Haruhiko Kuroda has a yen problem and it just got materially worse.
Category: Markets
‘Is That Even Legal?’ Analysts, Traders Incredulous As Friday Conflagration Engulfs Markets
“The market should have realized” this was coming.
‘The Fed Did NOTHING!’ Trump Loses Mind On Twitter After Powell Speech, China Tariffs
“My only question is, who is our bigger enemy, Jay Powell or Chairman Xi”?
Powell Emphasizes Global Slowdown, Geopolitical Turmoil In Crucial Jackson Hole Speech
“The three weeks since our July FOMC meeting have been eventful”.
Nomura’s Charlie McElligott On China Tariffs: ‘September Selloff Window May Be Pulled Forward’
“The pieces were already aligning”.
China Escalation Piles Pressure On Powell To Blunt Impact Of Latest Trade Tiff
Maybe it’s all part of the administration’s “master plan”, but we doubt it.
China Strikes Back With Tariffs On $75 Billion In US Goods
Trade wars are “good and easy to win”.
Trump Needlessly Fans Recession Flames With New Tweets Alleging Economic Conspiracy
“I always find a way to win”!
Goldman Delivers Last Minute Market Musings Ahead Of Powell In Jackson Hole
“We have not changed that baseline view”.
China To Unveil Retaliatory Tariffs On US Goods, Global Times Promises ‘Pain’
“China has ammunition”.
Markets Brace As Fed Hawks Raise Stakes In Jackson Hole
Surely he wouldn’t risk it – or would he?
A Grinning Patrick Harker Thinks Trump’s Germany Tweets Are Pretty Funny, Sees No Need For Rate Cuts
“I went along with it to get back to neutral”.
The Bubble Isn’t Government Bonds, It’s Corporate Debt And Stocks, Albert Edwards Insists
“I really start to scratch my head”.
Trump Tells Fed To ‘Fight Or Go Home’. Esther George Still Isn’t Listening .
Esther ain’t budging.
Albert Edwards: This Isn’t A ‘Bond Bubble’, It’s ‘The Next Phase Of The Ice Age’
For Edwards, there is nothing surprising about any of this.
Did The Bond Bubble Just Quietly Pop?
Perhaps – just perhaps – the “failed” German 30-year sale was the canary in the coal mine
Trump Should Envy Germany’s Fiscal Discipline, Not Europe’s Monetary Freak Show
The self-declared “king of debt” doesn’t want to pay any interest.
Stale Fed Minutes Show Consensus Around ‘Mid-Cycle Adjustment’ Narrative Prior To Market Turmoil
It’s safe to say some participants see things differently three weeks on.
Hedge Funds ‘Particularly Vulnerable’ To Market Unwind On ‘Crowding Risk’
Still, everything should be fine as long as nobody yells “fire!”. Or “recession”.
No-Deal Brexit Becomes Base Case For One Bank, Prompting Change To Fed Cut Call
We’re gonna need more “insurance”.
As Fed’s Daly Frets Over ‘Self-Fulfilling Prophecy’, Goldman Warns Fed Is Caught In ‘Hall Of Mirrors’
When expectations become circular, the waters become muddy.
And There It Is: Mick Mulvaney Said To Warn GOP Donors Of Possible US Recession
Dream, meet reality.
As US Stocks Snap Win Streak, Hope And Caution Duel In Summer Heat
Peering through the haze towards Jackson Hole.
Robert Shiller Says Fed Cuts Send The Wrong Message
“The important thing is the narrative they’re beginning”.
The Truth Behind Plunging Bond Yields: Largest Convexity Hedging Flow Since 2008 And Retreating HFTs
Self-feeding loops and modern market microstructure as gasoline on the fire.
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