6 July 2022

AFS Morning Comment July 6 2022

According to the rumor mill, the ECB is trying to wiggle itself out of the TLTRO arbitrage windfall for banks. Just to refresh your memory, recall that as part of the pandemic response the ECB…

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4 July 2022

EU ETS Market Outlook: 04/07/2022

This week, developments related to weak Russian gas flows and the EU’s response are likely to be the key sources of market movement. Though coal fired power is generating substantial amounts of electricity and adding…

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AFS Morning Comment July 4 2022

Meanwhile in markets, an eerie quiet as the US is off for the Independence Day celebration. But even without the guidance of our American overlords, the factors that underpinned last week’s humongous bond market rally…

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30 June 2022

AFS Morning Comment June 30 2022

Meanwhile in markets, equities, commodities and credit haven’t seen much benefit from what is turning out to be the turning point in the bond market. Last week, we called for the peak in real yields,…

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29 June 2022

AFS Morning Comment June 29 2022

According to the latest rumor mill, the ECB is no longer considering offsetting purchases of peripheral debt (read: Italian debt) by selling non-Italian bonds from its holdings outright. So, our prior take on the ECB’s…

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