Fallen angel risk, European style.
Category: Markets
Cognitive Instability And The Fed’s ‘Addiction Liability’
“We are troubled with the opinions we have of things and not by the things themselves.”
‘Fallen Angel Risk’ Still Front And Center Despite Bounce As $186 Billion Of Bonds ‘Migrate’ To BBB
…nobody wants to assign a high probability to what would be a catastrophic event.Â
As WSJ Tips ‘Earlier-Than-Expected’ End To QT, One Bank Assesses Impact On VIX, Rates Vol.
It’s time for another Timiraos “story”.
Obligatory ECB Post Alert: Draghi Postmortem
Same story: stark juxtaposition between crashing data and the end of APP.
Elizabeth Warren Sends Letter To Jerome Powell, Asks If Fed Is Flying Blind In Shutdown
“… the shutdown is ‘no longer just a political sideshow, it’s a real recession risk.'”
‘Kevin, I’m Not Gonna Buy 2 Sandwiches’: Hassett Admits Shutdown Could Drive Growth To Zero During Ritual Poppy Harlow Evisceration
Don’t go on CNN, Kevin. It never ends well for you.
‘We Need Facts, Not Slogans’: Dimon Makes Solid Case For 2020 White House Bid From Davos
Why not throw your hat in the ring, Jamie?
Meanwhile, In Monetary Policy Neverland
More “positive attitude and conviction”.
What’s The Best Way To Short China?
“Which brings me to my preferred way of expressing this trade.”
IG Credit Potpourri: BBB Apocalypse Update And A Liquidity Check
A lot of ad hoc musings here cobbled together and submitted for your approval.
Dalio In Davos: Ray Delivers Fresh Set Of Possibly Profound Prognostications
“…the next downturn in the economy worries me the most.”
‘We’ve Squeezed The Max Amount Of Blood From The Stone’: Why Nomura’s McElligott Sees A ‘Re-Correction’
“I see scope for Spooz to revisit 2525 level over the next two weeks.”
The Thrill May Be Gone.
The good mood has seemingly worn off.
IMF Yells At Clouds Again, Cuts Global Growth Forecasts Citing Reckless Trade Policies
Somehow, I doubt anyone cares too much about this, but for what it’s worth…
‘Stabilization’? Analysts Weigh In As China’s Economy Slows To Crisis-Era Pace
It would be odd to characterize an uninspiring set of numbers as “Goldilocks”, but…
Recession Obsession: What Causes Downturns And How Vulnerable Is The US?
“Recession obsession” has become a fixture of markets over the past three months…
China Is About To Report The Slowest Growth In 28 Years – Who’s Excited?
This will be a true test of whether bad news really is “good” news.
Here’s An Hour-Long Interview With Nomura’s Charlie McElligott
“…what is important to note here are a number of things.”
Revisiting The Subverted Perspective: Normalization Parallax
“…the reality which they experience is never fully complete, not because a large part of it eludes them, but because the entire configuration contains a ‘blind spot’.”
‘Mean Aversion’: Why Grantham’s GMO Thinks The US Stock Bubble Is Bursting
“…our advice, consistent with our portfolio positions, is to continue to own as little U.S. equity as career risk allows.”
Wars Of Attrition.
“…over time the cumulative cost can become very high.”
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