The Treasury Put, Financial Stability and the Road to Fiscal Dominance
The US Treasury keeps feeding the fiscal dominance trade. We read three interventions in three weeks as term premium suppression, trace the...
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Positioning Watch – There was no “rotation” from large to small caps
Welcome back to our weekly positioning update. It’s hard not to touch upon the recent moves in equities once again, with markets trying to digest...
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Japan Watch – Why BoJ Will NOT Intervene Anytime Soon
Recently, numerous JPY pairs have breached the levels where the BoJ / MoF intervened in April/May, prompting markets to wonder if (and when)...
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Changes in Portfolio Weights: Sentiment Hits ‘Frenzy,’ We Comply
Our Fear & Frenzy Sentiment Index hit Frenzy for the first time during this rally, telling us to lower the weight of equities.
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"V" For ? Thoughts on Central Banks
Market reactions to the ECB are clear, they are going the opposite way of what policy makers intended. As we prepare for the Fed, some medium term...
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