It’s one of those things I wish I had more time to thoroughly investigate. What can these Germans possibly be thinking? While the ZEW sentiment indicator actually came back down a bit in July 2020 from its 2005-style perch in June, the ZEW for all of Europe actually went further upward. Either that means Christine Lagarde has been successful (at [...]
Earlier this week the FOMC published the minutes of its April policy meeting, disappointing “dovish” in them which more properly suggests skepticism about the state of economic affairs. Yesterday, it was the ECB’s turn. Releasing the “Account” of also its April gathering, Europe’s central bank began it by noting Germany’s federal securities. Specifically, it mentions yields falling back on them. [...]
Repo rates ticked up again today as both agency and MBS GC rates remain over 20 bps. Volume has picked up also more recently, which may suggest more benign conditions overall the past almost two months are running their full course. Ever since May 1, volume in all three classes has been significantly greater than their drawn out averages, with [...]
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