Onto the dog days of summer. The first half of 2020 has been intense for all involved and the second half looks to be intense as well. Stepping back from the daily […]
The roof, the roof, the roof is on fire. But momentum is on a sell signal.
Monetary policy can be implemented through outright purchases or sales of securities, which permanently changes the size of the Federal Reserve’s System Open Market Account (SOMA) portfolio.
Fed QE: $3.601B Coupon Purchase 2020-07-01
U.S. dynamics behave distinctly from every other advanced economy, and not in a good way.
New cases and deaths updated. All commentary in the charts (click to enlarge).Adding a new graph to collection: this looks at smoothed-trends in both deaths and counts of new cases:
Some really good mapping in terms of financial exposures/risk and COVID19 vulnerabilities within the U.S. small and medium enterprises sectors, via McKinsey & Co:Source: https://www.mckinsey.com/featured-insights/americas/which-small-businesse…
Common sense says that as case numbers increase, tax collections would fall and vice versa, REGARDLESS of whether governments imposed lockdowns. So my expectation was that as governors across the country lifted restrictions, case numbers would rise, and tax collections would fall.
Well here we are.
I’ve been watching markets since the late 1960s. This is the worst news environment I have ever seen. Frankly, it is so bad that I just can’t see any way that the US stock market could ever go down again. There’s just too much bad news.
Fed QE: $2.401B TIPS Purchase 2020-06-30