The Powell FOMC has lost all credibility when it comes to financial markets or managing inflation.
In the short-run rising interest rates and spreads will help bank earnings. But where is the next credit hot spot?
We think the chart below from FRED is worth any amount of words on the impact of QE on equity market valuations.
As we move into Q4 2021 earnings, keep your eyes peeled for news of restructuring of urban commercial commercial and multifamily properties
The SEC has finally decided to do the unthinkable, namely repudiate the admittedly fanciful idea of liquidity on demand at par.
We ask whether bank fundamentals are starting to catch up to the very full equity market valuations , up 40% since the end of 2020
any of the problems that the Fed now seeks to fix, starting with the unnecessary elimination of LIBOR, are a function of earlier policies…
Somehow the folks at UWMC did not take notice of the fact that secondary stock offerings for all issuers have basically disappeared
“The past is a foreign country: they do things differently there.” L.P. Hartley, The Go-Between (1953) November 29, 2021 | The peace of…
And in the meantime, we view the end of QE as a net negative for global stocks as well as crypto. Everything is correlated in a crowd.