The economic shutdown is an artificial dislocation, a non-economic factor that is interrupting regular activity and business for non-economic reasons. But is it overlaid on a pre-existing downturn making the pandemic effects worse?
In February of 2020, the S&P 500 made a new all-time high of nearly 3,400 points. Then the selloff began that would see an intraday low below 2,200 points. That is a 35 percent loss. But the market has since rebounded recovering to 2,846 points as I write this. This represents an almost 30 percent […]
Futures are breaking support. Here’s where they’re headed today. Trade it as you see it.
Fed QE $4.000B TIPSPurchase 2020-04-15 NYFed treasury securities operations
Fed QE $16.000B CouponPurchase 2020-04-15 NYFed treasury securities operations
Fed QE $7.000B Coupon Purchase 2020-04-15 NYFed treasury securities operations
Fed $4.000B CouponPurchase 2020-04-15 NYFed treasury securities operations
Concerns about the economy have overtaken concerns about the virus. That’s the conclusion reached by a series of polls conducted at fivethirtyeight.com. According to their surveys, Americans remain very concerned about the pandemic to start with. Thirty-eight percent say that, up from about 18% back at the beginning of March.In terms of the economy, 57% […]
It’s nothing more than pedigree, having little to do with actual performance. Central bankers are given a level of respect and even admiration suited only to their job title. As such, they travel the world as honored guests to fulfill the insatiable demand for their takes on essential matters no matter how far off the […]
I warned about it last week when the Fed’s POMO schedule first showed a reduced purchase rate. The Fed is taking its foot off the…