If it's so boring, why has everyone got so agitated about it ?

ref :- "Repo Market's Liquidity Crisis Has Been a Decade in the Making" , Bloomberg Markets, 22/9/19 We've highlighted this Bloomberg article, but frankly, we might have settled on any one of countless pieces in the financial media this weekend on the same theme. It's not as though there was any shortage of issues to focus on after a week that saw attacks on Saudi oil installations and their hugely worrying geopolitical and economic implications, and another 25 basis point cut in the Fed Funds rate which even at the Federal Reserve had dissenters on either side of the argument. Some saw the move as unnecessary and others felt it was not decisive enough. President Trump predictably voiced (

Q.: Why has: "The definition of insanity is doing the same thing over and over again, but expec

ref: - "Revolutionary thinking is needed to fire up the global economy”, by Luigi Speranza of BNP Paribas, Markets Insight in the Financial Times It's a line most often attributed to Albert Einstein although he himself suggested that it probably didn't originate from him. It doesn't really matter who said it (and many of the usual suspects are put forward as alternative sources, as is the early literature put out by anti-addiction groups), it would surely not be a good thing if you could use it to describe the actions of those in charge of the world's economic wellbeing. Investors may have been doing very nicely with their bond portfolios, and with the recent return to form of equity prices,

Will Draghi go out with a bang ?

ref :- "Draghi in spotlight over stimulus as investors eye pace of bond purchases" , Market Questions / Global Outlook, The Financial Times Travelling this week but thought we'd better remind you about the European Central Bank's monetary policy decision coming up on Thursday ..... as if you weren't well aware anyway ! It'll be ECB boss Mario Draghi's final policy meeting, and at the last get-together Super Mario made it pretty clear that slowing growth and softer inflation data meant that we should expect to ease measures this time round. Mr Draghi has of course shown himself to be admirably decisive in the past -- remember him promising to do "whatever it takes" to save the Eurozone from

Just a timely reminder that in markets nothing is ever entirely one-way .....

ref :- "Biggest Bond Rout in Years Whiplashes Bulls Who Were Right" , Bloomberg Markets Does anybody really think that there has been some fundamental shift in the drivers of bond markets over the last 24 hours or so ? As if we needed any reminding, global bond yields have been tumbling (and global bond prices been surging) to such an extent that holders of US debt for example made 3.4% in August alone. The iShares long-bond ETF rose by 11% over the month for the best return for any month for 8 years. Who cares about about ultra-low yields when all you have to do is buy the things and watch the price rise ? If you ever find yourself thinking that way, give yourself a sharp slap around the ch

Sorry to say, but Brexit may be just the start of it…

ref: - "FT BIG READ – THE CORBYN REVOLUTION", The Financial Times One of the more redundant introductions must be: "It's a big week for Brexit this week…”. They're ALL big weeks, but it's true that we are approaching what promises to be another explosive chapter in the apparently endless saga of Brexit. If nothing else many will hope that, come what may, it will be the final chapter. Frankly, that seems unlikely. If we've learnt anything at all from this nightmare it's that whatever pans out on October 31st it would be foolish to assume that the "losing" side will meekly accept that the argument has been lost. Apart from the growing prospect of a no-deal Brexit that most economists argue wou

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