Even now, the stock is trading at 85 percent of book value.

For the last few weeks, Fed funds have traded at around 7 3/8 percent.

By late yesterday the Federal funds were trading at 8 7/16 percent.

The December contract, however, is now trading at 3.72 percent.

If it were trading at 100 percent of that value, the price would be over $25, they note.

Late yesterday Fed funds were still trading at 8 15/16 percent.

The funds traded at 8 11/16 percent almost all day.

By late in the day the funds rate was trading at around 7 1/16 percent.

The funds had traded at 7 3/8 percent the day before.

Those bonds, for the record, are trading at less than 75 percent of their face value these days.