Monthly Archives: June 2017
NYSE margin debt for May was posted. Adjusted for M1 money supply, it fell from approx $551B to approx $528B. I’m expecting a new all-time high to be reached this month at $555B. Nothing to see here….
An update…. SPX: Long Bond: USD/JPY: USD/CNH: Something’s gotta give….
Jim Bullard (St Louis Fed Prez and one of the biggest policy doves/bubble blowers around) gave a speech this morning. The upshot: It’s not my job to burst bubbles. Tech is to blame for the SPX bubble. Wait for things to look better before any more rate hikes. full chart deck here: link
There’s an interesting article in the FT this morning (link here if you have an FT subscription). It suggests that because the ECB has for two months in a row not been able to buy its German Bund quota (per its own QE program), the QE program will have to be tapered. Let me suggest the FT is wrong in their view. The ECB […] Read the rest of this entry