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Jan 11, 20222 min read
The Fed & Financial Conditions (the darker shadow)
Former Chairman of the New York Fed and now Bloomberg opinion columnist Bill Dudley suggested that the FOMC needs to “tighten financial cond
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Jan 10, 20223 min read
Locked & Loaded
In policy circles it is never accurate to say that something is a “done deal” but the direction of official interest rates over the next few
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Jan 10, 20222 min read
Asia Bond Blurb - Mon, 10 Jan 2022
China IG spreads tightened 15bp last week as Treasury yields rose, although developers Longfor and Vanke were yanked the other way by price
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Jan 10, 20222 min read
Asia Bond Blurb - Mon, 10 Jan 2022
China HY continued to decline this morning, led by Agile which was down as much as 12 points.
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Jan 7, 20223 min read
"Welcome to the Party Pal"
The irony about the market’s reaction to the hawkish FOMC minutes this week on the discussion of balance sheet run-off is that it should not
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Jan 6, 20223 min read
Quantitative Tightening; not Quentin Tarantino
The way price responded to the more-hawkish-than-anticipated December FOMC minutes resembled something from a Quentin Tarantino movie – “Kil
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Jan 3, 20223 min read
Wonder-Fall: Don't Look Back in Anger
Welcome to 2022 and hopefully to a prosperous new year. It is an obvious point, but we should generally endeavour to focus on the future; af
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Jan 3, 20221 min read
Asia Bond Blurb - Tuesday, 3 Jan 2022
Beware the Ides of March -
2022 started positively today with spreads around 3bps tighter.. please click picture for more
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Dec 20, 20212 min read
HO HO-UH OH
Pro-cyclical beliefs had already been under pressure over the past four weeks prior to the decision over the weekend by Senator Joe Machin’s
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Dec 17, 20212 min read
Public Enemy: Don't Believe the Hike
A day after the Federal Reserve released its less-hawkish-than-feared revamped forecast profile, the Bank of England delivered a surprising,
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Dec 17, 20212 min read
Asia Bond Blurb - Fri, Dec 17 2021
RongXingDa Development (RISSUN) bonds were 3-5 pts higher following the announcement of
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Dec 16, 20213 min read
The End of Super-Abundant Liquidity
The prevailing bias among market participants over the past few months has been that an early start to rate hikes would imply a need for les
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