Yesterday was an epic day in the financial markets by many measures. Does this mark a bottom?... Read More
The latest infection charts, Trump's re-election chances, and the Fed is poised to cut to zero next week.... Read More
Right now daily updates to global infection counts are one of the most important statistics. The virus continues growing exponentially in much of the world.... Read More
Funding strains are developing again. The Fed might have to respond by expanding its "not QE" support for the repo market even more, which would push its balance sheet to even larger levels.... Read More
The Fed cut on fears that the US is about to see massive economic disruption. Given the examples from other countries, this is a reasonable fear.... Read More
Governments and central banks can manage, but not reverse, a shift in markets and the global economy caused by the coronavirus.... Read More
Fed support of the repo market surged to new a record this morning. This was not expected and the initial reasons for the banks' surge in demand are hard to determine.... Read More
As we highlighted last night, the market has priced in a Fed move. How long will the market remain patient in waiting for a cut?... Read More
An update of alternative data sources shows China is still far from resuming normal economic activity.... Read More
The Fed has slowly been reducing its involvement in the overnight and term repo markets, as planned.... Read More
A look at foreign net sales and purchases of U.S. Treasuries, agencies, corporates and equities through December... Read More
An update of alternative data sources shows China is still far from resuming normal economic activity.... Read More
As COVID-19's growth rate fades in China, the government will be faced with the task of restarting its economy while remaining cautious enough to prevent further spreading the disease.... Read More
Given how quickly events are unfolding in the markets, we offer our thoughts on infection growth, the Fed's potential response, and the effects on Trump's bid for re-election.... Read More
World financial markets are in risk-off mode today as cases of the COVID-19 virus have grown outside of China.... Read More
While stocks soared to new all-time highs last week, the bond market has been telling a far different story. Central banks may be correct when they state their toolbox will be limited in future downturns, but that isn't stopping the markets from expecting further action.... Read More
