"In recent years, Tunisia’s government has tried to correct course. The government chose to cut budgets at the urging of the International Monetary Fund, which extended Tunisia a $2.9 billion loan in 2016... But the IMF-led overhaul has failed to trigger a turnaround. "
US index futures rose higher into record territory, as European stocks pared muted gains after the EURUSD rose above 1.17, pressuring exporters, while Asian shares were broadly higher, but the main theme of the session was another day of USD weakness.
One month after Fannie Mae became the first issuer to sell debt linked to the Libor alternative, Barclays became the first bank to issue commercial paper tied to the funding benchmark known as the secured overnight financing rate, or SOFR.
"...as excess reserves run off, the real debt load on the Treasury will grow. Do Jay Powell and the other FOMC members have the political courage to end the subsidies for the US Treasury and banks, and thereby end financial repression?"
“You’re collapsing a traditional bond issuance from a manual bookbuild process and allocation process, an extended settlement then a registrar and a custodian, into something that could happen online instantaneously.”