As a Lehman summer associate many moons ago, I split my ten weeks primarily between two desks – High Grade Corporates and Equity Program Trading.  The assignment coordinating gods smiled upon me as both groups were crown jewels at the bank, run by top shelf management with impeccable reputations and unmatched ability.  As part of the program, I did get to sample a few of the different areas on the Floor as we plebes needed as many people as possible to go to bat for us to secure the ultimate prize of a full time offer for the following September. 

One morning when I found myself on the Govie Desk, the Durable Goods numbers flashed across the Bloomberg of the trader I was sitting next to.  The headline ripped consensus which instantly sat on the Treasury market.  The economist for the firm who was unabashedly Continue reading »

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When stepping away from the markets for nearly a week, I find my return akin to drinking from a fire hose as I try to slurp a cascade of data that have rained down during my absence.  Playing catch up can be daunting although recognizing a near 6% drop in the S&P 500 over the past two sessions is obvious.  So too is reviewing the economic numbers as well as digesting market moving news such as The Wall Street Journal’s reporting that the New York Fed has started to question overnight funding from large European banks with significant operations in the U.S.  As always, I will attempt to find the rare nuggets of information Continue reading »

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