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Sunday, September 26, 2021

“Way To Go Joe!” – Bonds Bid As Biden Tax Plan Tanks Stocks

A Bloomberg report suggesting Biden will pay for some of his "infrastructure" bill by doubling the capital gains tax for high income Americans sparked some brief unrest in US equity markets today...Nasdaq was the hardest hit on the day but we note that Small Caps were sold most after the Biden headline...Notably, Small Caps briefly…

Bond Market Sends Signals Fed Trying To Hide! Market Predicts Major Inflation Surge!

source / The Money GPS The bond market is essentially calling BS on Jerome Powell. Just like during the repo crisis the Fed refused to acknowledge what was going on. Of course if they made mention of it, the reaction would be wild, so simply playing them is the best course of action that they…

Dow Dips As Wise Men Buy Bonds, Bullion, & Biotech

As one would expect volumes today were dismal, around 50% below average (pro-rata) ahead of the early close... Source: Bloomberg Gold and Silver were bid today... Source: Bloomberg "What is myrrh anyway?" Biotechs (is that myrrh or frankincense?) have had only 4 down days since the start of November, rocketing back towards record highs once…

As Bonds Tumble, Treasury Sells 30Y Paper In Dismal Auction With Lowest Ever Dealer...

After two impressive coupon auctions, when both the 3 and 10 year auctions stopped through the When Issued, moments ago the Treasury concluded the last coupon auction for the week, when it sold $19 billion in 30Y paper in what was a decidedly weaker market. Whether it was due to the sharp selloff in rates…

Bonds, Dollar, & Stocks Bid After Hawkish Fed Cut

After an initial dump, equities are back at the day's highs after The Fed's cut-and-pause statement. Bond yields are down, the dollar is up, and gold is down... Equity algos like it - for now... The dollar is up, modestly... Source: Bloomberg The long-end of the curve is sliding lower in yield... Source: Bloomberg And…

Peter Schiff: Riskiest Thing You Can Do is Buy Bonds

Former Reagan administration OMB Director David Stockman has called this the “mother of all bond bubbles.” Has that bubble popped? That remains to be seen, but bonds got hammered last week.Bonds have pretty much moved in tandem with gold over the last several weeks as perceived safe-haven trades. Peter Schiff talked about it in his latest podcast,…

Who Is Buying Bonds With Negative Yields? JPMorgan Answers

Back in June, when bond duration hit an all time high and total negative yielding debt hit a record $13.4 trillion for the first time (it recently spiked to $17 trillion), we warned that a "monstrous" VaR shock loomed as all bond investors had been forced on the same side (the deflationary) of the boat.…

Argentine Bonds, Currency Collapse As Leftist Wins Stunning Victory In Weekend Primary

Argentine markets were in turmoil on Monday after voters roundly rejected pro-business reformist president Mauricio Macri and his austere economic policies in primary elections held over the weekend. Instead, Populist Peronist candidate Alberto Fernández won the weekend primary by a much wider-than-expected margin, leaving him a shoe-in to win in the fall, and end Argentina's…

Insanity: Now Even Junk Bonds Have Negative Yields

Authored by Simon Black via SovereignMan.com, 75 years ago this month, a group of 744 delegates from around the world gathered at the very posh Mount Washington Hotel in New Hampshire to build a brand new global financial system. The year was 1944. World War II was still raging in Europe and the Pacific. But…
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