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For the US, the last bit of demographic driven momentum concluded in 2018 but the US went to ZIRP a decade earlier in the demographic cycle ('09) than Japan...

What could possibly go wrong? 

"If you don’t have a tail hedge, I suggest not being in the market [as] we’re facing a huge amount of uncertainty..."

Senior editor Ash Bennington hosts Ed Harrison for a conversation about life and markets during coronavirus. Using Tesla as a jumping off point, they take an…

Government regulators are demanding banks must not "abandon our cities"... 

...people all around the world are watching the price of gold steadily hit record highs measured in their own currency. Or, alternatively, they’re seeing the purchasing power of their own currency hitting all-time record lows...

Soaring coronavirus cases? Bullish. Record number of unemployed? Bullish. Biden winning in November? Bullish.

In line with the recent Fed disclosure that the central bank will purchase about $80 billion in Treasurys monthly, the latest schedule shows an average daily purchase of about $4.5 billion, or $46BN spread over 10 days.

"A number of those actions were necessary. The key is what we do from here. How long does this need to go on for?"

This is going to be a long, hot summer that none of us is likely to forget any time soon...

"The worse that COVID-19 gets, the better the markets do because the Fed will bring in stimulus. That is what has been driving markets."

...as if it never happened!

..."eat my shorts!"

It's not crazy to think that QE could be upwards of $4bn per business day for another few years.

And it's only just starting...

It’s a no-win situation for the Fed... history shows that political leadership never makes the choices, until the choices are forced upon them.

The week's highlight is the EU summit on Friday; we’ll also see the ECB, the Bank of Japan and others make their latest monetary policy decisions. Meanwhile, earnings season kicks off, including a number of US financials reporting.

Smartphone demand in China "remains lukewarm despite the country's recovery from the coronavirus pandemic."  

 

Politics is naturally in its own special little crazy world on so many fronts one hardly knows where to begin