22 Quotes by David Ader

We are getting hit with an enormous amount of supply. That is having an exaggerated influence.

There are some receiving demand on the back of the supply.

We deem this action representative of a market that has lost the flurry of last week's panic buying and instead is rethinking its view as to the near-term motivation of the Fed and the impact of Katrina.

We're anxious fence-sitters. Yields are back to where we like them -- and we'll like them more if we see more buyers and improved price action.

We've seen dip buying and think that's a precursor to larger commitment into supply.

Given this is a swan song for Greenspan, I think it's going to be one more of these global topics. There will be very little if anything that will give us any insight into monetary policy.

Today is about positions unwinding and we should not confuse price action with new, fundamental, information. When unwinds of magnitude take place, they have an endgame -- those positions will square and/or strong hands will dominate.

It is going to follow what the nominal (Treasury) curve is doing. It's not that great of a surprise.

While the curve has moved to flat as a pancake to a bit inverted and yields open the year near 4.38%, we are not excited about further inversion just yet.