“Many aspects of this crisis have played out in-line with our prediction”.
Month: March 2020
The Premise That Nothing Bad Happens
“So what happens next?”
New York, London On Lockdown. Deaths In Italy Surge. More Banks See ‘Severe’ Global Recession
“If this doesn’t work, we’re going to keep doing it until we get this going”.
The Fed’s Mini-Muni Bailout And Why It Matters
“Exigent circumstances”.
Goldman Sees Near Total Collapse: US Economy To Contract 24% In Q2, Jobless Claims To Hit 2.25 Million This Week
“A decline of this magnitude would be nearly two-and-a-half times the size of the largest quarterly decline in the history of modern GDP statistics”.
Restaurant Industry Flatlines, Jobless Claims Set For Exponential Spike As COVID Crisis Hits Home In America
“…do nothing more than ‘provide information using generalities”.
Any Dawn Will Do. Stocks Up, Dollar Down, Germany Mulls Nationalizations
False dawn? Maybe. But…
In Credit, A Swan Song
This was always the worry. But no one ever took it seriously.
Don’t Call It A Reprieve.
The underlying economic reality is stark.
Trump, Clearly Making It Up As He Goes Along, Jawbones Oil To Best Day In History
“They’re in a fight”.
Gamma Drop-Off Offers Hope, But Now We Know: The Babadook Is Real
You can’t get rid of the Babadook.
BOE Goes All In, Cuts Rates (Again), Ramps Up QE
“Bazooka Bailey”.
Fed Answers Market SOS, Expands Dollar Swap Lines In Crucial Move Amid FX Chaos
The new facilities will be in place for “at least six months”, the Fed said Thursday.
Ray Dalio: ‘We Have A Crisis. US Corporate Losses May Be $4 Trillion’
“What’s happening has not happened in our lifetime before”.
Mar-A-Lago Accord, Untradeable FX And The Dangers Of Shutting Markets
“FX remains untradeable”.
Fed Moves To Support Money Market Funds In Latest GFC Flashback
Are all the leaks plugged now? Somehow, I doubt it.
Australia Unveils Asset Purchases, Yield Targeting As Economy Set For First Recession In Three Decades
“The functioning of major government bond markets has been impaired”.
ECB Launches New €750 Billion ‘Pandemic Emergency Purchase Program’. Says ‘Won’t Tolerate’ Virus Anymore
“The Governing Council will do everything necessary.”
‘A Massive Margin Call On The Whole Financial Asset Rally Since 2010’
“The moves smack of massive de-leveraging and a run into dollar cash”.
Bernanke, Yellen, Ackman Sound Alarm. Some Now See Virus As Existential Threat
We are, to put it bluntly, at a tipping point.
‘When Risk Parity Goes Wrong’ And The Coming ‘New World Order’
“I believe that investors are realizing that, in fact, this dual ‘Left Tail’ is now clearly about to dictate a ‘new world order'”.
As Crisis Swap Lines Tapped, Zoltan Pozsar Says ‘The New Shadow Banking System’ Needs A Backstop
“Carry makes the world go round and central banks will have to backstop the shadow banking system – yet again.”
It’s All Down But The Dollar.
And yet, there’s one thing that’s up…
Steve Mnuchin Didn’t ‘Predict’ 20% Unemployment. It Was Just A ‘Mathematical Example’, Ok?!
I’m guessing “Great Depression II” wouldn’t poll well.
Fed Unveils Another Emergency Facility, Says Primary Dealers Can Post Stocks For Cash
“Credit extended may be collateralized by a broad range of IG debt and equity securities”.
It’s Not Enough. It’s Just Not Enough.
The situation is fluid.
You must be logged in to post a comment.