The Stock Market Is A Monetary Policy Junkie - Quantifying The Fed's Unprecedented Impact On The S&P
Authored by James Montier & Philip Pilkington via GMO,
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Altanta Fed GDP Forecast Tumbles To 1.4% To Justify Fed's Downbeat Outlook On Economy
Some time in the second week of February, when the market was tumbling on, among other things, fears of a U.S. recession, the Atlanta Fed was scrambling to give the all clear signal on the US economy when it surprised watchers by releasing a far stronger than consensus Q1 GDP nowcast of 2.7%.
Are 'Wealthy' Americans Scrambling To Find Cash To Cover Their Tax Bill?
Every year around this time, Americans face the certainty of tax time, and that means - in general - finding the cash to pay Uncle Sam his just deserts. This scramble for cash is seasonally evident in the variable-rate tax-exempt (Muni) bond market, where the typically wealthy stash their cash, as rates rise into tax time and fall after (as flows come and go). This year however, the scale of the outflows is enormous, spiking money-market fund rates from 1bp to 29bps...
Why "It’s Hard Being A Bear"
Submitted by Joseph Calhoun via Alhambra Investment Partners,
The Cyprus Template for Bail-ins Comes to Canada, Next Up the US
Canada has joined the “bail-in” posse.
Canada will introduce legislation to implement a "bail-in" regime for systemically important banks that would shift some of the responsibility for propping up failing institutions to creditors.
The proposed plan outlined in the federal budget released on Tuesday would allow authorities to convert eligible long-term debt of a failing lender into common shares in order to recapitalize the bank, allowing it to remain operating.
Source: CNBC