Charts of the Week
Weekly Research Roundup
November 22, 2019
Select charts from our recent posts
Select charts from our recent posts
Long-term interest rates since 1790
The relationship between stock prices and bond yields is fluid over time and, we believe, is driven by the mindset over inflation. Currently, traders' mindsets remain where they have been the last 21 years, suggesting the markets do not fear any return to an inflationary environment.
Today's topics include ETFs and market efficiency, the FOMC minutes on repo liquidity, the stigma of borrowing at the discount window, your daily does of trade war headlines, the BoJ's stock purchasing program, problems in the CLO market, the idea of bitcoin as an uncorrelated safe haven asset and QE does not mix well with negative rates.
Today is arguably the most important day in the impeachment hearings, with European Union Ambassador Gordon Sondland testifying. Below we track the odds of Trump's impeachment according to the latest polls and betting market trading.
Another Democrat debate takes place tonight. Where do the candidates' odds stand going into it?
Today's topics include Bill Dudley on higher yields and term premia, paying up for private equity, previewing the FOMC minutes, searching for signs of an economic rebound, updating trade talks, Trump vs. Powell, betting on the British pound and modern monetary theory.
The U.S. has the highest interest rates in the developed world. Trump pressured Powell again yesterday, making the case that U.S. rates are too high relative to other countries.
China has shed roughly $71 billion of U.S. Treasury securities since the first tariffs were implemented in early 2018. Over the same span, Japan has purchased an additional $86 billion in Treasuries.