Once again, the weekend offered no respite from the banking drama as Swiss officials announced a plan for UBS to acquire Credit Suisse. Despite earlier assurances that the Swiss National Bank had provided sufficient liquidity for the beleaguered behemoth to...
Another chapter in the banking crises was written overnight when the Swiss National Bank announced that it will lend Credit Suisse up to $54bn in an effort to stabilize its financial underpinnings and assuage investor fear that contagion is imminent. Together...
Treasury yields took another leg lower yesterday as the uncertainty around the banking sector continues to drive investors into safe haven assets. While the number of failures remains at 2 and regulators have offered assurances that depositors will be protected,...
A few weeks ago, I remarked that it was strange that after a 300+ basis point increase in rates, nothing had “broken.” There were no hedge fund blow-ups, no huge trading losses, and no failed banks. I wondered if it was a matter of time, or if the industry and...
Yesterday’s price action was…unintuitive to say the least. Given the limited amount of meaningful data and clear risk event that today’s employment report poses, markets should have been fairly quiet with perhaps a little position squaring to keep things...
Once again, overnight strength in Treasuries lasted only long enough for the initial round of rate sheets yesterday, but reprices came fast and furious as the day progressed and yields edged higher. The ADP jobs data was moderately worrisome, printing better...
In his testimony before the Senate Banking Committee yesterday, Fed Chair Jay Powell demonstrated an absolute unwavering commitment to getting inflation back to the 2% target. Political grandstanding about potential damage to the economy resulting from tight...
The strong demand for Treasuries observed late Sunday night and into Monday morning quickly evaporated once yesterday’s session was fully underway. After trading briefly below 3.90%, the 10yr yield edged higher for the rest of the day and closed at 3.96%. ...
Congratulations to Jeremy for being our top producer in February '23 (Volume and Units!)
Each week, I try find unusual perspectives that are important to our industry but might be a little less obvious or not as well covered by the media. Last week’s observation comes from one of my favorite economists, David Rosenberg, and it’s a doozy. The recent...