Author Archives: macromon

Emerging Market Sub-Zero Corporates

Posted on July 15, 2019 by macromon

Stunning.  Kind of gums up the valuation models, no? What have the CenBanks wrought? The amount of negative-yielding corporate bonds almost tripled to $109 billion from a week ago Sovereign bonds with sub-zero rates climbed about 50% to $136 billion … Continue reading →

Posted in Capital Flows, Credit, Uncategorized | Tagged | 1 Comment

What Keeps The Credit Markets Up At Night

Posted on July 15, 2019 by macromon

Credit investors rank their concerns, which are almost identical to ours.  That makes us a little nervous to be bearish.  Prefer to catch the off-radar incoming. Hat Tip:  Chi @chigrl  

Posted in Charts, Tail Risk, Uncategorized | Tagged , | 1 Comment

The Bear On The Balcony At Bretton Woods

Posted on July 15, 2019 by macromon

Ursa Major waits patiently as she watches over,  in amazement, the yield chasing salmon in a panic buying frenzy over fears of NIRP, ZIRP. negative and near zero bond yields forever and ever. The Bear on the Balcony is giving, …them … Continue reading →

Posted in Bonds, Uncategorized | Tagged | 13 Comments

Small Car Big Car: Preferences Or Relative Price?

Posted on July 14, 2019 by macromon

To paraphrase Freud (maybe), Sometimes the economics is just the economics.         

Posted in Economics, Uncategorized | Tagged , | Leave a comment

The Fruits of Free-Trade

Posted on July 14, 2019 by macromon

Snapped this tonight hoping and praying the liberal trading order doesn’t collapse in the next few years.  My real income — purchasing power — is much higher due to trade with other nations. I also get the satisfaction of, say, … Continue reading →

Posted in Trade War, Uncategorized | Tagged , , | Leave a comment

President Trump Is Not Your Father’s Conservative

Posted on July 12, 2019 by macromon

Summary The U.S. government’s cumulative monthly deficits in the first 29 months of the Trump Administration has almost doubled from the prior 29 months The sum of monthly deficits totaled $1.08 trillion during the period Sep. ’14 to Jan ’17 … Continue reading →

Posted in Budget Deficit, Charts, Uncategorized | Tagged , , | 4 Comments

Need Inspiration After Dropping Fiddy Large To The ‘Bots?

Posted on July 11, 2019 by macromon

Next time you need to pick your ass up off the matt after dropping a tenth of a yard (or a fraction thereof ) to the market you can always come back these videos for motivation. Please disregard if you have … Continue reading →

Posted in Uncategorized | Leave a comment

Fading A China Trade Deal

Posted on July 11, 2019 by macromon

Trump is going to have to cave on some major issues as it appears China is gearing up to play hardball and is ready to rumble in the next round of negotiations.  The Ministry of Commerce announced this morning the … Continue reading →

Posted in Equities, Politics, Trade War, Uncategorized | Tagged , | 10 Comments

Maybe 25 bps

Posted on July 10, 2019 by macromon

This should be baked in, and even a bit disappointing, but, like my Australian Shepherd, markets like to run.  Though hard to predict for how long. Since our May meeting, however, these crosscurrents have reemerged, creating greater uncertainty. Apparent progress … Continue reading →

Posted in Monetary Policy, Uncategorized | Leave a comment

Ross Perot And Me

Posted on July 9, 2019 by macromon

R.I.P, Ross Perot. The Butterfly Effect Again If not for Ross Perot’s decision to run for president as a third-party candidate in 1992, there would be no President Bill Clinton, no candidate Hillary, and probably no President Trump. Politics is … Continue reading →

Posted in Politics, Uncategorized | Tagged , | 1 Comment