AFS Morning Comments & Calendars

13 December 2019

AFS Morning Comment December 13 2019

In the wake of the Trump trade deal announcement (which has yet to be officially confirmed by China and the US), markets are – surprise, surprise – in risk-on mode. Asian equity markets are up…

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12 December 2019

December 2019 FOMC post-mortem: a dovish hold and two big reveals

Superficially, the December 2019 FOMC was a dovish hold, though there’s more than meets the eye. And the two ‘big’ reveals of the December 2019 FOMC meeting were that Powell & Co expect monetary policy to…

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11 December 2019

AFS Morning Comment December 11 2019

We’re still stumbling upon sell-side research calling for pandemonium in US onshore money markets before the turn of the year. As we reasoned in our November 22 Morning Comment, such turmoil is unlikely to appear….

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10 December 2019

AFS Morning Comment December 9 2019

Key risk events this week include the Fed meeting on Wednesday; the ECB and SNB meetings and UK general election on Thursday; and the US tariff deadline on Sunday December 15. In today’s Comment we…

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6 December 2019

AFS Morning Comment December 6 2019

Markets have been whipsawed by trade headlines and generally weaker than expected US economic data this week, resulting in declines for bonds, stocks and the dollar. For the week US Treasury yields are up 3-5bps…

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5 December 2019

AFS Morning Comment December 5 2019

Markets are still all over the place because of contradictory trade talk headlines. Take the US 10y Treasury yield for example, which had plunged to 1.70 by late Tuesday from 1.84 on late Monday on…

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