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A Difference Between Krone and Franc

By Jeffrey P. Snider|2015-01-23T16:26:36-05:00January 23rd, 2015|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Recognizing the danger of being understated, Swiss markets are a disaster. The overnight rate at -4% handily beats out the periodic specialness in US$ repo which settles at the penalty rate of “only” -3%. The 10-year bond rate is -.257%; the 15-year at -.083%. The Swiss stock index fell more than 14% in the two days after January 14, and [...]

Gold, Bonds and Global Repositioning

There is a growing bid for safety in almost every corner of the globe at this moment, save for a few outliers. Even the 10-year JGP sits at 50 bps today despite the spike in consumer inflation engineered by the Bank of Japan’s QQE. Of course, with BoJ buying up almost everything in sight, that may not be a relevant [...]

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