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We now know the eventual policy response will be to print enough money into the system until real yields are once again negative, only reinforcing the long-term underlying demand for those perceived stores of value at the expense of fiat currencies.

"U.S. serious delinquency rate to quadruple by the end of 2021, pushing 3 million homeowners into serious delinquency." 

 

 

"we have high conviction that 10 year Treasury yields are like a coiled spring and are likely to be much higher over the next 3-6 months."

Suryadevara will join PayPal competitor Stripe, as its CFO

...most of the time, investors don’t see the “train,” but mistakenly believe it’s the “light at the end of the tunnel.”

...the pro-lockdown position has become a matter of ideological commitment unchained from any evidence or clear data... their accompanying narrative to justify that stance is similarly detached from reality...

... transitioned from “Liquidity” macro factor measures which led the March Equities recovery... into “Growth” inputs

However, this was not enough to unwind the annual deflationary print (PPI -0.4% YoY)...

"If you want any return, any yield, any income or even any growth you have to go to equities."

"The buyers of physical metal are buying as an alternative to fiat money... They are voting with their feet. They are running away from their fiat currencies..."

..the quant quake continues...

The problem with “Eternal Bullishness” and “Willful Blindness” is that the failure to embrace uncertainty increases risk, and ultimately loss...

The top officials’ emphasis on food supplies raised questions about whether China is facing a severe food shortage this year.

"No excuse for being confused now."

What digging through the latest holdings

...real rates have been negative before during the 1940s in the post WW2 Era and in the 1970s STAGFLATION.

"...they are struggling to survive and absent immediate and sweeping relief so many will be forced to close permanently."

"We were short rent the month of July and my landlord has decided to come in when I wasn't home..." 

Real Vision senior editor, Ash Bennington, joins managing editor, Ed Harrison, to discuss the pivotal forces driving markets. They discuss bank balance sheets…

Unlike nominal rates, real yields are not subject to YCC constraints and have greater freedom to reflect deteriorating macroeconomic fundamentals. What this implies is a (growing) level of decoupling between breakevens and inflation fundamentals