The total amount of debt is as large as it has ever been, while the vast majority of it is borrowed at the short end of the curve. Yet Dimon thinks the Fed will take “drastic action” and raise rates aggressively in the face of higher inflation?
The new PBOC Governor Yi Gang spoke at the Bo’ao Forum today on monetary policy and further opening up of the financial sector: the punchline of his speech, however, was his promise that the Chinese currency will not be used in a trade conflict.
"There are much more precise and effective weapons than nukes in the arsenal of the establishment globalists that manipulate political systems in various nations..."
Demand for mortgage refinancing has plunged to a level not seen since Lehman filed for bankruptcy, and the near-shutdown in the mortgage pipeline is wreaking havoc on bank lending revenues.
"My bet is that we will witness an inflationary shock. What I can only hope is that after 10 years in which financial alchemy handed all the keys to the mathematicians, these next few years will favour the historians, if there are any left."
It appears Turkey just reached its "whatever it takes" moment as Prime Minister Binali Yildirim warned that "speculative attacks on our economy are being made," and promised "the central bank will do what's needed, when needed" in fight against inflation.
Consumer prices dipped MoM 0.1% in March (the biggest drop in a year), but as the distortions of the "Verizon effect" fade from the numbers, CPI YoY rose to 2.4% - the highest since Feb 2017.
On February 5th Lloyds Banking Group, Plc., Britain’s largest mortgage lender, recent acquirer of MBNA, and issuer of one-quarter of all credit cards in Britain, banned its credit card customers from buying cryptocurrencies.
After yesterday's euphoric sprint higher on what the market misinterpreted as "conciliatory" remarks by China's president Xi, this morning global stocks and US equity futures are sharply lower, this time on fears of imminent military action in Syria.
"A base less than 2000 kilometers from the Australian coast would allow China to project military power into the Pacific Ocean and upend the long-standing strategic balance in the region."
The end of bull markets can only be verified well after the fact, but therein lies the biggest problem. Waiting for verification requires a greater destruction of capital than we are willing to endure...
The British headquarters of the Murdoch entertainment empire 21st Century Fox have been raided by investigators from the European Commission who seize documents and computer records.
"Some market participants have concluded BEAT has been a meaningful contributor to the sharp increase in 3m L-OIS and major short-dated USD cross currency (XCCY) basis pairs since the start of this year. We are more skeptical."
"What we've got here is a failure to communicate... Waiting for the next shoe to drop is a tough way to make a living. Especially when algorithms respond to every input based on the shallowest interpretation."
"I know everyone loves to own VIX...I, on the other hand, would much rather be selling stock-market volatility and buying fixed-income and foreign-exchange volatility."
It's not just Deutsche Bank that has seen a conveyor belt of CEOs in recent years: according to Handelsblatt, that other titan of European industry - and Germany's largest employer - has decided to part ways with its CEO as the company's emissions-manipuation scandal claims its latest scalp.
The Ruble has collapsed to its weakest against the dollar since Dec 2016, crashing over 8% since the last round of US sanctions hit. This is the biggest 2-day drop since Dec 2014...
