“So we function in a world where risk assets keep going up while we couch everything in risk-off terms. It’s not enough that our central bankers think they can play with our heads under the fiction that they are masters of nuance, we do it to ourselves.”
Category: BOJ
Revisiting The “Tokyo Whale”
“We assume the BoJ’s current ETF holdings stand around Â¥15.7tn ($144bn), i.e. approximately 75% of the total assets in Japanese equity ETFs.”
“It’s Funny Because It’s Treason”: Global Markets Jittery As Trump Makes New Lows
We start Tuesday on a treasonous note… So because he’s President, Donald Trump gets some
Traders Be Like “WTF?!” As Trump Is Desperate Despot, Nuclear War Beckons
So the elephant in the room is clearly Donald Trump’s decision to fire FBI Director
Kuroda Shrugs, Twitter Lampoons Sweden, Deutsche Crumbles: Welcome To Thursday
Ok, so as detailed earlier this morning, the first thing you should note about the
Here’s How The French Polls Will Influence Central Banks This Week
“Following a “disruptive†election outcome, however, the market may expect a more accommodative tone from the ECB, and the Riksbank is likely to announce an extension of its QE programme that is due to end in June.”
Full Week Ahead Preview: Here’s “What To Watch” After France Votes
“We’ve heard comment running the gamut from “everyone is petrified†to “should be a happy time for risk.â€
A “Soggy” Bottom Morning
“Soggy US housing starts and soggy industrial production data just reinforced the soggy message from last week’s figures, and with it the growing sense that the inflation peak is earlier and lower than many feared.”
This Is How Much QE Matters…
Right, so 10Y yields are all anyone wants to talk about. In fact, you’ve probably
Mind The Cross-Atlantic “Gaps”: Your Week Ahead Preview
Earlier, we talked a bit about Donald Trump’s waning political capital and the extent to
No More Heroin: Your Visual Guide To The Global Central Bank Exit Plan
A couple of weeks ago, Citi’s Matt King discussed what is perhaps the best reason
Central Banks Have “Learned A Lesson”: “Silence Is Golden”
There’s been no shortage of speculation about whether the Fed “got what it wanted” out
China Calls, Hikes Rates After Fed; Kuroda Triples Down On The Laughs After BoJ
It was a fairly lively overnight session on the heels of the Fed. We start
Sneaky Ass Hawks
“We begin the new week with evidence that hawks are circling everywhere.”
Your Quick Guide To A Big Week
As you’re aware, this is a big week. The Fed takes center stage, but the
Entire World Scrambles To Figure Out Why The Hell The Dollar Isn’t Stronger On Thursday
So what gives? Well, probably not a lot. It could just be everyone is taking a breather. But, in a testament to Nassim Taleb’s “narrative fallacy” argument, we have an overwhelming tendency to ascribe “causes” where there are none.
Markets Relieved After Trump/Abe Meeting, Reflation Narrative Intact
Well, it was all aboard the reflation train right out of the gate in early
US Stocks Eye Record-er-er Highs As Oil Soars, China Exports Jump, Trump Meets Abe
Friday is all about Trump again. More specifically, FX markets will be closely eyeing a meeting between the President and Japanese PM Shinzo Abe. Meanwhile, oil is buoyant Friday on the back of an IEA report showing OPEC has achieved a record 90% compliance while demand is on the rise.
Analyzing Yen-Sanity Ahead Of Friday’s Trump/Abe Pow-wow
Watch USDJPY. I say it all the time. There is perhaps no better real time
Currency Markets In Turmoil: A Pocket Guide For The Week Ahead
As political risk continues to dominate the headlines (even as US equities steadfastly refuse to
On Payrolls Friday, One Trader Asks: “Are You Feeling Lucky?”
Here we are on payrolls Friday after a week in which a lot of sh*t
Daily Kickstart (US Payrolls Awaited, China Tightens, BoJ Flouts Trump)
“Non-Farm Friday is no time to plead exhaustion,” Bloomberg’s Richard Breslow wrote earlier this morning
Daily Kickstart (Dollar Dumps After Fed Farce, Deutsche Bank Plunges)
Perhaps fearing some kind of Erdogan-esque reprisal from the White House, the Fed pussyfooted its
Daily Kickstart (Trump Trainwreck Overshadows BoJ, Eurozone Inflation, GDP)
Well, this is officially a f*cking trainwreck. As you’re probably aware by now, President Trump
Goldman Previews This Week’s Key Events
As mentioned earlier this morning, it’s a busy week. We’ve got multiple Fed meetings, a
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