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Earlier in the week I commented President Trump controls the trade news cycle, writing all he has to do is tweet and immediately change the narrative. Yesterday markets were going to open on their back foot until the President sent a tweet about ...

In my view the race to bottom regarding asset management fees is adding to market illiquidity. Bloomberg writes there is approximately $8 trillion between ETFs and passive index funds. There is little barrier to entry and hundreds of companies are ...

As widely expected the FOMC lowered interest rates by 0.25% to insulate the US from slowing global growth. The Committee also stopped shrinking the Fed’s balance sheet effective August 1 as compared to the previously announced ...

Two consistent themes of these remarks is the discrepancy between value and growth stocks and the lack of liquidity. In many regards I believe they are connected. Commenting about value stocks, Bloomberg wrote yesterday the last time value shares were ...

The bullish in the debt market is at a near unanimity. Most measures are at or near record proportions. One measure of risk relative to the compensation investors receive to hold longer dated obligations is at a ...

Natixis SA, the large French bank, plunged almost 14% yesterday after MorningStar cited concerns about the “liquidity and appropriateness” of some corporate bond holdings in a fund owned by the Bank. Natixis’s woes added to the rising liquidity fears following the ...

Always expect the unexpected. Late last week the 10 year Treasury traded to a 2.07% yield down from a 3.23% yield registered in late November. According to the WSJ, the lowest 2019 projected yield from a late 2018 survey of the largest Wall Street firms...

According to a survey taken by JP Morgan the greatest risk to quantitative strategies is not a sharp increase in rates or poor economic data but rather a collapse in liquidity. According to the Bank, “people know this is happening, it is not...

Long dated Treasury yields are falling at a faster pace than in the beginning of the 2008 financial crisis. Bloomberg writes the 10 year Treasury is near the most overbought territory since 1998. The last two time Treasuries were so overbought was ...

The recent selloff pales in comparison of selloffs of years’ past. Even though the VIX is rising, in many regards there is still a sense of complacency. With this written, however, several organizations are opining about rising risk. Yesterday Moody’s confirmed a long held...