There’s Only One Kind Of Umbrella For This Perfect Storm

There’s Only One Kind Of Umbrella For This Perfect Storm

The Turkish lira came under renewed pressure on Friday after three days of gains and ahead of next week's holiday in Turkey that will mercifully see local stock markets close. Over the past several sessions, the currency recouped some of last week's harrowing losses thanks to a $15 billion investment promise from Qatar, some ostensibly soothing rhetoric from Berat Albayrak and a crackdown on swaps which paradoxically weighed on equities. “The recent limitations on swap and swap-like transa
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2 thoughts on “There’s Only One Kind Of Umbrella For This Perfect Storm

  1. Four years ago it was thought the problem was there simply wasn’t enough oil to support the global growth narrative. So we produced more oil than ever before only to watch oil prices plunge, because the underlying problem was that there still simply wasn’t enough trusted capital available to exchange for it despite the QE rounds, UST issuances, and tax cuts. Too much too soon for the EMs, perhaps? China seems to think so.

    Nothing’s really changed, yet. This is still a drought, not a storm. But sure, it’s easy to hallucinate when you’re dehydrated…

    1. You can E all the Q you want but if it just goes into the stock market nobody can use it to buy anything. Wage growth is just beginning and the cycle is late in its days. Helicopter money sounds crazy but at this point I’m not sure how else you rebalance things. I suppose there is always waiting for inflation to go nuts but if there is anything apparent so far is it that companies are highly reluctant to raise wages for any reason no matter how good they are doing.

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