“Carry” On, But This Is One “Slippery Slope”

“We do worry about any disruption around the deleveraging of formerly ‘off-balance sheet’ assets in the Chinese banking sector.”


“Unexplained, High-Volume Drops,” Yuan Shenanigans, And A Cartel Meeting

Well, things have been “choppy” overnight and especially around the flood of OPEC headlines that started coming in around 4:30 a.m. EST. As noted earlier this morning, crude dipped precipitously (although, the definition of phrases like “precipitous dip” and “flash crash” seems to be getting more liberal by the day of late) when Saudi Arabia’s Energy Minister…

OPEC Agrees To 9-Month Extension Of Cuts, Market Shrugs

The OPEC headlines started coming in hot and heavy around 4:30 a.m. EST and it looks like this one broke something: Deeper oil-production cuts have been suggested, and member countries indicated flexibility, but not thought necessary, Saudi Oil Minister Khalid Al-Falih says in Vienna before OPEC meeting. When that hit, prices fell. WTI slipped as much…

Guest Post: Trump In Wonderland

“They are incapable of creating a deception when they need it – the conceptual difference between a deception and a lie seems to elude them — so they lie instead, and when they are called on a lie, they lie more and blame facts, which further undermines their credibility until there is none left. As a result, after less than a month in office, Trump had to declare war on facts and pronounce the press the enemy of the people.”

Fed Minutes: “Soon” Or “Soon”-ish

“Most participants judged that if economic information came in about in line with their expectations, it would soon be appropriate for the Committee to take another step in removing some policy accommodation. A number of participants pointed out that clarification of prospective fiscal and other policy changes would remove one source of uncertainty for the economic outlook.”