Staring into the abyss – again.
Category: Markets
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.
QE Has Returned. And The Risk Parity Kraken Has Been Unleashed.
The drama continues.
Schizophrenia: Asia’s Wild Friday Ride
“Markets are schizophrenic at the best of times these days”.
Fed Brings Out Bazooka. Announces Massive Repos, Expands Asset Purchases Beyond Bills
“These changes are being made to address highly unusual disruptions in Treasury financing”.
The Treasury Market Is Broken. ETFs Are Cracking. Risk Parity’s ‘Footprints’ Have Been Spotted.
“USTs are a ‘broken market’”, Nomura’s Charlie McElligott writes, in a Thursday note recapping some
Fed Injects Nearly $200 Billion To Fend Off ‘Cash Crunch’ As US Stocks Halted Limit-Down
It was the second time this week that US equities have been halted after the cash open.
ECB Expands QE By €120 Billion, Announces New Liquidity Measures, Relaxes Capital Ratios, Leaves Rates Unchanged
Lagarde is credible. It’s just not clear whether she’s credible as a central banker. We’re about to find out.
Albert Edwards: ‘These Are Dangerous Times Indeed’
It will not surprise you to learn that Edwards doesn’t think stocks are “cheap” after rout.
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