Hints and tips:
...However, Rogoff et al argue that while the patterns in short-term rates are noisy, if you look at long-term real rates (that is, nominal rates adjusted for inflation) there is a clear and striking trend....
...Specifically, between 1:23 pm ET and 4:00 pm ET, Hedge Fund A synthetically sold short 93,096 MEDP shares for approximately $5.2 million....
...Neither the monster national players (JPMorgan Chase, Bank of America, Wells Fargo, Citigroup) nor the regionals (PNC, M&T, et al) have had much to say about the economy’s effect on credit quality....
...If you owned rate-sensitive, high-risk stocks yesterday you have Unhedged’s permission to sell and take the rest of the year off (Carvana, Zillow, SoFi, et al rose 10 per cent or more)....
...More seriously, Goetzman et al argue that art price changes are largely a function of wealth concentration....
...To wit: In other words, not much has changed for the Fed, besides “tighter financial and credit conditions” doing their work for them....
...The riskiest, most beat-up members of the group (KeyCorp, Comerica, Zions, Western Alliance et al) rose the most....
...Invest shrewdly, and avoid toxic people and toxic activities, and try and keep learning all your life, et cetera et cetera. And do a lot of deferred gratification because you prefer life that way....
...What about how concentrated the stock market gains are with Nvidia, Microsoft, Google et al? I mean, shouldn’t that weigh against this rally? What about that? Katie MartinMaybe yes....
...The US announced new tax credit rules to restrict significantly China’s role in US electric vehicle supply chains....
..., you now have a very attractive opportunity to invest in that short term instrument without taking any risk, without taking interest rate risk, without taking the risk of a credit default or a credit event...
...J Pollock, Senior Fellow, Mises Institute, AL, US US intervention was Credit Suisse’s dagger to the heart / From KC Korfmann, Herrliberg, Switzerland...
...Two short weeks ago, this was the odds-on favourite. Most now think this is too aggressive. A 25bp increase....
...Isn’t it high time the regulators increased oversight on Blackstone and Apollo, et al, as this relatively new and powerful group of financial titans continue their march to the top of the heap on Wall Street...
...Inflation worries stalked financial markets before major central banks asserted control. A banking crisis was contained but Credit Suisse and Silicon Valley Bank were washed away....
...(The Times) — Pimco on yesterday’s Fed meeting. (Pimco) — The PagerDuty CEO who quoted Martin Luther King in her mass sacking email is v v v sorry....
...And we’ll talk about that right after a short break. [MUSIC PLAYING] Welcome back to the Unhedgie Awards for financial excellence and malfeasance....
...in the form of rising stock prices and tightening credit spreads — likely makes the Fed uneasy....
...A gambit to raise cash for US rival Carlyle Group’s latest buyout fund has come up short....
...(For premium subscribers only) Monetary policy: President of the St Louis Fed James Bullard is set to speak at a public event in Barcelona....
...The addition of the “+” countries (Russia, Kazakhstan, Mexico et al) to the cartel have increased its market share....
...These do not include the country’s financial elite, nor the small group that controls the bulk of our media....
...But as Steven Kelly of the Yale Program on Financial Stability pointed out to me, Yellen et al will need the goodwill of the big banks should some other bank or banks get into trouble....
...For their part, dealers’ non-financial customers such as exporters and importers use FX forwards to hedge trade-related payments and receipts, half of which are dollar-invoiced (Boz et al (2020))....
...Luckily, efforts to ram crypto’s square peg into the round hole of the Securities Act of 1933 (et al) have proceeded slowly to date. But there is danger this mistaken project will accelerate now....
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