Monetary Policy

Dollar Surge Continues Ahead Of Jobs Report; Europe Dips As Catalan Fears Return

World stocks eased back from record highs and fell for the first time in eight days, as jitters about Catalonia’s independence push returned while bets on higher U.S. interest rates sent the dollar to its highest since mid August; S&P 500 futures were modestly in the red ahead of hurricane-distorted nonfarm payrolls data

Is This The Biggest Housing Bubble Ever?

"Macroprudential, particularly if markets are going up, up, up is about saying ‘no’. Apparently that’s hard to do," the head of the Swedish central bank, Stefan Ingves, said...

Spain Rebounds, Pound Tumbles In Quiet Session Ahead Of ECB Minutes, Fed Speakers

Global markets came off record highs, trading subdued, with US index futures unchanged as traders are unwilling to make major moves ahead of today's ECB minutes and tomorrow’s NFP release, and before speeches by central bankers including SF Fed President John Williams and the potential next Fed chair Jerome Powell, as well as ECB executive board members Peter Praet and Benoit Coeure..

Is Kevin Warsh The Ultimate Chicken-Hawk? (And Why Gold $1275 Will Hold)

"The current front-runner for the next Fed Chair is Kevin Warsh, who seems to have all the prerequisites that Trump idolizes. He’s connected. He’s not an academic. He has conservative leanings. But most important, he’s rich. I mean really rich. You see, Kevin married the granddaughter of the founder of the Estee Lauder company..."

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.

Meet The Next Fed Chair: The Definitive Cheat Sheet

With the race for the next Fed chair in its final stretch, the three frontrunners to replace Yellen are Kevin Warsh, Jerome Powell, Gary Cohn. But what are their views? Here, courtesy of BofA is the definitive cheat sheet profiling the next Fed chair, whoever that may be.

Howard Marks Warns "Nobody Knows What Will Happen"

"Maybe that’s what people are thinking in today’s stock market: 'It will continue to go up, but I will get out in time'... People overestimate their ability to get out in time. Who will be there to buy when everyone wants to sell? That’s wishful thinking."

"The End Of The QE Trade": Why Bank of America Expects An Imminent Market Correction

... In short, correction late-17 driven by “as good as it gets” narrative; magnitude dependent on CNY, MOVE, tax reform & degree of “forced selling” by ETFs & quant (7 ETFs accounted for 41% of volume of the top 20 most actively traded US issues in 2017; quant hedge funds & CTAs = $1.3tn AUM = 40% of industry total); right now feels more likely single- than double-digit.

Spanish Stocks, Bonds, Euro Sink After Catalan Referendum Fiasco; S&P Futures Rise

While S&P futures were modestly higher, rising 0.1% in a quiet session in which China, South Korea, India and Hong Kong were closed for holidays, the Euro, Spanish stocks and bonds were broadly lower as Spain faces its worst constitutional crisis in years following a dramatic, violent crackdown on Sunday's Catalan independence referendum in which 89% of the voters wanted to secede from Spain.