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2016 EPS Estimates Slashed By 50% Just One Month Into The Year

2016 EPS Estimates Slashed By 50% Just One Month Into The Year

Several days ago, we showed the one chart which explains why Bank of America remains a stubborn non-BTFDer. This is what Michael Hartnett said last Thursday: "We remain sellers into strength in coming weeks/months of risk assets at least until a coordinated and aggressive global policy response (e.g. Shanghai Accord) begins to reverse the deterioration in global profit expectations (currently heading sharply south – Chart 1) and credit conditions."

 

Crunch Time?

Crunch Time?

Submitted by Paul Bordsky via Macro-Allocation.com,

It seems monetary policy is exhausted and the next exogenous lever to pull would be political fiscal initiatives. If/when they fail to stimulate demand, there would be only one avenue left – currency devaluation. If/when confidence in the mightiest currency wanes, we would expect the US dollar to be devalued too - not against other fiat currencies, but against a relatively scarce Fed asset.

Seriously Squirrely

Bank Of America Admits The U.S. May Already Be In A Recession

Bank Of America Admits The U.S. May Already Be In A Recession

Almost one year ago, in March 2015, we explained how "The Fed's Artificial Steepening Of The Yield Curve" has resulted in many unexpected consequences, the most important of which has been the erroneous interpretation of the yield curve as a leading recessionary signal. As said back then, "the artificially steep yield curve is a reflection of policy intent not economic reality....

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