AFS

22 November 2019

AFS Morning Comment November 22 2019

Just a very brief overnight day ahead comment before we discuss the strange settlements of the fed funds rate in greater detail. Yesterday we had a shockingly high settlement of ESTR at minus 0.511. This…

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ecb

21 November 2019

AFS Morning Comment November 21

This time it’s China that’s pumpin’ the markets with sweet talk of a trade deal. After yesterdays’ trolling on Twitter by the CCP mouthpiece Hu Xijin that a trade deal is a distant prospect at…

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20 November 2019

AFS Morning Comment November 20 2019

Aaaaaand we’re back at risk-off. This morning Asian equity markets are lower while US Treasury yields fell further on increasing US-China tensions.  Yesterday the US Senate unanimously passed a bill condemning human rights abuses by…

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Glazen dak raam bewerkt

19 November 2019

AFS Morning Comment November 19 2019

How does the Fed’s current balance sheet expansion compare to prior episodes of balance sheet expansion? Below we charted total assets. Note how the recent increases in total assets roughly matches the QE3 program, which…

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ecb

13 November 2019

AFS Morning Comment November 13 2019

The Trump giveth and the Trump taketh. The tweeter in chief gave a rather bellicose speech on trade and such yesterday, sending shivers down investors’ spines. Well, almost. Trump’s language could reveal yet another shift…

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beeld op balkon van achteren (3)

8 November 2019

AFS Morning Comment November 8 2019

Achtung, risk-on baby! Easing trade tensions and the prospect of the US and China progressively rolling back tariffs has tanked bonds while boosting equities and other risk assets. For the week US Treasury yields are…

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