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Another Day

Mercifully, this is a half day for the Candian Bond Market.

Finance Minister Flaherty has thrown in 25 billion to support th mortgage market but this is mostly window dressing.

Canada reported a very strong employment month while our trade surplus was stronger than forecast. This means nothing to the Loonie which continues to head south as fast as the price of oil.

Of note is that the US is mulling insuring ALL bank deposits and that would be a very positive event.

On the corporate bond front, IBM, after a strong quarterly earnings report, was able to borrow money at 400 basis points over US Treasuries.

 Those experts at viewing the world through rear view mirrors, the Credit Rating Agencies, came out and said that there was trouble ahead for North American car makers. Duhhh!

More rate cuts are on the horizon.

There will be lots of news(at least sound bites) out of the G7 finance mnister's meeting this weekend.

Enjoy the holiday weekend. We have a lot to be thankful for.

Hank



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