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23 August 2019

AFS Morning Comment August 23 2019

It should come as no surprise that the 2y10y Treasury yield spread closed below zero yesterday for the first time this cycle. That’s because punters significantly scaled back their ECB/Fed easing bets ahead of Chair…

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AFS

22 August 2019

AFS Morning Comment August 22 2019

We have something of a divergence in Eurozone and US rates on our hand. And while the divergence is not yuuuge, it’s certainly interesting. In the wake of last eve’s FOMC minutes the US Treasury…

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ecb

21 August 2019

AFS Morning Comment August 21 2019

Bond yields seem to be bottoming out ahead of the Fed’s annual Jackson Hole getaway, though you never know for sure after such an epic rally. The overnight newsflow wasn’t particularly benign. We had South…

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AFS

20 August 2019

AFS Morning Comment August 20 2019

A few remarks on the German fiscal stimulus zombie, which just won’t die. Over the weekend Finance Minister Olaf Scholz added fuel to the fire by reminiscing over the size of Germany’s stimulus in the…

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Lnd voor EMIR

14 August 2019

AFS Morning Comment August 14 2019

The Trump giveth and the Trump taketh. Bond yields are off the lows after President Trump temporarily delayed tariffs on about a sixth of $300 billion of imports on what we believe are narrow tactical…

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Lnd voor EMIR

13 August 2019

AFS Morning Comment August 13 2019

Overnight, markets took a turn for the worse. US Treasury yields are close to testing their recent lows, while Asian equities and S&P 500 futures turned red. EM currencies are on the backfoot following the…

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