The underlying economic reality is stark.
Author: therealheisenberg
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.
Some Guy Dressed Up Like Steve Mnuchin Is Going To Send You Free Money ‘I Mean Now’
“In the next two weeks”.
Fed Reinstates Emergency Commercial Paper Funding Facility In Move To Avert Crisis
“The commercial paper market has been under considerable strain in recent days”.
Nomura’s McElligott: We’re Seeing ‘Nervous Dollar Hoarding Demand’
“…USD funding pressure continues to mount despite the positive optics of the coordinated global CB FX swap line actions”.
Whac-A-Mole! Fed Faces Nightmare As Libor, Cross-Currency Basis Blow Out, CP Market ‘Frozen’
Stress, pressure, strain – pick your descriptor.
$850 Billion.
Governments are under pressure to do something – anything.
‘It’s Bad’
Pride goeth before destruction, and an haughty spirit before a fall.
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