praxis22 (![[info]](http://l-stat.livejournal.com/img/userinfo.gif){kind=small} praxis22) wrote,@ 2009-05-28 00:31:00 |
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I was pondering a catchy title, thinking I would go with this credit card story from the Consumerist:
Your Advanta Business Card account is funded by an independent trust which owns the balances you owe on your account and provides funding for new transactions. We expect the trust to stop funding activity on our accounts. The trust also restricts our flexibility to fund activity on your account. Unfortunately, as a result, effective May 30th all Advanta Business Credit Card accounts, including your account, will be closed.
This means that you will not be able to use your card or account for new transactions, including purchases, checks and balance transfers beginning on May 30th. We understand that you may have written checks on your account before May 30th and we will make every effort to honor those checks that are presented to us for payment by June 3rd. If you use your Advanta card to make automatic recurring bill payments, you will need to make alternative arrangements for those payments promptly. [HT ZeroHedge]
When I thought to check the Bloomberg ticker for the price on the US 10 year. It would appear it had a big day but not the sort that will please the US Govt, or the Fed.
The yield on the 2 year note increased 2 basis points to 0.97 percent. The yield on the 3 year note climbed 3 basis points to 1,49 percent. The yield on the 5 year note soared 11 basis points to 2.41 percent. The yield on the 10 year note catapulted 17 basis points higher to 3.72 percent. The yield on the bond rocketed 14 basis points to 4.63.
The 2year/10 year spread is a record 275 basis points. [HT Alphaville]
Which means that the US mortgage rate, (which is based off the 10 year) is likely to rise.
Then there is news that Moody's have cut Nomura's credit rating two levels.
Kind of an odd day to kick off really. I was busy ignoring it to be honest. I'll be paying more attention tomorrow
Your Advanta Business Card account is funded by an independent trust which owns the balances you owe on your account and provides funding for new transactions. We expect the trust to stop funding activity on our accounts. The trust also restricts our flexibility to fund activity on your account. Unfortunately, as a result, effective May 30th all Advanta Business Credit Card accounts, including your account, will be closed.
This means that you will not be able to use your card or account for new transactions, including purchases, checks and balance transfers beginning on May 30th. We understand that you may have written checks on your account before May 30th and we will make every effort to honor those checks that are presented to us for payment by June 3rd. If you use your Advanta card to make automatic recurring bill payments, you will need to make alternative arrangements for those payments promptly. [HT ZeroHedge]
When I thought to check the Bloomberg ticker for the price on the US 10 year. It would appear it had a big day but not the sort that will please the US Govt, or the Fed.
The yield on the 2 year note increased 2 basis points to 0.97 percent. The yield on the 3 year note climbed 3 basis points to 1,49 percent. The yield on the 5 year note soared 11 basis points to 2.41 percent. The yield on the 10 year note catapulted 17 basis points higher to 3.72 percent. The yield on the bond rocketed 14 basis points to 4.63.
The 2year/10 year spread is a record 275 basis points. [HT Alphaville]
Which means that the US mortgage rate, (which is based off the 10 year) is likely to rise.
Then there is news that Moody's have cut Nomura's credit rating two levels.
Kind of an odd day to kick off really. I was busy ignoring it to be honest. I'll be paying more attention tomorrow
