With every passing day, the Fed is slowly losing the game, a point made earlier today by SocGen's Albert Edwards who wrotes that "Citizens Will Soon Turn Their Rage Towards Central Bankers."
Authored by Nick Cunningham via OilPrice.com,
The power restructuring in Saudi Arabia this week led to the elevation of 31-year-old Mohammed bin Salman to crown prince, essentially ensuring that he will become the youngest king of Saudi Arabia in the not-too-distant future. The heir apparent has already been effectively running the country for the past few years, so the move was not entirely a shock. Nevertheless, the effects on the oil market could be profound.
A serial deadbeat (Argentina) got investors to buy 100-year bonds, Sri Lanka’s latest debt sale was oversubscribed by 10 times, tiny Belarus is poised to issue eurobonds, and even Papua New Guinea, the impoverished Pacific Island nation, is planning its overseas debut in the second half of the year.
But, as Bloomberg reports, that's just a small sampling of the risks emerging-market investors have started taking, even as yields remain relatively thin.
Authored by Ben Hunt via Epsilon Theory blog,
With everyone suddenly back on the deflation (or un-reflation, or disinflation) bandwagon, is it possible that the crowd will once again be caught wrongfooted? According to RCB's Charlie McElligott the answer, not surprisingly, is yes and in his latest market note, the cross-asset strategist says ignore the noise coming out of the Fed and focus on China instead. He explains why below:
SUMMARY: