Reflation Frustration
This is probably a decent time to start asking yourself if the narrative still makes
This is probably a decent time to start asking yourself if the narrative still makes
We’ve come a long way (I guess) since the days when China risk was in the driver’s seat in terms of financial conditions and it’s a good thing, because the Fed has enough on its plate without having to worry about whether a wayward PBoC will short circuit the FOMC’s plans to normalize policy.
Apparently, reports of the reflation meme’s demise were greatly exaggerated. It wasn’t too long ago
Ok, so there was actually quite a bit going on overnight, but needless to say,
The overnight session was largely a snoozer on Thursday (no pun intended). The dollar looks
The “big” news overnight should have been Chinese FX reserves just like China should be back
“Non-Farm Friday is no time to plead exhaustion,” Bloomberg’s Richard Breslow wrote earlier this morning
Tuesday’s most read post, oddly, was this one: “Trump’s Idiot Trade Czar Tanks Dollar With
Needless to say, I’ve spent a fair amount of time talking about currencies this year. As
Much has been made of the great FX reserve liquidation that’s characterized the post-yuan devaluation
Given that today is Donald Trump’s coronation, it’s somewhat ironic that we begin in China, where the Politburo was kind enough to tell us what they want us to think GDP is.
“Trends go through life cycles. There’s more to them than just a big move that happens because some market theme becomes all the rage.”
Traders put the brakes on the flight to safety bid on Wednesday as gold and the
It’s “too complicated.” I imagine that probably sums up Donald Trump’s feelings about a lot
Let’s see, in 2015 there was the Swiss franc in January, German bunds in April/May,
The normalization of initial public offerings (IPOs) in China could help raise the financing efficiency
Are you a Chinese citizen who wants to circumvent Beijing’s increasingly onerous capital controls on the
We’re gonna need a weaker yuan. Data out Friday showed China’s exports falling 6.1% y/y
Last week, we witnessed a truly epic short squeeze in Hong Kong. Soaring deposit rates,
Sure, many Chinese citizens are so desperate to move money out of the country that they’re
“There is still much uncertainty about how his exact economic agenda will look,” Commerzbank’s Thu Lan
“With unaccounted-for risk in Chinese bonds dispersed widely, investors should hope global rating companies are allowed to dig deeper.”
The pound gets pounded while the RMB remains volatile. The offshore yuan posted its largest two-day decline since last summer.
Those of us who think it’s important to track developments in China’s economy and financial
“Global markets really couldnÂ’’t seem to give a toss about events in China. Yet they should.”
How important is Friday’s NFP print? Well, probably not that important. Or at least it wouldn’t
Overnight I quoted Goldman on the way to explaining why a short yuan bias was
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