With just about four months of 2018 under our belts, spoos are down about 1.5% while 10-year Treasuries are up about 60bps in yield. If you had not been watching the daily price action since January, you might think the VIX would be sub-10 and the MOVE would be north...
I received a number of very similar responses to this past Monday’s note on the Libor/OIS spread. It seemed a group of readers felt I was completely dismissing ANY importance of the recent move. That couldn’t be further from the truth – so let me clarify. The point of...
While a return to 1970s-style wage inflation and 1930s-style trade wars is all the rage across the hater community, another brick in the 2018 wall of worry that comes up consistently when speaking to clients is Libor. The old 2007-09 proxy for funding market stress,...
Fiscal policy, regulatory policy, and even Fed policy have taken a back seat to the new driver of daily swings in financial markets: trade policy. I have spent a bit of time in recent notes over the last month trying to dissuade folks from getting too bent out of...
As many of you are aware, we are holding another Global Macro Speaker Series event next week on 2-Apr-2018 in New York City. It will be the usual fireside chat structure, lasting about one hour. And this time our guest will be Janet Yellen. As was done with our prior...
As many of you are aware, we are holding another Global Macro Speaker Series event next week on 2-Apr-2018 in New York City. It will be the usual fireside chat structure, lasting about one hour. And this time our guest will be Janet Yellen. As was done with our prior speaking events, we are releasing […]
