Behold The "New Normal" Buyers Of First, Last And Only Resort
In a "new normal" "market" that has long since given up discounting fundamental news, and merely reacts to how any given central planner banker blinks, coughs, sneezes, or otherwise hints on future monetary injection plans at any given moment, it is useful to know the only market players that matter. Courtesy of Guggenheim, they are listed out below - these are no longer the major TBTF banks, Jamie Dimon and Lloyd Blankfein ambitions to rule the world notwithstanding; they are now the world's central banks, whose assets are rapidly approaching their host sovereign GDPs even as their overall leverage is increasing by leaps and bounds on a daily basis, putting such recent Investment Bank overlevered behemoths to shame. It is in this playing field where the price of any one "risk asset" is no longer indicative of anything more than monetary, and in a world in which politicians have long been made obsolete by the central planners, fiscal policies. It also means that capital markets are only whatever the various central bankers want to make them... and nothing else.
Full Guggenheim piece can be found here
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