So the ECB's 3m LTRO ended up with a larger take up than expected, causing short-dated EONIAs to collapse (see chart below, white), and ...
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Benoit Mandelbrot, RIP
What a shame the great Benoit Mandelbrot died 2 weeks ago. He would have had plenty to tell us about the fractal nature of markets. Wheth...
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A Basis For Cross-border Re-leveraging
Many years ago, when certain members of TMM were fresh-faced graduates learning about curve building and how best to get the desk breakfasts...
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Things the G20 Can't Organize
TMM were disappointed by the G20 like, oh, you know, most people who think there's a good chance that if we don't resolve global imb...
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Have a break... buy some S*** Schatz
While the market's attention has been focused squarely on QE2 and currency wars, quietly bubbling underneath the surface has been the si...
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Twenty IFs
It's one of those days today when its hard to get ones thoughts straight and TMM wondered whether a different version of 20 Questions w...
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I bought a Chevy Vega, but I want it to be a Mercedes
We have woken up ths morning to find our desks covered in "relax, don't worry, the correction is over" pieces. But TMM think ...
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Bubble Bubble Toil and Trouble
There is a *lot* of talk going around the market of bubbles these days. The FT is making a lot of noise about bubbles in EM which frankly ...
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Rummaging in the Toybox
We might have just set a new record for the amount of time the market has been able to focus on just one subject, but at last the Attention ...
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Picture worth a thousand words
As Macro Man referred to his progeny as his Macro boys, so Team Macro Man also have their own pack of brats. Who we will now on refer to as ...
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Good Trips and Bad Trips in Macro
TMM can’t help but notice that with FX moves like this all reasonable expectations or predictions of price levels makes discussing commodity...
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Mervynflation
Given yesterday's once again eye-watering inflation numbers out of the UK, TMM decided it was time for another look at UK policymaking, ...
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I'll never let you go, Ben
TMM was surprised to see that the renowned dove, Jenet Yellen, in her first speech as Fed Vice Chairperson chose to warn about the dangers o...
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Nobel Currency Peace Prize
As signs begin to materialise of a turn in the Dollar and Gold after Wednesday's TIPS-mania (even if it may only prove to be a temporary...
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Bigfiguritis
Well, if TMM thought that the move in real rates, gold et al was overdone yesterday, this morning they find themselves even more surprised. ...
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