End Of Month

End of month marking yesterday will try to be supported by managers today hoping that the redemption monster does not appear with a wave of selling. Credit conditions are improving for world bank flows but rates in the mortgage markets are on the rise as overall demand for safety competes for debt supply. Lots of liquidity out there but credit standards restrict the ability to gain broad participation in a world which has come accustomed to large volume on thin margins. Less people borrowing less reduces risk but is a lousy growth scenario.