates Behaving Like There’s QE3. But For How Long?

Remember this time last year when rates were dropping as Europe’s debt crisis was spiraling and the chatter about QE2 was reaching fever pitch? What happened then was that NY Fed president Bill Dudley gave a speech on October 1 that confirmed QE2 and rates hit record lows a week later, then went up a

Rates Behaving Like There’s QE3. But For How Long?

Remember this time last year when rates were dropping as Europe’s debt crisis was spiraling and the chatter about QE2 was reaching fever pitch? What happened then was that NY Fed president Bill Dudley gave a speech on October 1 that confirmed QE2 and rates hit record lows a week later, then went up a

Tighten Seatbelts: 3 Dissenters On Fed Policy

Below is the full FOMC statement from today’s Fed meeting, and there are three dissenters on today’s new language stating a low rate target “at least through mid-2013”. These dissents are a big change because all FOMC decisions received unanimous votes since the Thomas Hoenig rotated off the FOMC in January, and he was the

Tighten Seatbelts: 3 Dissenters On Fed Policy

Below is the full FOMC statement from today’s Fed meeting, and there are three dissenters on today’s new language stating a low rate target “at least through mid-2013”. These dissents are a big change because all FOMC decisions received unanimous votes since the Thomas Hoenig rotated off the FOMC in January, and he was the

August Refi Boom: Consumer Tips

Rates were dropping this time last year as Europe’s debt crisis and U.S. economic weakness led to a second round of quantitative easing. NY Fed president Bill Dudley confirmed QE2 in an October 1, 2010 speech, and rates hit an all-time record low October 9. Market theory during the debt ceiling debate was that, once

Quantitative Easing: Rate Recap & Timeline

For the past 2.5 years, the Fed has run two rounds of rate stimulus known as quantitative easing (QE), which is bond buying to drive prices up and rates down. QE2 ends June 30, so here’s a chart recapping 30yr fixed rates from crisis peak to now. It’s labeled to show how QE1, QE2, and

No Fooling: Jobs up, inflation looms

On this April Fool’s Day, the only fools are those who bet on a worse jobs report. Stocks are up (S&P +11, Dow +92) and bonds are slightly down (10yr Note -16 bps, FNMA 30yr 4% coupon -9 bps) after the Bureau of Labor Statistics showed that non-farm payrolls rose 216k in March and the