
Leveraged Loans – History Rhyming?
Despite three Federal Reserve rate cuts, leveraged loan credit quality is rapidly declining Covenant-lite issues now account for more than 80% of US$…
Read MoreDespite three Federal Reserve rate cuts, leveraged loan credit quality is rapidly declining Covenant-lite issues now account for more than 80% of US$…
Read MoreLast month’s squeeze in overnight domestic US$ funding rattled markets The Fed responded rapidly but the problem has been growing for some time…
Read MoreThe risk that the Sino-US trade war morphs into an international currency war has risen The US$ Index is up since 2010 but its…
Read MoreThe amount of negative yielding fixed securities has hit a new record The Federal Reserve and the ECB are expected to resume easing…
Read MoreInterest Rates, Global Value Chains and Bank Reserve Requirements Global Value Chains have suffered since 2009 Despite low interest rates, financial costs remain…
Read MoreWill the Sino-US trade war breed contagion? Will the dispute trigger a global recession? Has the era of freer trade ended? Will asset…
Read MorePopulist politicians are turning to Modern Monetary Theory Fiscal stimulus has not led to significant inflation during the last decade MMT is too…
Read MoreDespite the fourth quarter shakeout in stocks, real estate values keep rising Financial conditions remain key, especially in a low rate environment Isolated…
Read MoreChina is evolving from a current account surplus to deficit country Increased domestic consumption and dis-saving by an ageing population drives the trend…
Read MoreBorrowing in Euros continues to rise even as the rate of US borrowing slows The BIS has identified an Expansionary Lower Bound for…
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