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‘Tin Hat’ Time In FX As Duration Goes ‘Offer-less’ Amid Quarantine Panic

Carry a towel.

Carry a towel.
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3 comments on “‘Tin Hat’ Time In FX As Duration Goes ‘Offer-less’ Amid Quarantine Panic

  1. Love your reference to the towel- the next few months might be a great time for lots of pleasurable reading.

  2. “And, obviously, 30-year yields are seeing an absolutely insane daily move amid what, on many levels, can be described as an unprecedented couple of weeks for USTs.”

    This is not panic yet.

    Given that Fed futures gives a 98% chance of at least another 0.5% rate cut, I’d say that the market is pricing in the cut as a near certainty. So I’m not really surprised at the action, considering the US govt seems to be inept in its response to the virus and we haven’t even begun to see the virus spread (well we really don’t know, do we?).

    Flash forward to Manhattan ERs overwhelmed with the dying, and it all seems appropriate. I would not trade any bounces until later next week.

    As the virus spread goes exponential, so will the news flow.

  3. H. My doorstops are looking better.

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