Recent Commentaries

Ceci n’est pas QE

Before jumping into some deeper thoughts on the stealth ~$500b balance sheet expansion the Fed announced last Friday, let me just make a few trading observations. First of all, I know I have been quiet lately. Since we touched 3000 in spoos and 1.75% in implied yields...

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Backstops Over Accidents

There was very little new to chew on in either the FOMC statement or Jay’s press conference last week – and the market has reacted accordingly. That said, the meeting did offer up some dovish fodder, which I don’t think was fully appreciated by the masses. First, many...

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Draghi crushes the resistance; will Powell follow suit?

So Draghi decided to wait until his final meeting to stand up to Berlin. He has certainly had a majority for a long while to do much more in the ongoing fight against Japan-style disinflation. But for whatever reason, he never had the guts to fight the Chancellor!! I...

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