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The BoJ’s negative rate squeeze, charted
From Deutsche’s Robin Winkler on the dispersion of pain from Japan’s new, tiered, negative rates regime: Continue reading: The BoJ’s negative rate squeeze, charted
View ArticleAre the BoJ’s negative rates a con?
Some guesswork from Jefferies on Wednesday: The upcoming 27-28 April BoJ meeting is likely to push the authorities into finally admitting a plan to consolidate the JGB holdings into perpetual bonds...
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Explaining the BoJ’s reticence
You’ll have noticed that the yen and Nikkei were displeased yesterday. Like throw your toys out of the pram because you didn’t get what you wanted displeased. Like one of the worst one day JPY moves in...
View ArticleThis is 78 per cent nuts. When’s the crash?
From JP Morgan’s Flows & Liquidity, a chunk of negative rate stats that are pointing us somewhere. It’s just unclear exactly where right now: Splitting by region, the stock of Japanese government...
View ArticleWhat markets think Brexit means for the Bank of England
If you’d asked any observer four or five years ago which country would be the first to leave the European Union, few would have guessed it would be the UK. Of all the countries in the EU, the UK is...
View ArticleThis is nuts. When’s the crash?
For bonds, at least, that question seems to become ever more rhetorical as things get further from what used to be considered normal. But we’ll push on. ICYMI, from Deutsche’s Jim Reid and with our...
View ArticleIt’s a negative yielding world, we just get to scramble in it
Here’s a rough piece of calculation based on the last few years of news: When x happens, yields fall. An example of this post-GFC rule-of-thumb was Brexit and its fallout. The potential lesson from...
View ArticleA friendly reminder that return is “not really a function of yield”
When x happens, yields fall — Rule 1? It’s not a search for yield, it’s a search for safety — Potential Rule 2? Two charts to make the point for us once again from the good folks at BofAML’s relative...
View ArticleYellen on negative rates: we do not speak its name
Janet Yellen opened the festivities at this year’s Jackson Hole economic symposium by musing on what central bankers had learned since the crisis and how they can deal with future recessions in a world...
View ArticleThis is nuts. Get used to it
This will be a mostly charted recap of where exactly in the rabbit hole of negative yielding corp bonds we are following last week's knee-shaking sale of some brand new negative yielders by non-state...
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