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On the Horizon: The Day Ahead: October 15, 2008

Day In Review:

• US announces $250bln plan to rescue banking system and FDIC stated it would fully guarantee newly issued, senor unsecured debt from select banks

• Market responds positively to response, but equities retrace on only modest improvement in LIBOR, concern about corporate earnings and economic conditions going forward

• Yields on Fannie Mae and Freddie Mac corporate debt widened on the back of the government guarantee of banks

• Bank of New York Mellon was named by the US Treasury to provide custodial services to administer TARP program

• ECB President Trichet urged policymakers to restore the discipline that characterized markets in the immediate post WW-II world. Trichet implied that slower growth in the EU region may pave the way for further rate cuts.

Day Ahead:

• Major event risk for the day will be the resetting of LIBOR fixings and the LIBOR-OIS spread. We expect price action in markets to be shaped by where LIBOR and credit spreads settle

• Fed Chair Ben Bernanke will speak before the Economic Club of New York on the economic outlook and the financial markets

• Heavy slate of macro-data on tap will include the PPI, advance retail sales, and Empire Manufacturing Survey all for September

 

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