CRB

BofA: The Liquidity Supernova Is Ending, "This Is The Biggest Risk of All"

$1.9 trillion of purchases by central banks thus far in 2017… helps explain lower yields & higher equities. But in 2018 the level of G4 central bank liquidity will peak at $15.3tn in March and the YoY growth of G4 central bank liquidity will decline in 2018 & will turn negative in Jan’19.

If You Bought 30 Years Ago Today...

What would your returns be today if had you bought various assets the morning after the "Black Monday" crash? Deutsche Bank calculates the answer.

Why Janet Yellen Is About To Hate Bacon

For 99.9999% (our estimate) of Americans, there is great news on the way - retail bacon prices are about to plummet. However, with food accounting for 14% of CPI, we suspect the pork-price-pounding is about to become Janet Yellen's new 'transitory' problem.

Risk Off: Global Stocks Slide As "Fire And Fury" Results In "Selling And Fear"

US futures are set for a sharply lower open (at least in recent market terms) following a steep decline in European stocks and a selloff in Asian shares, following yesterday's sharp escalation in the war of words between the U.S. and North Korea. In a broad risk-off move U.S. Treasuries rose, the VIX surged above 12 overnight, while German bund futures climbed to the highest level in six weeks.

George Orwell's Monetary Policy

"Tightening is easing..." Monetary policy is a black box and former Fed chair, Alan Greenspan, acknowledged this more than 20 years ago...

The Great Misconception Of A Return To "Normal"

The narrative seems to be that 2009 was a one off event and that the central banks role was and still is to "stabilize" the situation until things "normalize". But right there...that idea that 2009 was a "one-off" or "abnormal" couldn't be more wrong. 

Oil Fireworks Unsettle Global Markets Ahead Of Payrolls Report

With all eyes on crude, following last night's mini flash crash which sent WTI lower by 3% from just above $45 to under $43 in under 10 minutes, equity markets, generally quiet overnight, have taken on a secondary importance ahead of today's key risk event, the April payrolls report. In global equities, Asian and European stocks are lower, while S&P futures are little changed.

The Best 'Unknown' Indicator

Even though investors have given up on the Trump reflation trade, this model has not. In fact, it has pushed up to new highs...