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‘Worst Liquidity Contraction Since Lehman’ Adds To Bear Case
As most readers have doubtlessly surmised, the tech-driven rally in US equities has done exactly nothing to dispel the concerns of several well-known top-down strategists on Wall Street.
Indeed, the further stocks run, the more cautious the likes of Morgan Stanley's Mike Wilson and JPMorgan's Marko Kolanovic generally are, and both reiterated their concerns this week as the S&P eyed an ostensible bull market.
"We retain a cautious stance on risk assets in our model portfolio as a looming l
I think I read that Treasury needed to issue $700BN or so, more or less immediately upon the debt ceiling being lifted. I think around half of that has already been done in the past few days. If the markets take the $700BN in stride, that would weaken the liquidity risk argument, no?
I’m going by https://fiscaldata.treasury.gov/datasets/debt-to-the-penny/debt-to-the-penny which says US govt debt held by public increased $320BN from 6/2 to 6/5.