These Four Charts Illustrate American Exceptionalism In 2018
Somehow, this will resolve itself.
Somehow, this will resolve itself.
“We see a case for being long vol next year.”
There can be no resolution.
All year long, analysts have fretted about the possibility that regulatory worries could end up being big-cap tech’s Waterloo.
“We were focused on staving off disaster.”
Or “burns” – whichever.
“… a riddle, wrapped in a mystery, inside an enigma.”
The “double whammy” problem.
Well, the reviews are in on the Fed decision, the SEP, the dots and on Jerome Powell’s “plain speak” presser debut.
“Narrative of recent selloff: imminent concerns about inflation, rates, trade wars, and a growth downshift are overblown, in our view.”
“The name of the thing being sold isn’t always a very good representation of what the thing is, sometimes for innocent reasons, and sometimes because crunchy, raw, unboned, real, dead frog doesn’t sound very appetizing.”
I guess you can’t blame investors being a bit shell-shocked.
Well, the debate around what the number is for 10Y yields has devolved into a veritable obsession for markets at this point.Â
Whatever the case, it looks like Goldman’s buyback desk isn’t enough to stop the bleeding in an acute situation…
It was just a matter of time before everyone got back to focusing on what the issue was in the first place.
“…never in modern financial history has a Central Bank expanded its balance sheet through quantitative easing and then successfully shrunk it back down.”
This is “beyond abnormal, it’s unprecedented.”
“…it’s about to accelerate. Not only that, the tank is full of gasoline, and the car has been stripped of all the extra weight.”
“Clarity around the next Fed chair, and hence the rate path, should provide a boost to global assets, particularly emerging markets.”
“…a market sell-off could trigger a large volatility spike, the magnitude of which is multi-fold higher than the pre-crisis level.”
“Throughout the crack cocaine epidemic, there was little or no discussion of the crisis being brought on by economic despair, or that it was a public health issue, or that the users needed rehabilitation.”
When jawboning just ain’t gonna cut it.
“That which does not kill us, makes us stronger. A much debated concept, but in terms of navigating markets, there’s a lot of truth in it.”
There’s been no shortage of digital ink spilled over the past couple of weeks about the euro’s inexorable rise both against the dollar and, more recently, agains the Swiss franc which at this point is more “beleaguered” than Jeff Sessions after a Trump Twitter tantrum.Â
“We’ve said this before and to be sure, it’s not a popular thing to say if you’re hanging out with retail investors or anyone who isn’t an active manager, but fuck it”…
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