While equities have been soft today with a sell off in the 1.17% area (S&P500) treasuries have been kind of strong.
The 10 year treasury has been hanging right in the 2.78-2.79% area all day–3 basis points below yesterday–a somewhat strange place right before a 75 basis point increase in the Fed Funds rate.
Tomorrow is such a big day that CNBC is counting down the hours (we really need to know how many hours).
Tomorrow we may see ‘knee jerk’ market reactions at 1 pm (central)–equities may shoot up 500 points or drop the same amount–interest rates may move–but I don’t think nearly as violently as equities might move.
Oh well–I will be watching, but of course doing nothing whatsoever in terms of buying and selling.
I did some nibbling today–same old issues, but I did add a little of the Arbor Realty perpetual (ABR-D)–current yield of 8%–I already own this issue. I also nibbled–again–some insurance issues mid to investment grade. All total 100 shares–no rush as I think we have plenty of time (and I will need it) at this pace.