“They are incapable of creating a deception when they need it – the conceptual difference between a deception and a lie seems to elude them — so they lie instead, and when they are called on a lie, they lie more and blame facts, which further undermines their credibility until there is none left. As a result, after less than a month in office, Trump had to declare war on facts and pronounce the press the enemy of the people.”
Day: May 24, 2017
Revisiting The “Tokyo Whale”
“We assume the BoJ’s current ETF holdings stand around Â¥15.7tn ($144bn), i.e. approximately 75% of the total assets in Japanese equity ETFs.”
Wednesday Satire: Pope Calls Trump A Fat Ass, Other Countries Cancel Visits
“We don’t see why we should be speaking to Donald Trump when even Melania isn’t doing that.”
Fed Minutes: “Soon” Or “Soon”-ish
“Most participants judged that if economic information came in about in line with their expectations, it would soon be appropriate for the Committee to take another step in removing some policy accommodation. A number of participants pointed out that clarification of prospective fiscal and other policy changes would remove one source of uncertainty for the economic outlook.”
Don’t Forget That Iron Ore Crashed Last Night…
So last night Moody’s downgraded China for the first time since 1989. China was pissed.
The Ugly Truth About ETFs Is Revealed (In A Footnote)
“[This assumes] the ETF secondary market remains balanced between buyers and sellers. this higher liquidity profile of ETF assumes secondary market liquidity does not disappear, which may be the case in theory during a sell-off or a one-way market. In these instances, the client (sale) order execution would require tapping underlying market liquidity. ETF liquidity would then just be the same as that of the underlying assets. If these underlying exposures are not liquid, ETFs would be not liquid either.”
Goldman Pukes All Over Trump Budget; Clinton Calls It “Unimaginably Cruel”
“In general, the President’s Budget is a political document more than a working fiscal proposal.”
You Hate That Giant Equity Position Right? Well Hedge It With Bonds And “Hope To Lose Money”
“People love the Plunge Protection Team conspiracy theory when looking at equities. Well that’s exactly what is happening in bonds, right out in the open.”
“Equities Are The New HY” – “Weep” Now Or Forever Hold Your Peace
“Equities for yield, bonds for capital appreciation.”
“It’s All About Optics”: For OPEC, 6 Months Ain’t Gonna Cut It
“After Khalid Al-Falih’s comments over the weekend that “We think we have everybody on board†and “Everybody I’ve talked to indicated that nine months was a wise decision†It would appear that a 6-month extension would be a backtracking of sorts.”
Chinese Stocks Stage Hilarious Comeback After “Absolutely Groundless” Moody’s Downgrade
It’s all fun and games until someone gets downgraded. So last night, Moody’s handed China
Goldman: Here’s Which Credits Are At Risk From Moody’s China Downgrade
So obviously China isn’t loving the Moody’s downgrade, which the Ministry Of Finance hilariously called
Key Calls (Wednesday): Upgrades, Downgrades & Initiations
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