There is a high degree of uncertainty in the global markets. How deep into negative territory can nominal bond yields fall?
We have consistently argued that many market participants are repeating the mistakes of 2010-2011 when they thought Greece would leave the monetary union …
All that is solid is melting into the air, or that’s how it feels since several central banks in Europe have adopted negative …
For what seems like forever (which, in reality is actually a few years) I have been extremely bearish on the EU. There are …
1. The swing in the pendulum of expectations back toward a mid-year Fed rate hike is one of the key developments that will …
The main story today is not that the ECB will no longer (as of February 11) accept Greek government bonds as collateral and …
The powerful bout of long dollar liquidation, spurred by optimism that the new Greek government had moved away from its posturing about debt …
A Moment of Pause We don’t know whether US stock prices are going up or down. They usually go up and down.
The bull case for the US dollar rests on two legs. The first is that the policy response to the crisis has produced …
The euro, sterling and yen remain confined to their recent ranges, while the Australian and New Zealand dollars succumbed to selling pressure. The …
