Peter Pan’s Revenge: Kuroda Thinks You’re Crazy To Think BoJ Is Not Still Crazy

“The moment you doubt whether you can fly, you cease forever to be able to do it.”

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Nikkei Tops 20,000 On Batshit Crazy BoJ Balance Sheet; Global Stocks Rise Ahead Of Jobs

Well, the Nikkei crossed 20,000 for the first time since 2015 overnight. And really, why shouldn’t it? After all… lol.. Bank of Japan’s Total Assets Likely Surpassed 500t Yen: Nikkei — Walter White (@heisenbergrpt) June 1, 2017 The move was of course also helped by the dollar (i.e. a weaker yen), which got a lift…

“A Pretty Eclectic Collection Of Unrelated Developments”

SocGen’s Kit Juckes probably summed up the overnight session best: Overnight currency drivers have been a pretty eclectic collection of unrelated developments. That sounds like it could be an ill-advised sequel to “A Series Of Unfortunate Events“: “A Pretty Eclectic Collection Of Unrelated Developments.” First there’s the kiwi which collapsed. That comes courtesy of the…

Kuroda Shrugs, Twitter Lampoons Sweden, Deutsche Crumbles: Welcome To Thursday

Ok, so as detailed earlier this morning, the first thing you should note about the overnight session was the action in the loonie and peso following Donald Trump’s decision to avoid ripping apart NAFTA (for the time being). You can read the full story on that with some additional color from FX trader Mark Cudmore…

Visual Proof That Central Banks Killed Active Management

“I’ve gone to great lengths to try and disabuse retail of that notion, and not because I want to make people feel stupid. But rather because I want investors to understand that if central banks pull back and markets are allowed to trade in a two-way manner again, suddenly everyone is going to realize they weren’t the gurus they thought they were.”

Daily Kickstart (Swedish Edition)

It makes total sense to take some money off the table. We’ve priced in no policy mistakes. We’ve priced in no market accidents, and we’ve ignored all sorts of political issues. That’s from Mohamed El-Erian and the former PIMCO chief could scarcely be any clearer. This week the market has taken apathy to a whole new…

Daily Kickstart (BoJ Recap Edition)

“European stocks climbed to their highest in almost a year, while bonds and gold fell, demonstrating markets’ increasing resilience to geopolitical shocks,” Bloomberg wrote this morning, echoing sentiments I expressed overnight about the extent to which risk assets now seem immune to geopolitics, even as investors overwhelming say 2017 is likely to be the year…

A Look Back At 8 Years Of QE

Well, we’re coming to the end of an era. The median Fed dots now presage three hikes in 2017 and Deutsche Bank’s models now incorporate the rolling off of the FOMCs assets and under once scenario, even the gradual liquidation of the SOMA portfolio. Meanwhile, the ECB has signaled its willingness to at least start the…