Bond

Watch Live: Janet Yellen Addresses Community Bankers In St.Louis

Since Janet Yellen last spoke (shifting hawkish), the dollar and bond yields have surged (as have the odds of a Dec rate-hike). It is unclear whether today's opening remarks at the fifth annual Community Banking in the 21st Century conference at the Federal Reserve Bank of St. Louis, will offer any new insights on monetary policy direction but given President Trump's 'shortlist', it may well be among her last public appearances as Fed Chair.

Is It Time To Question The Modern Nation-State Model Of Governance?

"Those who favor centralized power see these events and movements toward decentralized political power as inconvenient, intransigent outbursts from the ungrateful, unwashed masses... as temporary storms which the wise elders of centralization must merely ride out... Unfortunately for them, this is not the case."

Three Straight Weeks Of This Can't Be Ignored

"...potentially as an escalating warning about systemic liquidity, collateral and otherwise...After all, if something unknown is clogging, removing, or just plain disrupting collateral flow it’s not likely to be an isolated case; and certainly not for three weeks running..."

Kolanovic: "This Is What The Next Crisis Will Look Like"

"... a tail risk could be a backlash against central banks that prompts significant changes in the monetary system. The next crisis is also likely to result in social tensions similar to those witnessed 50 years ago in 1968."

One Trader Warns Of "The True Danger Ahead"

"The biggest risk out there is not credit. It is not the monster short VIX speculative position. It is not CDX leverage... The true danger ahead lies in the universal belief that treasuries (and other sovereign fixed income) offer a perfect hedge versus risk assets..."

"Dear Fed, Hike Slower... Shrink Faster..."

"Investors not being properly rewarded for the risk they are taking can have longer term repercussions... The normal process of price discovery has been changed, not just by the Fed’s activity in the market using its balance sheet, but also through the constant barrage of headlines designed to move markets."