The language on growth is a little more upbeat - "economic growth strengthened somewhat in the third quarter" and "household spending has increased at a somewhat faster pace in recent months". This statement from the last meeting however stayed intact - "Moreover,...
The last time we had a referendum in Greece was 1974 when the monarchy was abolished and Third Hellenic Republic was established. Since 1829 there have only been 8 referendums in Greece, which ironically enough is very close to the number of defaults since that time...
Seeing Greek bond investors take a 50 percent haircut, the 10yr BTP/Bund spread back to the August wides above 400 and the 10yr OAT/Bund spread north of 100 at the same time spoos have rallied 20 percent and CDX HY has fallen nearly 300bps over the past month is about...
After sifting through the EU document, there is reason to be impressed - 17 George Bushes, 17 Nancy Pelosis and 17 Hank Paulsons sat down at dinner and achieved some important decisions on loss sharing. There were 4 basic things agreed - 1. A "coerced" loss for...
Before diving into the pressing issues of the moment, let's get some baseline macro perspective on current price action. US equities (ex the financially repressed) are trading about as well as anyone could expect. US corporate credit is recovering nicely from the...
It’s been quite a trip through Europe this past week. Our central bank and SWF conference in Rome provided some very lively debate, as did the many client meetings in Geneva and London. I have a lot more to write about regarding Europe, but I will save that for Monday...
It’s been quite a trip through Europe this past week. Our central bank and SWF conference in Rome provided some very lively debate, as did the many client meetings in Geneva and London. I have a lot more to write about regarding Europe, but I will save that for Monday when I'm back stateside with […]
