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Markets
The coming collapse of the municipal bond market
Why aren’t more municipal bonds being downgraded by the ratings agencies Fitch, Moody’s and S&P? If you look at sovereign debt in revenue-constrained countries like Greece, Portugal or Ireland, the ratings agencies are issuing…
Wood warns of correction, says “key variable in the West is government policy”
Christopher Wood, the well-noted market strategist at CLSA and writer of the classic Japan crash warning book “The Bubble Economy,” is now warning of a market correction in the West. According to CNBC India, Wood believes that the…
Reserve Bank of Australia lifts rates again
This is the second straight month that the RBA has raised interest rates. From the Sydney Morning Herald: The Reserve Bank has lifted its key interest rate for a second month in a row as it attempts to keep Australia's economy on track…
Reflation watch hedge fund edition
Here’s another bullet point in our ongoing tally of reflation indicators. It’s the return of risk in the form of start-up hedge funds (John Meriwether included). From the FT: Hedge fund launches are growing in size and number after…
Portugal and Greece downgrades have silver lining in the reach for yield
Yesterday, Moody’s cut the outlook for the sovereign debt of Portugal and put Greece on negative watch for a downgrade, signaling growing concern over spiraling debts. Just as with Spain and Ireland which I discussed yesterday, Portugal and…
Rosenberg: The Grinch who stole Christmas
This is a guest post from our newest contributor, Charles D. Bull. Greetings Writedowners, Ed has gone to bed already. This is Charles D. Bull speaking. You know, my wife told me yesterday that the local shopping area already has the…
Saudis drop WTI oil contract
This comes via the FT: Saudi Arabia on Wednesday decided to drop the widely used West Texas Intermediate oil contract as the benchmark for pricing its oil, dealing a serious blow to the New York Mercantile Exchange. The decision by…
Extend and pretend and the growing divide between delinquencies and foreclosures
Annaly Capital Management’s blog has a good piece up on foreclosures, inspired by yesterday’s Case-Shiller data (hat tip Scott). If you missed it, The S&P/Case-Shiller index showed a pretty steep 1.2% month-on-month increase in U.S.…
Is the U.S. dollar carry trade replacing the one in Japanese yen?
Nouriel Roubini seems to think so. In remarks quoted via Bloomberg, he called the enormous increase in asset prices “the mother of all carry trades.” Investors worldwide are borrowing dollars to buy assets including equities and…
Case-Shiller shows further improvement in U.S. house prices
The latest data from the S&P/Case-Shiller house price indices shows house prices increasing in 17 of 20 major residential markets. The overall composite index are up for the fourth month in a row but year-over-year comparisons still…