Phil Grossfield's Blog

Crazy Weekend. As you are probably aware by now I adopted/rescued a puppy named Pongo. Someone tried cropping his ears (meaning they cut them off) and when it didn’t work out the way the planned they stuck him in a box with 3 other pups and left them for dead in a dumpster. We took him in and all is well.  I wanted to name him Vinnie after Vincent Van Gogh but my family ignored my wishes, which sucks since I paid for the damn thing…but what can you do? Pongo sleeps through the night which is awesome since the rest of the weekend was crazy-pants. And despite urinating all over the place he seems as well-adjusted as could be expected. We’re crate-training him meaning he’s in the crate unless watched closely. I suspect he had to fight for food in his early days since he seems very overly aggressive towards my 9-year old dog when it’s time to eat. So now I have 2 little kids, a 9-year old dog, a 14-year old cat, a wife, and now a high-energy pup to care for…life is busy…life is good.

In case you missed it, here is a news story about it: Mutilated Puppy Adopted by San Diego Family.

My Schedule:  Available all day…

My Market Watch:  Bonds Up – Pricing Improved. The 30-year Fannie Mae bond is trading well this morning and is up +36bps on the day.

The weak Jobs report Friday was just what the doctor ordered. And now there are more statements being made that increased rates might hurt the housing market further. Love it! And, war with Syria is still a very real possibility. All these things bode well for bonds.  But on September 18 the Fed will announce it’s plans regarding QE tapering. As you know by now this is where it gets sticky. I’m hoping they back off slightly and don’t come out guns-a-blazing. If so, we might be able to get away from this thing unscathed. Of course, if the bullets start flying then you can expect bonds to tank and pricing to worsen. But I think there is plenty of evidence to suggest the economy is not performing well enough to justify a full scale taper. I choose to think positively and hope for the best.

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