Lehman

"People Ask, Where's The Leverage This Time?" - Eric Peters Answers

“The leverage is in risk parity strategies. There is greater duration and structural leverage... People move from senior-secured debt to unsecured. They buy 10yr Italian telecom debt instead of 5yr. This time, the rise in system-wide risk is not explicit leverage, it is implicit leverage.”

Keep Calm & Carry On

“Before long, we will all begin to find out the extent to which Brexit is a gentle stroll along a smooth path to a land of cake and consumption...”

FANG Futures Launch

"There is nothing wrong with observing that the new era tech stocks are stupidly overbought, and that the risks are to the downside in the coming months. You can be bearish on FANG without thinking all stocks are going to zero."

Paradise Papers: Massive New Leak Exposes Tax-Haven Secrets, Links Wilbur Ross To Russia

A huge new leak of offshore tax-haven documents dubbed the "Paradise Papers", reveals again how the ultra-wealthy, including the Queen's private estate, secretly invest vast amounts of cash in offshore tax havens. They also reveal that Trump's commerce secretary, Wilbur Ross, is shown to have a stake in a firm dealing with Russians sanctioned by the US.

NY Fed President Bill Dudley Retiring

Late on Saturday evening, CNBC's Steve Liesman reported that Fed vice chairman Bill Dudley, a former Goldman managing director and chief economist, not to mention a key figure in "the unprecedented government response to the financial crisis", is expected to announce his retirement as soon as next week. 

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.

Why Today's Big Fed Risk Is A "Dovish Surprise": One Trader Explains

"There’s much greater potential for rates to fall than rise in reaction to the Fed decision and statement on Wednesday... While an anticlimactic Fed decision may be a reasonable base case, it’s rare to approach such a meeting where the potential market reaction is so largely skewed in one direction."