IMG-7671

21 January 2020

AFS Morning Comment January 21 2020

In past Comments we explained that we should expect little in the way of clues on monetary policy from ECB President Lagarde. It turns out it’s her style not guide markets in the way of…

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Lnd voor EMIR

17 January 2020

AFS Morning Comment January 17 2020

While markets were very quiet and uninspiring on the surface, interesting things did in fact happen in the week that was dominated by the signing of the Phase 1 US-China trade deal on Wednesday. Though US…

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AFS

16 January 2020

AFS Morning Comment January 16 2020

We certainly do not claim to be trade experts, but here goes: our thoughts on the “phase 1” trade deal. In a nutshell: it’s easy to over-commit, but hard to follow through. Take the headline…

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ecb

13 January 2020

AFS Morning Comment January 13 2020

The US money market turmoil in the second half of 2019 has taught us that excess liquidity (or its synonym, excess reserves) is a misleading term. In the late summer/early autumn the Fed lost control…

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AFS

10 January 2020

AFS Morning Comment January 10 2020

YTD we haven’t seen much movement in the bond market, with US Treasury and German Bund yields flattish across curve. That’s despite a consensus having emerged that we will see a rebound in global growth…

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