Business

It appears the search for a safe-haven has left Biotechs and FANGs as investors' flight to quality sparks a bid under bonds & bullion. US Treasury yields are tumbling with 10Y and 30Y near the low close from mid-February's "flash-crash" lows.

7Y yields are outperforming for now and 2Y underperforming

And with aggregate speculative positioning still notably short...

We suspect there is a lot more pain to come as The Fed folds to China's pressure.

The vendors and proprietors of blockchain solutions have almost all traveled the private blockchain route. We, at Veritaseum, have decided to go in the opposite direction. Call it a yearing for our macro and fundamental analysis roots, but the risk of trusting untrustworthy parties is just too great. The only way to eliminate the need for tirust is to open the network to many parties. Think the power of the Internet vs the utility of an intranet. Ths is the third in a series of articles that show, hopefully wihtout a shadow or a doubt, that Veritaseum is on the true and righteous path.

All the gains post-Draghi's bazooka-est efforts in March have gone as bank credit risk is spiking...Today was the biggest jump in EU bank credit risk in 2 months...

And the last 4 weeks have seen the biggest collapse in European banking stocks since April 2012.

Having blown his wad in March and been front-run by every Tom, Dick, and Harry trader, "whatever it takes" appears to be failing hard and with nothing left up his sleeves, Mario may not be so super anymore.

The GAAP PE of the market may be nearly 24, meaning on a non-adjusted basis stocks have, with perhaps the exception of the dot com bubble, never been higher and S&P 500 earnings are now expected to plunge plunge 9.6% - the biggest quarterly collapse since Q1 2009 - but for the mainstream media this is great news. Reuters "explains."

Reuters "explains":

Moments ago, ECB governing council member and Bank of Italy governor Ignazio Visco had some very troubling comments.

He said that while helicopter money is not currently part of the discussion in the Governing Council that "no policy tool within our mandate can or should be dismissed a priori." The reason for this startling admission is "the importance of expectations of low inflation in determining wage outcomes, and thus giving rise to second- round effects, may be increasing.”