The dovish bias apparent in the July Fed statement has the offshore yuan closing in on its strongest level of the year.
Month: July 2017
When ‘Trillions Of Dollars’ Goes ‘Blind’: Howard Marks Is Worried About ETFs & Passive Investing
“ETFs don’t have fundamental analysts, and because they don’t question valuations, they don’t contribute to price discovery.  Not only is the number of active managers’ analysts likely to decline if more money is shifted to passive investing, but people should also wonder about who’s setting the rules that govern passive funds’ portfolio construction.”
A Dovish Fed Day In Charts
So “dovish” it was, or at least “dovish” was the market’s read on the Fed
Yields Fall Sharply As Treasurys Underpinned By Block Trade Amid ‘Wiggle Room’ Talk
“The descriptor ‘relatively’ gives policy makers some wiggle room in the event the labor market, inflation data, or possibly a debt ceiling crisis, gives the FOMC cold feet in September.”
VIX Flash Crashes To Record Low Just Before Fed Decision; Dollar Dives
“It’s probably nothing”…
Fed Decision: Full Highlights, Redline Statement
Fed Says Balance-Sheet Unwind To Start ‘Relatively Soon’
Howard Marks Warns On FAANG: ‘Investors Cannot See The Future’
“Many of the most important considerations in investing are counterintuitive. One of those is the ability to understand that no market, niche or group is likely to outperform the others forever.”
UBS Asks Borrowers Why They Might Default, Gets Hilarious Answer…
To be fair, “beauty is in the eye of the beholder,” so in that regard, if Ray wants to call a given “deleveraging” “beautiful” well then that’s his prerogative.Â
Oil Gets Good News And Bad News, With A Bias Towards Good
“Tuesday evening’s API data served to embolden bulls further and all that was missing was this morning’s EIA print to confirm things. Well, here it is.”
If We Don’t Impeach Trump, What Will The Next Guy Look Like?
” The dangers and challenges of moving forward with an impeachment effort are often obvious, but members of Congress should think carefully as well about the risks involved in refusing to pursue an impeachment when one might be warranted.”
Transgender Soldiers Will Not Participate In Inevitable Military Coup To Oust Trump
Consider yourself “advised,” LGBT community, Trump “cannot be burdened” with the “tremendous” aggravations of allowing you to fight and die for him.
Trader: ‘It’s Easy To Forget Who’s Running This Show’
“It sure makes sense. But looking back on how asset prices have behaved over the last two weeks, you’d be hard pressed to make that case.”
Actually, Trump Is Doing A Lot Of Repealing And Replacing
“Kislyak must be one forgettable fellow.”
‘It’s A Coiled Spring!’: Trader Sees ‘Immediate Rally’ In ‘Beleaguered’ Dollar
“Do I have high conviction? Yes. For a reason.”
‘They Have Chased Bears Back Into The Woods’: Oil Clings To Gains As Sentiment Turns
Listen, people are super excited about crude. On Tuesday afternoon, we got the latest API
‘In This Scenario We Could See Turbulence’: Lowe Warns On ‘Tipping Point’
“If such a tipping point were reached, inflation pressures could emerge quite quickly.”
Key Calls (Wednesday): Upgrades, Downgrades & Initiations
You need an upgrade.
Aussie Dives As Highly Anticipated CPI Print Misses, Lowe On Deck
Ok, so believe it or not, you’re going to need to parse the Australian CPI print…
Tuesday Satire: Girl Scouts Obtain Restraining Order On Trump
“Failing Girl Scouts bad (or sick) guys.”
‘After All, Populism Is Inflationary’: The Case For A ‘Gold’en Tail Hedge
“After all, populism, protectionism and deficit spending are all inflationary.”
Making Stupidity Great Again
“Hello, you have reached the United States of America. We’re sorry no one is here to take your call right now.”
Tuesday In Charts: ‘Remember To What You Owe Your Good Fortunes’
“We think the timing would be good for investors too to remember to what they owe their improvement in fortunes”…
Solving The Mystery Of The Big 2Y Short: ‘It’s Too Damn Rich!’
But there may be a simpler answer still…
‘Does This Train Have Any Brakes?!’ Goldman Slashes HY Energy
“History has shown that attempting this type of timing has rarely succeeded.”
Survey Says! ‘Consequences Could Be Very Painful’
“We have had a liquidity-fueled bull market [and] if that is taken away, there is a pressure point.”
As Bonds Slide, Here’s A Look At The Behind The Scenes Action
Let’s just scan the tape for interesting shit, shall we?…
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