Crazy times, historic moves.
Category: Markets
Ben Bernanke: Virus Recession More Like Big ‘Snowstorm’ Than Great Depression
“This is a very different animal”.
Coming Unemployment Crisis Plunges America’s Newly Jobless Into ‘Kafkaesque’ Nightmare
“We’ve never seen anything like it”.
$2 Trillion.
“Absolutely, absolutely, absolutelyâ€.
Marko Kolanovic Offers Hope In Coronavirus Fight With Analysis Of Kinsa Smart Thermometer Data
“…the response evolves initially from under-reaction, then overreaction and then converges closer to an optimal response.”
Find Me A Sharpie, PTJ.
“I think Easter Sunday — you’ll have packed churches all over our country”.
Nomura’s McElligott: The Fed Is Now ‘Chief Risk-Taker And CIO’ (And Other Fun Market Notables)
So much to backstop, so little time.
Here’s What It Looks Like When Everyone Frontruns Jay Powell’s ETF Buying…
A $1 billion one-day flow bonanza.
PMIs Show US Economy ‘Decimated’ In March. Kudlow Says Trump May Reopen America Within Weeks
“…that doesn’t mean we’re going to walk away from advice of health experts”.
European Economy Suffers Catastrophic Hit From Virus Measures, March Data Shows
“…far exceeding that seen even at the height of the global financial crisis.”
Hope Floats.
“…a key lesson is that major wars are staggeringly expensive.”
Harley Bassman: ‘The S&P Will Likely Check The Oil At The 2016 Election Day Level – A Truly Ironic Coda’
“Notwithstanding that professionals who sell rate volatility for a living have been carted off on a stretcher (and not from COVID-19)”…
‘Difficult Tradeoffs’
“We can’t shut the economy”.
50 Cent Gasoline, A Sub-Trillion Apple, Germany’s Bazooka And 100% Recession Odds
Markets continue to throw off a veritable smorgasbord of consequential and amusing headlines.
A $900 Billion Rebalancing Flow?
Historic equity underperformance stokes expectation of massive rebalancing bid for stocks.
Fed Does ‘Exactly What Market Needed’. Trump Considers Flouting ‘Advice Of Health Professionals’ To Save Economy
“I mean, seriously Jon, let’s get real, what do you want me to do?”
The Fed’s ‘Shock And Awe’ Part II: Open-Ended QE, Corporate Bond Buying, Credit ETF Purchases And More
The Fed on Monday morning announced open-ended QE, effectively promising to buy unlimited amounts of
‘The Headlines Continue To Shock’: Week Begins With More Record Stock Losses, Eye-Popping Bond Moves
“The only people befitting from this are algos”.
‘Lockdown, Shutdown And Limit Down’: Traders Come Into New Week Pondering Depression Redux
“Yet, without fresh capital, businesses will fold”.
Morgan Stanley Sees 30% GDP Contraction. Bullard Warns Of 30% Unemployment. Lawmakers Dither.
“Economic activity has come to a near standstill.”
Of Parachutes And Helicopters: Rates In The Time Of COVID
No one can see the end of the tunnel – or if they can, there’s little attention being paid to it.
More QE! RBNZ To Fire 30 Billion Bazooka At Virus
“The negative economic implications of the coronavirus outbreak have continued to intensify.”
$2 Billion Mutual Fund Drops 27% In Two Days, In Possible NAV ‘Catch-Down’
One plausible guess…
Goldman Just Spent $1 Billion To Prop Up Its Own Money Market Funds Amid Turmoil
“…providing liquidity to clients focused on the near-term implications of the current market environment.”
COVID Carte Blanche: Political Opposition To Trillion-Dollar Stimulus Crumbles In Pandemic
“Certainly the rapidity of the collapse in markets and the unfolding economic slump has accelerated the policy response”.
Distressed. Officially.
A “massive rush for liquidity”.
As Virus Deaths Climb, Equity Positioning Drops To All-Time Low. Cue Helicopter Money
“The package is coming in at about 10% of GDP. It’s very large”.
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