LIBOR

Frontrunning: April 17

  • Trump’s Renewed Focus on Health Bill Vexes GOP Tax Strategy (WSJ)
  • Wall Street banker Cohn moving Trump toward moderate policies (Reuters)
  • Trump Rejects Protests Over Tax Returns (WSJ)
  • Merkel Calls on Erdogan to Open Talks in ‘Deeply Split’ Turkey (BBG)
  • Turkish Opposition Plans Challenge to President Erdogan’s Referendum Victory (WSJ)
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Gold silver ratio of 32 – 32 times more silver ounces sold. Gold: 22,232 oz and Silver: 716,283 oounces – bullion coins and minted bars sold. Gold is 2.6% higher and silver surged 3.1% in the shortened week with markets closed for Good Friday tomorrow

Frontrunning: April 11

  • Tillerson: Russia Should Give Up ‘Unreliable Partner’ Assad (BBG)
  • U.S. tries to line up West, Mideast against Assad (Reuters)
  • United Airlines under fire after passenger dragged from plane; officer put on leave (Reuters)
  • Tillerson carries Syria stance to Moscow as Trump assumes West's leadership (Reuters)
  • Investors Dump French Assets as Presidential Race Opens Up (WSJ)

Secret Recording Implicates Bank of England In Libor Rigging

A secret recording that implicates the Bank of England in Libor rigging has been uncovered by BBC Panorama. The 2008 recording adds to evidence the central bank repeatedly pressured commercial banks during the financial crisis to push their Libor rates down.

Frontrunning: April 7

  • U.S. fires missiles at Assad airbase; Russia denounces 'aggression' (Reuters)
  • Congress Supports the Airstrikes, Debates What Happens Next (WSJ)
  • Trump’s Syria Strike Sends Not-So-Subtle Warning to U.S. Rivals (BBG)
  • Russia Halts Cooperation With U.S. on Syrian Air Operations (WSJ)
  • Syria Says Strike Kills Five, Damages Air Base (WSJ)

Julian Brigden: "This Is What The 'Armageddon Scenario' For Markets Looks Like"

"My base case is always been that you don't get to the Armageddon scenario with weak data. You actually get to the Armageddon scenario when you actually get strong data. The end game for markets, the most dangerous toxic scenario for markets comes when you've got vastly inflated prices and central banks actually need to hike. "

LIBOR Pains

LIBOR is a benchmark reference rate (which explains why some banks were so eager to manipulate it). The pricing of all kinds of floating-rate debt is tied to it (corporate loans, mortgages, student loans, credit card debt, and assorted derivatives, such as currency and interest rate swaps, etc.). That has now become a problem.