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Market Update

Bond prices are retreating today as both Lehman and Goldman reported better earnings than forecast and they also reported strong liquidity positions. The corr PPI in the US did not help either, rising to a year over year rate of 2.4%.

The TED spread continues to track in the 160 range as market participants remain very leery of each other.

The FOMC meeting today is widely expected to see a full1% cut in the Fed Funds rate to 2 per cent and it will be very interesting to read the accompanying press release. I will publish it at 2:15 today.

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