yieldcurve
Crescat Capital commentary for the month ended April 30, 2023, titled, “Whistling Past The Graveyard.” US policymakers continue to act as if they have the stability of the financial system, the economy, and consumer prices under control. Instead, their ongoing deficit spending and debt monetization since the 2008 crisis have created a trifecta of macro imbalances: 1. Historic overvaluation of long-duration financial assets;2. Systemic solvency problems posed by excessive leverage; and3. Embedded structural inflation. This unholy trinity foreshadows both secular stagflation and a near-term hard...
ValueWalk
For weekend reading, Louis Navellier offers the following commentary: The first rate hike since 2018 is behind us and the bond market celebrated by pressing the yield curve closer to zero. The difference between the 2-year and 10-year note hit 17 basis points this week. Every recession in the past 40 years was preceded by an inverted yield curve – where this spread turned negative before the recession. The bizarre part is that even the 2020 recession, which had nothing to do with the Fed but a mandatory COVID shutdown, also saw an inverted yield curve in the summer of 2019. Q4 2021 hedge fund ...
ValueWalk
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