fbpx

contagion

Hong Kong Stocks Pivot Euro$ #5

By |2022-05-25T20:31:20-04:00May 25th, 2022|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The stock market hasn’t been moneyed; well, US equities, anyway. What do I mean by “moneyed?” Common perceptions (myth) link the Federal Reserve’s so-called money printing (bank reserves) with share prices. Everyone still thinks there’s a direct monetary injection in this case by the central monetary agency which causes stocks to rise for no good reason.While we don’t have to [...]

The Financial Side of Hell

By |2016-07-06T16:57:00-04:00July 6th, 2016|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

Back in September, the IMF issued a generic warning about EM corporate debt. The organization had estimated that total borrowing had exploded, from about $4 trillion in 2004 to $18 trillion in 2014; and perhaps even more than that. Concerns over such bloat typically focus offshore, and not without good reason. However, that understates the true degree of risk since [...]

EM Corporate Debt Is Not A Local Problem

By |2016-02-12T16:35:05-05:00February 12th, 2016|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

If we have at least a good idea about the gross exposure to US junk if not who ultimately holds and funds it, the emerging markets infiltration is much more difficult to parse. There are only a handful of estimates that appear reliable enough to obtain a decent range estimate. The first comes from the BIS and was written in [...]

Go to Top