2013

I am not a bull, largely because I have concerns about the long-term sustainability of today’s policy mix in Europe and the United States and the rise in equity multiples. But it is undeniable that we are seeing a more bullish outlook for…

News links for 4 Dec 2013

- The euro was bid to new highs for the move earlier in Asia to $1.3640 before pulling back to the figure to await the ECB meeting - This price action cautions against expecting a reversal of the trend in response to today's developments,…

Now that Europe is on the mend, the initial phase of the financial crisis is clearly in the rearview mirror. Equity prices, bonds prices and house prices have risen by leaps and bounds even before this economic recovery was clear. Yet, the…

News links for 3 Dec 2013

Given its importance, here are some facts about the interbank lending market in the US.

European banks continue to be engaged in deleveraging. It is partly driven by new capital requirements and partly by preparing for the next year's ECB's asset quality review and stress test. The deleveraging process includes reducing…

The news flow over the Thanksgiving weekend and starting this week has been positive. I believe the data support continued global recovery, even in Europe where the data have been the weakest as the latest batch of economic data show…

News links for 2 Dec 2013

So much has been written about the endogeneity of money that I thought it was now widely accepted. But recent exchanges have shown me that people STILL aren't getting it. Most recently, there have been two themes doing the rounds that…