This week’s edition includes charts and commentary on the following: 1. Household Debt Paradox 2. Canada Consumer Insolvencies Plummet 3. U.S. Banks Tighten Lending Standards 4. Retail Sector Makes a Comeback 5. Correction in Silver 6. Silver/Gold Volatility Ratio Explodes 7. Financial Sector Slow to Recover 8. Active Treasury Investors Not Net Long 9. Elevated …
(BLOG) Tweet, Tweet. Bye, Bye Market.
That was a Friday to remember. The day was supposed to be dominated by Jay Powell’s much-anticipated talk in Jackson Hole. Investors were looking for clues on the timing and direction of the next Fed policy move. Powell’s speech ended up satisfying markets, but not the President. Trump wants a 100 bp ease, and he wants it …
(BLOG) 30-Year Rates at 2%? Really?
Well, you can’t say the markets were quiet last week. While the stock market plunge of 3% on Monday may have dominated the news, the big story for bond and credit folks like us was the dramatic drop in rates, especially the 30-year sector. There was too much going on to fit everything into the …
(BLOG) Global Equities Summary
Volatility in the equity market has picked up again. Here is a brief summary of some of the major developments. It includes chaerts and commnentary on the following: Investment Factor Returns Factor Volatility Minimum Volatility Factor Low Vol vs. Min Vol: Performance Low Vol vs. Min Vol: Allocations Sector Returns Sector Valuations Global Equities Performance Global …
(BLOG) Macro Charts of the Week- Sept. 11, 2018
1. Italian BTPs BTPs gained on the back of comments made by Finance Minister Giovanni Tria. He pledged fiscal prudence with respect to the Italian budget. Lower BTP yields, especially in the front end of the yield curve, take the stress of the banking community and European financial markets in general. 2. Crypto Meltdown The year-to-date change in …
(BLOG) Morning Brief- Thursday, Sept 6th
1. EM FX The weakness in EM seems to be moving from idiosyncratic situations to contagion. The huge currency losses in some EM markets are not without historical precedent. Losses in 2008 and 2015 exceeded 15%. Bottom line: it feels bad, but it could easily get worse. Why it Matters Emerging markets had another rough day …
(BLOG) Morning Brief- Thursday, Aug 30
Comments on inflation in Iran, commodity futures roll yields, short-term real rates and local currency EM bonds.
(BLOG) Morning Brief- Wednesday, Aug 29
Comments on high yield volatility, EEM vs SPY, FX risk reversals and CP spreads.
(BLOG) Morning Brief- Tuesday, Aug 28
Comments on: GDP Estimates, Agriculture Slump, US 10Y Term Premium, S&P Margins
(BLOG) Macro Matters: 10 Charts That Explain the Current State of the Markets
10 interesting charts on the markets and economy: risk parity, Brazil ETF flows, trade wars, gold returns, equity valuations, IG credit fundamentals, high yield flows, UST sentiment and US economic activity indicators.
