Previously, we have discussed the issue of a currency’s backing. From comments and emails, we realize this topic could use a bit more illumination. And there are some related concepts that should be addressed at the same time.
Last week's bullish sentiment that sent the S&P not only to a new all time highs, but a burst of last-second buying pushed above 2,500 for the first time ever, has carried through to the new week, with European and Asian shares rallying across the board, US futures again the green, and world stocks hitting a new record high on Monday ahead of a historic Fed meeting in which the FOMC is expected to announce the start of the shrinkage of its balance sheet.
Ahead of this week's main central bank event, in which Wall Street consensus broadly expects the Fed to officially announce balance sheet shrinkage in this week's FOMC meeting, with the actual process set to begin in October, here is a less than bullish preview of what may happen from Bloomberg commentator Garfield Reynolds, who covers FX, bonds and commodities.
Fed’s Pruning Will Send Yields Higher for Longer: Macro View
Accurately measuring the scope of global wealth inequality is a notoriously difficult undertaking – a fact that was brought to light last year when the International Consortium of Investigative Journalists published the Panama Papers, exposing clients of Panamanian law firm Mossack Fonseca. As the papers revealed, Mossack Fonseca, which is only the world’s fourth-largest provider of offshore financial services, boasted a client roster stacked with some of the world’s wealthiest and most politically connected individuals.
Authored by Jim Quinn via The Burning Platform blog,
“There are three types of lies — lies, damn lies, and statistics.” – Benjamin Disraeli