“…a key lesson is that major wars are staggeringly expensive.”
Category: Markets
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”.
After ‘Great Liquidity Crisis,’ JPMorgan’s Kolanovic, Nomura’s McElligott Look Back And Ahead
“Many aspects of this crisis have played out in-line with our prediction”.
The Premise That Nothing Bad Happens
“So what happens next?”
New York, London On Lockdown. Deaths In Italy Surge. More Banks See ‘Severe’ Global Recession
“If this doesn’t work, we’re going to keep doing it until we get this going”.
The Fed’s Mini-Muni Bailout And Why It Matters
“Exigent circumstances”.
Goldman Sees Near Total Collapse: US Economy To Contract 24% In Q2, Jobless Claims To Hit 2.25 Million This Week
“A decline of this magnitude would be nearly two-and-a-half times the size of the largest quarterly decline in the history of modern GDP statistics”.
Restaurant Industry Flatlines, Jobless Claims Set For Exponential Spike As COVID Crisis Hits Home In America
“…do nothing more than ‘provide information using generalities”.
Any Dawn Will Do. Stocks Up, Dollar Down, Germany Mulls Nationalizations
False dawn? Maybe. But…
In Credit, A Swan Song
This was always the worry. But no one ever took it seriously.
Don’t Call It A Reprieve.
The underlying economic reality is stark.
Trump, Clearly Making It Up As He Goes Along, Jawbones Oil To Best Day In History
“They’re in a fight”.
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