Some thoughts on today’s market slump in hike probabilities, utilities, oil plus the rout in Sydney, Melbourne, and Vancouver

Asset market distress is mounting
My default position recently has been more about volatility than a directional call on any specific asset class. But, in a world in which asset prices have been rising, increased volatility is almost always associated with price declines, like the ones we're seeing now. And we're seeing these declines across the board - from oil to equities to high yield to interest rates. This is a wholesale reduction of risk by investors cognizant that they were underweight sa...


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