After trading overnight in Asia, Japan’s government bond market is within a hair’s breadth of setting new record lows. The 10-year JGB is within a basis point and a fraction of one while the 5-year JGB has only 2 bps to reach. It otherwise seems at odds with the mainstream narrative at least where Japan’s […]
Markets blow up on Friday on a series of tweets, markets jam higher on the pronouncement of dubious phone calls on Monday. The rapid back and forth has many heads spinning and […]
New York – Happy summer. Much has changed in the markets since the last meeting of the Federal Open Market Committee several weeks ago. The target for short-term rates was cut a quarter point and, more important, the runoff of the Fed’s balance sheet ended, removing the tightening bias to US monetary policy. We had called loudly for the latter and discounted the former, most notably in a discussion on CNBC, so we view the FOMC action as the least that could be done given the political noise
Apparently gold traders have decided that they don’t need no stinkin’ consolidation! Short term cyclicality is mixed, but still gold has powered higher. This seems…
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.
Does anyone really think The Everything Bubble can just keep inflating forever?What do I mean by a profoundly shattering recession? I mean, a systemic, crushing recession that can’t be reversed with central bank magic, a recession that o…
Trump has gotten away with a lot, with Wall Street cheering him on, when he exercised constitutionally controversial executive powers. But when he threatened Wall…
Donald Trump’s twitter account is now the biggest market price discovery mechanism on the planet and he can jerk prices around anyway he likes.
The first “Bomb” hit at 8:02 am eastern.
In January 2018, Bill Gross was at it again. Famous for being the longtime public face of PIMCO, he’d acquired as much notoriety for being the boy who cried bear.