So the SPX has opened higher, albeit never reaching the levels implied by the futures for most of the trading day so far. So does this ca...
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Busy morning
Macro Man has unsurprisingly been busy this morning doing his real job. He offers the following thoughts and notes, and will hopefully have...
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OK, I vote 'B'
Macro Man feels safe in assuming that most measures of risk appetite will slide into risk aversion as of c.o.b. today. This will necessitat...
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Taking stock
OK, let's take stock of what we know: * The worst-of-the-worst subprime index in the US has gotten killed * This week's economic dat...
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(Sub) Prime Time
Has the day of reckoning arrived? Macro Man’s email box and Bloomberg message cache is chock full of missives on the subprime market and th...
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Worry, Be Happy
Bobby McFerrin was a sucker. Or at the very least, we know he wasn’t a trader. The title of his wretched 80’s ditty, Don’t Worry Be Happy,...
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Housekeeping notes
2 things: 1) USD/SEK alpha short stopped at 7.1170 spot, 7.1154 to 2 March 2) There was an error with the P/L spreadsheet; unusually, it was...
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Return of serve
“We’re caught in a trap. We can’t walk out. Because I love you too much, baby.” ...
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Much ado about nothing
OK, well that went according to plan. The BOJ hiked but intimated further tightening would be modest in scale and slow in execution. As anti...
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Taking stock(y)
The Swedish government is accelerating plans to privatize SEK 150 billion worth of state owned assets (including the makers of Absolut). Gi...
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Hodge BOJ
Hang onto your hats, ladies and gentlemen: tonight is the night that the BOJ may or may not switch short term interest rates from virtually ...
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Random Shots
Swervin’ Mervyn, all is forgiven. The Bank of England has come out with a couple of pearls over the past few days. In a submission to the ...
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Back in the saddle
It is a bit of a cliché that markets are always most interesting when one is away on holidays, but last week lived up to the old saw. Macro ...
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Please disperse, there's nothing to see here
We reaffirm that exchange rates should reflect economic fundamentals. Excess volatility and disorderly movements in exchange rates are undes...
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Hedge ledge
OK, we all know the G7 is meeting this week. Most of us expect relatively little, which means that the yen gets creamed next week by greedy...
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Farmyard finance
The always enjoyable Mark Gilbert explains in the world of finance in terms of cows "You have two cows. China has one trillion cows. ...
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Seven important charts
A sustained rise in inflation breakevens is the single largest threat to global risk assets. Fortunately, breakevens have turned lower recen...
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Vindication
Macro Man's decisions to close the Bund straddle and stick with the short sterling positions were both vindicated today, as the Bank of ...
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Morning quickie
Macro Man has had to fend off the gut reflext to short all things British this morning after a typically excruciating experience on public t...
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How do you solve a problem like vacation?
Macro Man is stuck with a problem. As problems go, it's a pretty good one to have, but it remains a problem nonethless. He is going on...
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Morning quickie
Macro Man woke up this morning with a powerful sense that the yen's little recovery has about run its course. The abject failure of the ...
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Eight points about yesterday's post
1) Rudeness sells! In what may be a sad commentary on human nature, yesterday’s deliberately provocative title coincided with a record numb...
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Nouriel Roubini is a big fat idiot
Please allow Macro Man to apologize for the rather rude and witless title to today’s post. He generally prefers to conduct himself in a (re...
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Descent into farce
Just when you think it cannot get any worse.... The payroll headline was clearly leaked, as the USD got caned in the minute before the numbe...
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