Despite everything that we have already been through in 2020, the dominant narrative in our society right now is that everything is going to be just fine once we get past our temporary problems...
After the fiscal cliff hit on July 31, many Americans reversed their previous spending ways and instead resumed paying down their outstanding credit card balances clearly concerned about their future financial state.
"More has to be done to show why employees who got retention bonuses and agreed to stay with the company are not going to do their best to see that the company survives and succeeds."
"...a couple of participants indicated that highly accommodative financial market conditions could lead to excessive risk-taking and to a buildup of financial imbalances."
The bad news is that investors chased the market on “hopes” for further stimulus and a “Biden” victory during the upcoming election. There is a reasonable probability that one or both of those outcomes will not occur.
Overall, this was a solid - if hardly stellar - auction, one which took advantage of the recent concession, and sets the stage for a peaceful 30Y auction to close out the coupon week tomorrow.
"Beyond bringing additional subscribers onto the platform, increased velocity of dedicated content production will deliver several knock-on benefits spread across your existing base including elevated engagement, lower churn, and increased pricing power."
In addition to discussing the need for fiscal stimulus, uncertainties ahead, and rates not going anywhere any time soon, markets will pay particular attention to any remarks on the Fed's QE purchases.
Congress and the public are being 'gaslit' by the Fed... Relying on elected officials, the public is unwilling or unable to question Fed logic. Meanwhile, we sense that something is wrong...
... Enactment of another $25bn in airline aid looks increasingly likely.... but a standalone bill to authorize another round of stimulus payments to individuals is unlikely.
"(The halt in stimulus talks) is unlikely to be the catalyst for a significant sell-off as most market participants were not anticipating that a deal will be reached ahead of the election anyway."
...financialization is, ultimately, the national descent into zero coherence and zero rationality. It is in fact, the breakdown of society its self. It is the Road to Zero...
