Happy Friday

Hedge funds are now more useful than ever now that many investors have given up on them.

For the US, UK and Germany, a small window remains to raise long term debt. Take the UK for example. They need to issue 30 year debt in quantities sufficient to remove refinancing risk for the next 5 yrs, and then cut tax rates.

I’d like to understand the causality between lower MBS yields and unemployment. I’m sure there is a correlation, but I’m not sure that the dependence is so high.

Its Friday and its been a long week…