A little over 3 and half years ago I was holed up inside an office on the third floor of the Marriner S Eccles building on 20th and Constitution Ave in DC. As many readers know, I chose to leave the private sector in 2009 after spending 16 years on the street. At the...
In an interview with Der Speigel last weekend, Mario Monti said - "It is because of the risk of a euro collapse that the difference between Italy's interest rates and those of Germany are so great. In this way, the high interest rates that Italy is now having to pay...
All aboard the Bernaghi Express - next stop risk asset paradise! The second iteration of "The Committee to Save the World" nailed it last week. The Fed is "closely monitoring" the situation and stands ready to provide "accommodation". These are code words for imminent...
First the easy one, US jobs. While payrolls was better than expected at 165k, the pop up in both the headline rate and the U6 rate are going to keep an "accommodative" Fed very much in play for September. This is probably the PERFECT number for risk assets. The data...
While there was talk of BTP/Bono spread caps, LTROs, QE, SMP, rate cuts, forward language changes and central banking miracles of all kind before today, the markets got very little in terms of tangible central bank action from either the Fed or the ECB. That said, the...
While there was talk of BTP/Bono spread caps, LTROs, QE, SMP, rate cuts, forward language changes and central banking miracles of all kind before today, the markets got very little in terms of tangible central bank action from either the Fed or the ECB. That said, the statements were extraordinarily strong, and nowadays, words are […]
