Today's topics include are bond yields sending a signal?, stocks vs. the economy, share buybacks continue through recession, Fed 'infantilizing' investors, gold as a hedge, money market funds have an eye on stimulus negotiations, a deeper dive on GDP, the dollar's bad month, stimulus negotiations continues, and social distancing by income
10-year yields are pushing four-month lows as the Fed has stepped up its POMO purchases to $20 billion/day. These purchases make the economic meaning of this move suspect.
A look at the size of various markets compared to the U.S. economy
Today's topics include real rates vs. stocks, value investing, yesterday's snoozer of an FOMC meeting, physical gold demand vs. hedging demand, a thought on COVID and the dollar, the effect of a declining dollar on bond fund returns, stock returns as the election nears, the new travel, and fiscal stimulus negotiations continue
While Trump's election odds are behind in both the polls and betting markets, his deficit might not be as large as perceived. The swing states are still very much in play.
Today's topics include negative rates and gold, today's FOMC meeting will be all about the toolbox and inflation targets, more on the $600 per week unemployment bump, Biden's potential VP pick, rocky confidence, homeownership soars, corporate issuance slows in July, bond ETF trading as a percentage of the underlying market, and misplaced toward central banks.
We believe two forces are driving the dollar lower. One is an exhale from the world about owning non-dollar assets again. The second is rampant speculation by the hot money crowd.
Today's topics include the Fed extends its lending facilities, yield curve control, institutional vs. retail investors, the dollar's role as the world's reserve currency, work from home life, Chanos warns of trouble coming, Judy Shelton's FOMC bid, no dividends or buybacks for European banks until 2021, mortgage rates, and a look at Tesla's rise.