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‘Growth Scare 3.0’ And The ‘Largest Cross-Asset Vol. Risk’
It's "Global Growth Scare 3.0" on Wednesday, following lackluster April activity data out of China.
As bond yields tumble, Nomura's Charlie McElligott notes that easing bets are now back on the front burner, especially given the escalation in trade tensions.
"EDM9EDM0 [is] now implying 45.25bps of Fed cuts between now and June 2020 versus 38bps yesterday, a monster DoD change", Charlie wrote Wednesday morning, adding that this marks a new "peak inversion" taking us through the highs seen durin
