A Not-So-Brave New World: What’s The Difference Between Markets During QE And Now?

One of the interesting things about Monday was the extent to which two of the market's key idiosyncratic tragicomedies continued to devolve despite the generally broad-based rally in risk. Despite the trade detente announced by Mnuchin on Sunday, the BTP situation deteriorated meaningfully as the market fretted over the prospect of a parallel currency in Italy and the Turkish lira, already in free fall, fell to fresh record lows amid ongoing jitters tied to Erdogan's truly unhinged (yet simult