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China Eases Big, Delivers Large Cut To 7-Day Reverse Repo Rate
If you were impatiently waiting on the next easing nod from the PBoC amid an incessant barrage of mo
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Seems like odd little baby steps? The evidence shows that their SWF de-risking triggered the cascade in US equities and bonds. Are they playing the system or are they getting played?
Jeff Snider freaking out about Libor
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How huge? The TED spread, that is, the difference between 3-month LIBOR and the 3-month T-bill yield, has blown out to the highest since GFC1 surpassing even 2011. Since TED is a measure of credit risk in the interbank markets, it is telling us something important about Jay Powell as well as those falling fed funds and repo rates.