"End-of-month flows could start to take hold into the end of the week, and combined with light news flow and the risk of impending trade war escalation could result in conviction remaining light."
"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. "
America has radical financial leverage at this moment precisely because of the ‘strong dollar’. Make no mistake. This is not just the result of Fed hiking rates...
"I got to meet a lot of people running for president on the U.S. Republican side in 2016 and they all felt like zombies,... Trump is a very healthy corrective to that."
Market participants are thus “sniffing” the possibility of a “start of ’19 pause” from the Fed: the probability of a March ’19 hike is now ‘only’ at 50%, down from 63.5% less than a month ago
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.
Alipay is such a disruptive force in China that state TV has labeled it “a vampire sucking blood from banks”, while the government has enacted new banking rules to try and clip its wings.
"I’m not sure that I would see it as an undermining of the rule of the crown prince. It’s much more likely ensuring that he doesn’t go off the deep end."
"...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.”
After a week of public holidays in Turkey, the Turkish lira tumbled as traders returned with selling on their minds, realizing that nothing of substance has changed in the past 7 days.
Last Friday's post-Jackson Hole surge that sent the S&P to a new all time high pushed risk momentum higher, and sent world stock markets to their highest level in more than two weeks on Monday
