Business

In early March, Goldman's John Marshall looked at the firm's proprietary macro hedging indicator and found something peculiar: investors were buying stocks and discarding protection. As Marshall said at the time, this was a reflection of "How Trump Changed the Market", and said added that "the cost of liquid long-dated hedges in equity and credit has collectively reached its lowest level in six years following the decline this week. The last time macro hedge costs were near this level across assets was in July 2015."

Authored by Jeff Thomas via InternationalMan.com,

It’s not a story that’s likely to appear on the evening news, but it certainly should.

Deutsche Bank has announced that it will create more shares, selling them at a 35% discount. Existing shareholders have not been pleased and, in the first four days since the offer was announced, the value of existing shares dropped by 13% as shareholders began dumping them.

Fed Chair Janet Yellen has just completed her Q&A with Twitter. She did not disappoint...

The Economy...

•  *YELLEN: U.S. ECONOMY IS "PRETTY HEALTHY"

Worst economic recovery on record...

• *YELLEN: WE MUST SUSTAIN PROGRESS THAT WE HAVE ACHIEVED

Current Quarter GDP forecast 0.6%...

In discussions with clients, Macro Risk Advisors' CEO Dean Curnutt was reminded of a quote from LTCM partner Victor Haghani. In commenting on the demise of the portfolio, Haghani said,

With the recent crackdown on political "fake news", where a handful of media mega-corporations such as Facebook and Google have emerged as the ultimate arbiter of what is real or isn't, in the process unleashing allegations of conflicts of interest, it was only a matter of time before the SEC got the hint and brought the hammer down. That time is now, because as Reuters reports, the SEC on Monday announced a crackdown against "pump and dump" stock promotion schemes in which writers were secretly paid to post hundreds of bullish articles about public companies on financial websites.