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Category: bonds

It’s A Different Day. Or So We’re Told

August 5, 2020August 5, 2020

Same story, different day was the mantra for the dollar and gold — or at

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oil1 Comment on It’s A Different Day. Or So We’re Told

Questions Linger On Future Of 60:40, Risk Parity, While Record-Low Treasury Vol. Catches Gundlach’s Eye

August 4, 2020August 4, 2020

Over the weekend, I asked if it was over for 60:40 and risk parity funds.

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5 Comments on Questions Linger On Future Of 60:40, Risk Parity, While Record-Low Treasury Vol. Catches Gundlach’s Eye

What If?

August 4, 2020August 4, 2020

What if the path to a vaccine is longer than expected? What if all the

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3 Comments on What If?

Security Blankets, 94.5th %ile Sentiment, And ‘The View’ From Nomura’s McElligott

August 4, 2020August 4, 2020

Mega-cap tech blew the proverbial doors off last week when the companies which, together, make

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Leave a Comment on Security Blankets, 94.5th %ile Sentiment, And ‘The View’ From Nomura’s McElligott

I’ll Do It Myself

August 3, 2020August 3, 2020

“People are going to be evicted. But I’m going to stop it”, Donald Trump declared,

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4 Comments on I’ll Do It Myself

Conquistadors

August 3, 2020August 3, 2020

Markets were somewhat muddled to start the new week as investors ponder more evidence of

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2 Comments on Conquistadors

Immune Stocks Deaf To Bonds’ Whispered Warnings

August 1, 2020August 3, 2020

As evidence mounts to support the contention that economic activity in the US is leveling

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5 Comments on Immune Stocks Deaf To Bonds’ Whispered Warnings

Are 60:40 And Risk Parity Funds Doomed? (And The Two Weeks Gold Bulls Like To Forget)

August 1, 2020August 1, 2020

Are 60:40 and risk parity funds “doomed”? It’s a question worth considering in a world

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9 Comments on Are 60:40 And Risk Parity Funds Doomed? (And The Two Weeks Gold Bulls Like To Forget)

Deutsche’s Kocic: It’s ‘As If The Market Doesn’t See Any Bounds’ For Monetary Policy Support

July 28, 2020July 28, 2020

Are there limits to central banks’ capacity to “administer” asset prices and otherwise engineer benign

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4 Comments on Deutsche’s Kocic: It’s ‘As If The Market Doesn’t See Any Bounds’ For Monetary Policy Support

Marko Kolanovic On How To Hedge A ‘Triple-Whammy’ To Multi-Asset Portfolios

July 28, 2020July 28, 2020

For a decade (at least) investors have been afforded the opportunity to “have their cake

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Objects In Motion

July 27, 2020

An object in motion tends to stay in motion, which is why the dollar continued

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5 Comments on Objects In Motion

If A Tree Falls In The Forest

July 26, 2020July 27, 2020

There’s no shortage of drama, but the lazy summer lull means the market’s reaction to

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2 Comments on If A Tree Falls In The Forest

Repression Perfection

July 25, 2020July 25, 2020

So far, 2020 has been defined by a pair of “big market themes” that keep

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2 Comments on Repression Perfection

Nomura’s Charlie McElligott Outlines ‘The Largest Pain Trade In The World’

July 23, 2020July 23, 2020

Earlier this week, in “Control“, I described the moribund action in US rates. If (when)

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Leave a Comment on Nomura’s Charlie McElligott Outlines ‘The Largest Pain Trade In The World’

Control

July 21, 2020July 22, 2020

Markets are under control — figuratively and literally. In April, Deutsche Bank’s George Saravelos spoke

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1 Comment on Control

What Even Is ‘Risk’ These Days? 

July 19, 2020July 19, 2020

You could argue that the Fed is getting what it wants. Or at least achieving

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2 Comments on What Even Is ‘Risk’ These Days? 

Net Foreign Buying Of US Stocks Hit Record In May

July 16, 2020July 16, 2020

Foreigners may have aided and abetted the risk rally in May, the latest TIC data suggests.

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The Guarantee (No Country For Old Bond Vigilantes)

July 15, 2020July 15, 2020

A predictably uneventful Bank of Japan meeting this week did afford market participants one valuable

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False Dawns And Summer Doldrums

July 12, 2020July 13, 2020

Market participants sleepily adrift or otherwise mired in the summer doldrums will be compelled to

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Zeitgeist Unchanged

July 10, 2020July 10, 2020

The times may be a changin’, but the post-pandemic world has served to entrench familiar market dynamics.

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4 Comments on Zeitgeist Unchanged

Is The Market Sleepwalking Into A Summer Growth Scare?

July 9, 2020July 10, 2020

…even as these long, summer days feel sleepy and aimless.

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3 Comments on Is The Market Sleepwalking Into A Summer Growth Scare?

Over The Line! Who Will ‘Tolerate’ Higher Long-End Yields?

July 5, 2020July 5, 2020

Nobody, probably.

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3 Comments on Over The Line! Who Will ‘Tolerate’ Higher Long-End Yields?

SpongeBob SquareBanks.

July 4, 2020July 4, 2020

How much duration supply will the central bank sponge soak up?

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1 Comment on SpongeBob SquareBanks.

‘Pivotal’

June 28, 2020June 28, 2020

Then again, fireworks have a way of showing up when you least expect them.

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2 Comments on ‘Pivotal’

Picture Perfect: The Fed Gets ‘Exactly What It Wants’

June 27, 2020August 15, 2020

“The Fed must be happy”, TD’s Priya Misra said this week. “Well, at least pleased

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2 Comments on Picture Perfect: The Fed Gets ‘Exactly What It Wants’

Insult To Injury.

June 24, 2020June 25, 2020

Market participants are exhausted with COVID-19.

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3 Comments on Insult To Injury.

‘Creeping Into The Unconventional’ And Why Everything You Thought You Knew Is Wrong

June 20, 2020June 20, 2020

“There is only one way to pay.”

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20 Comments on ‘Creeping Into The Unconventional’ And Why Everything You Thought You Knew Is Wrong

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Monthly Letters

The Arbitrageur

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To Be Happy

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Hell Or High Fashion

July 3, 2026July 3, 2026

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