Three For One In China Still Yields A Minus Situation

By |2019-01-25T17:57:35-05:00January 25th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

A couple of new developments in China that are worth commenting on. First, what everyone is calling a stealth QE. It isn’t. The central bank bill swap program is instead designed for two purposes at once, neither of which will follow along like an LSAP. The intent in doing this specifically right now suggests something [...]