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28 September 2021

AFS Morning Comment September 28 2021

  Bonds are still on the ropes this morning as markets move to price in tighter central bank policy stances. That is: increases in bond yields have outpaced increased in market-based measures of inflation expectations…

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27 September 2021

AFS Morning Comment September 27 2021

Looking ahead, unlike last week we have a very busy calendar this week. Headline events include tons of ECB-speakers because the central bank is holding its own version of Jackson Hole. Besides a dozen or…

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22 September 2021

AFS Morning Comment September 22 2021

No one is getting excited about the FOMC meeting tonight, which is exactly Powell & Co’s plan. By choreographing and telegraphing the taper well in advance, the Fed hopes the nominally tighter monetary policy will…

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20 September 2021

AFS Morning Comment September 20 2021

Meanwhile in markets, risk-off undertones pervade because of the Evergrande saga, but that isn’t leading to a flight to quality (at least not yet). While most major markets in Asia are closed this morning because…

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15 September 2021

AFS Morning Comment September 15 2021

Meanwhile in markets, Bunds and Treasuries have staged a remarkable recovery on the lower than expected US inflation reading on Tuesday. Surprisingly, equities are down over the past weeks. Which means there’s another BTFD opportunity….

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9 September 2021

AFS Morning Comment September 9 2021

Today’s ECB-only Comment is divided in two parts. A one-pager previewing today’s meeting (first part). And an in-depth analysis on the effect of bond buying and TLTROs on liquidity conditions in the next twelve months…

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