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Markets
Markets Shrug off S&P’s Downgrade of Greece ahead of LTRO
The US dollar is broadly weaker ahead of tomorrow’s 3-year ECB tender (LTRO).
Five Key Developments Including Vote on Greek Deal 2.0
The US dollar is broadly higher against the major and emerging market currencies to start what promises to be an important week, with several parliaments due to vote on Greek 2.0, the second and possibly final LTRO, and PMI readings. There…
Fannie Putting Dubious Loans Back to BofA, So BofA Will Stick Them to Freddie Instead
It looks like someone at Fannie woke up and realized that any case of a guarantor voiding a policy was prima facie evidence that BofA had breached a rep and warranty about loan quality. Look at the examples: inflated appraisals and incomes.
Dollar Broadly Softer ahead of the Weekend
The US dollar is broadly lower against most major and emerging markets currencies with the notable exception of the yen. The two main features of the week’s activity are the euro strength and the yen weakness.
Bill Gross: mortgages make sense while Fed suppresses yields
This is an interesting one from Bill Gross on financial repression. It goes back to the policies I have called rate easing and permanent zero, where the Fed is practically guaranteeing yields out to three years. Bill Gross sees this and…
Dollar weaker as German business confidence defies weak PMI prints
The US dollar is broadly weaker on the day but with most major currencies still trading within a relatively narrow range. The euro rose to an intraday high of 1.3343 following strong German IFO data, a level not seen since December, before…
The current housing bust is much worse than the Great Depression
Great chart from the recently released Economic Report of the President. We suspect the Great Depression housing bust didn’t have the government props to soften the blow as we do today, which, therefore, on a relative basis, makes the…
Yen at lowest level against USD since last July
The US dollar is continues its broad rally as doubts over Greece persist, although currencies continue to trade in relatively tight ranges. While European drama continues to command attention, the yen has quietly depreciated and is now at…
Leveraged Populists
The latest deals bring to mind the days of mega mergers and technology stocks of days gone by.
Greek Credit Writedowns! Finally…
The just announced 2GB — Second Greece Bailout — is a misnomer. We wouldn’t exactly call a deal where private creditors reschedule all maturing bond payments for the next ten or so years into a 30-year bullet with a 50+ percent effective…