“The commercial paper market has been under considerable strain in recent days”.
Category: Markets
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.
Off The Rails.
â€If the federal government doesn’t step up quickly…”
Riksbank Expands QE, Tells Banks They Can Borrow ‘Unlimited Amount Of Money’
Again, the ammo is all but spent, folks. Fiscal policy absolutely has to take the reins.
‘There Are Calls For A Market Closure To Stop The Bleeding’
“Equities players voice no desire to even think about playing offense”.
Speed Demon: Fastest Bear Market In History Leaves Traders Reeling
Staring into the abyss – again.
Empire Manufacturing Survey Plummets. March Drop Is Largest In History
And so, it begins.
‘This Is War’: Analysts Pile On As Virus Lockdowns Presage ‘Domino-Style Economic Collapse’
Not to put too fine a point on it, but it’s over.
‘Bazooka = Sell’: Markets Implode On Central Banks’ Coordinated Panic
“It appears ‘Bearmageddon’ is upon us”.
All In. Limit Down.
“The Fed has likely fired off its last bazooka.”
RBA Says Ready To Buy Bonds. Action Coming Thursday
“It was just a question of when”.
Shock And Awe: Fed Cuts Rates To Zero, Announces $700 Billion In QE, Enhances Swap Lines
Now this a “whatever it takes” moment.
New Zealand Delivers Big Rate Cut, Commits To 12 Months Near Zero, Says QE May Be Next
We are now firing the last bullets. And we’re shooting at a pathogen.Â
Goldman Says S&P May Fall 41% From Peak. But Who’s Counting, Right?
But that’s not the base case.
Steve Mnuchin: The US Is Not In A Recession
“I expect we’ll have a big rebound later in the year.”
‘We Didn’t Know How To Navigate The Virus’: Ray Dalio’s Pure Alpha II Takes Big Hit Amid Market Chaos
“We stayed in our positions and in retrospect we should have cut all risk”.
Mideast Shares Dive, Egypt Plunges 9%, Aramco Slashes Capex 24%
Central banks in the region are spending nearly $50 billion in the virus fight.
‘We’re Living In A Black Swan Scenario’: Equity Positioning Just Plunged To GFC Lows
There have only been two other periods characterized by these kinds of wild swings: The GFC and the Depression.
It Could Get Worse
Platitudes.
Loonie Tunes: That’s 100bps This Month From The Bank Of Canada, In Case You’re Keeping Score
And they’ll do more, if necessary.
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