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Today's Market Color
11/30/2009
Dubai shares have dropped the most in eight years this morning on the first trading day since the government announced that the state-runDubai World, with $59B in liabilities, may have to delay debt payments. Traders are trying to determine whether this is an isolated event, or if this is the beginning to credit turmoil in the emerging markets. Right now, the futures market is pricing in an 86% chance that the Fed keeps rates somewhere between 0% and .25% through March 16th, 2010. Currently, the Ten Year yield is at 3.24% (3.21% on Friday) and the 2-10 yield spread is at 255bps, steepening 2bps since Friday morning.
