Russia May Face ‘Full-On Collapse’ Of Financial System
The world moved closer on Saturday to deploying the economic nuclear option against Russia. In
The world moved closer on Saturday to deploying the economic nuclear option against Russia. In
Who cares about the data at a time like this?! Nobody, is the answer. Nevertheless,
Two days after publication, Zoltan Pozsar’s latest “dispatch” was still circulating and otherwise prompting discussion
Not everyone is particularly sanguine about the Fed’s decision to allow supplementary leverage ratio exclusions
After an agonizing delay, the Fed finally made an announcement on supplementary leverage ratio relief.
Jerome Powell’s odds of skating through the March FOMC press conference unscathed were long. There
“…this may very well become the policy option of choice in the future”.
As ever, the whole thing is a bit of a paradox.
We’re not all the way down the road to 100% administered markets, but the crisis has accelerated our journey.
Signs of stress are abating. For now, anyway.
“Heads I win, tails you lose.”
The swap lines aren’t enough. And neither is the foreign repo facility.
In case you were curious…
“This facility should [provide] an alternative temporary source of US dollars other than sales of securities in the open market”.
The new facilities will be in place for “at least six months”, the Fed said Thursday.
Are all the leaks plugged now? Somehow, I doubt it.
“The moves smack of massive de-leveraging and a run into dollar cash”.
“Credit extended may be collateralized by a broad range of IG debt and equity securities”.
The situation is fluid.
“…USD funding pressure continues to mount despite the positive optics of the coordinated global CB FX swap line actions”.
Now this a “whatever it takes” moment.
“I haven’t made any decisions on that”.
“I’ve made some decisions”.
“Governments will not be able to minimize both deaths from COVID-19 and the economic impact of viral spread.”
Canaries and such.
“In a significant way”.
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