Well, we waited around all week only to get… nothing. Here’s the bullet point summary of Yellen’s Jackson Hole speech: FOMC STILL SEES GRADUAL HIKES APPROPRIATE OVER TIME OUR ABILITY TO PREDICT FED RATE PATH IS QUITE LIMITED FOMC EXPECTS LABOR MARKET TO CONTINUE TO STRENGTHEN SOME ESTIMATES SHOW REA
So one of the themes we’ve explored here and elsewhere recently is the extent to which the move into NIRP across Europe and in Japan has herded investors into USD credit thus putting a bid under Treasurys. However, as the dollar funding crunch has accelerated, hedging that exposure has nearly elimin
It’s yet another day of aimlessness across markets as the entire financial universe awaits Janet Yellen’s Jackson Hole speech. Just about the only other thing anyone seems to care about this week is EpiPen prices. As far as Yellen goes, Citi conducted a survey to find out what the market expects. He
Boy, oh boy, you know it’s August when this is a Bloomberg “headline”: DUNKIN' COLD-BREW COFFEE LAUNCH WAS `VERY STRONG’ Fantastic. We’re not sure what the counterfactual there would be (maybe “Dunkin’ says cold-brew launch was complete dud”), but hopefully this market will get some caffeine next we
Well, just as we said on Monday evening, we’re still sleepwalking ahead of Yellen. A Wednesday in August ahead of a hotly anticipated Jackson Hole speech by a Fed chair is about the sleepiest scenario one can possibly imagine, but there are some notables (thank God). First of all there’s crude. EIA
You just have to laugh. Stocks closed green across the board and the Nasdaq hit an all-time intraday high as investors cheered upbeat housing data and a big beat from Best Buy which, along with Wal-Mart’s decent quarter, goes some ways towards allaying fears about the American consumer. Frankly thou
We’ve said it before and we’ll say it again: when it comes to crude prices, it’s all about geopolitics one way or another. There’s way too much emphasis placed on discrete rig count prints and US inventory data. Concurrently, there’s way too much credence given to the idea that OPEC is “dead.” The w
There is perhaps no more dangerous word in the financial lexicon than “contained.” As a general rule, anytime someone tells you something is “contained,” it’s probably not. After all, they wouldn’t be talking about it in the first place if it were. Nothing can be truly “contained” anymore. It’s not
“It’s the epitome of the dog days of summer,” Kent Engelke, managing director at Capitol Securities Management Inc told WSJ today, adding that “we’re all just sitting on our hands.” Indeed. Fed Vice Chair Stanley Fischer spoke in Colorado on Sunday and although the message was just as muddled as you
It’s been a good run since late June. If you were in US or European equities you racked up double-digit gains. Meanwhile, we’ve got dead vol walking: And although we’ve discussed this countless times, given where we are valuations wise (i.e. stretched to the max at something like 18X for the S P) an
