Bond

Abracadabra - Uncovering The Fed's 'Magnificent Fraud'

Is there one in ten thousand of the millions of people who sit at desks all day long from sea to shining sea who have a clue how unwinding the Fed balance sheet works? Or what its relationship is to the real world?

Stellar 3Y Auction: Highest Bid To Cover Since Sept 2015, Foreign Demand Surges

Unlike last month's ugly 3Y auction, today's just concluded sale of $24 billion in 3 year paper was stellar, stopping through the When Issued 1.934% by 0.2bps, a surge in buyside demand as the Bid to Cover jumped from 2.76 to 3.15, the highest since September 2015, while Indirect Bidders took down the most since August.

No Risk Of Recession?

"Whether it is a mild, or 'massive', recession will make little difference to individuals as the net destruction of personal wealth will be just as damaging. Such is the nature of recessions on the financial markets."