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Newsclips
More on Treasury Yields Trending Sideways
April 14, 2020
The Fed is buying bonds at rates unimaginable just a few weeks ago, yet yields are not plummeting. Why not?
Newsclips
Quick Comments/What We’re Reading
April 14, 2020
Today's topics include the IMF updates its world GDP forecasts, overly optimistic sentiment, pessimistic sentiment, government spending, a profitless recovery, missed mortgage payments will daisy chain through financial system, the New York Fed scales back its repo schedule, and opposition to the Fed's high yield ETF purchases.
Newsclips
Cartoons
April 14, 2020
Conference Calls
Are We Past the Worst?
April 13, 2020
A replay of our April 16, 2020 conference call
Newsclips
Acting Like a Bear Market
April 13, 2020
Last week's stunning stock market rally pulled the market to a 50% retracement of the previous decline. Sentiment has turned more positive, with many thinking the March 23 bottom will mark the bottom for the bear market. We continue to believe these are signs of a bear market rally.
Newsclips
Earnings Season Starts This Week
April 13, 2020
Earnings season starts this week. No one really knows what to expect, but forecasts are coming down hard and probably have further to go.
Newsclips
Quick Comments/What We’re Reading
April 13, 2020
Today's topics include a truce to support the oil market?, who will buy all this debt?, more on the topic of Fed independence, moral hazard, shadow banks' hand in financial stability, record stimulus might not be enough, companies buying time during shutdown, the Fed's Main Street Lending Program, and trends in unemployment claims.
Newsclips
Cartoons
April 13, 2020
Newsclips
The Fed Throws Another Kitchen Sink at the Markets
April 9, 2020
The Fed greatly expanded its buying program, adding facilities to buy munis and CARES loans as well as broadening eligible bond purchases to fallen angels and a wider swath of investment grade bonds.
Charts of the Week
The Fed’s SOMA Portfolio Grows Substantially
April 9, 2020
A look at the assets on the Fed's balance sheet
Charts of the Week
T-Bill Issuance Ramps Up
April 9, 2020
In the wake of the government's $2 trillion stimulus bill, the Treasury has ramped up T-bill issuance.