liquidity risk

The 10s Back To A 1-handle Again; New Information That Isn’t New

By |2019-07-02T18:45:41-05:00July 2nd, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The benchmark 10-year US Treasury yield closed below 2% for the first time since Donald Trump was elected President. Having flirted with that level several times over the past week, today the most-watched interest rate on the planet finally breached this one startling round number. And it comes during a week which by every conventional [...]

Baoshang Isn’t China’s Lehman, So Why Does April 17 Show Up All Over Global Markets?

By |2019-06-24T16:27:12-05:00June 24th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

One month ago, on May 24, Chinese regulators stunned the world by announcing the first bank restructuring in modern China’s history. Based in Inner Mongolia, Baoshang Bank was seized because of what the PBOC and China Banking and Insurance Regulatory Commission said was “severe credit risk.” Initial reports attempted to link Baoshang’s struggles to financier [...]

What Bear Stearns Taught Us About The Folly of the BOND ROUT; Bonus: EFF’s Recent And Ongoing Contribution To The Same

By |2019-04-02T18:08:19-05:00April 2nd, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Over the last several years, we’ve been bombarded with mainstream stories about how interest rates have nowhere to go but up. Inflation, recovery, and most of all fundamentals. Who in their right mind is going to buy all this government debt! The supply is rising and, according to these people, the demand can only be [...]

The Politics of Spreading Inversion(s)

By |2019-01-03T18:00:38-05:00January 3rd, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Clothed in immense self-denial, hung up on absurd self-confidence, Federal Reserve officials gathered on August 7, 2007, to discuss how things really weren’t as bad as everyone seemed to think. There were several key conversations taking place at the FOMC meeting held then all leading nowhere. Policymakers would literally laugh off obvious distress in crucial [...]

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