So much for the haters’ time in the sunshine. Those all too familiar dark clouds came through last week to dump plenty of rain on the “it’s all going to go horribly wrong” parade. By Friday this camp must have been sitting at their desks with faces-in-palms wondering...
Last week created some handsome dividends for the haters!! If you have been beating the drum about instability from short volatility positions, or dangers associated with crowded passive investment strategies, or risks of an outsized inflation shock, it really doesn’t...
There are some great movies based on catastrophic first days on the job: Men in Black, The Devil Wears Prada, and Inception, just to name a few. But for me the best has to be Training Day, where Ethan Hawke plays Jake Hoyt, a rookie policeman who pretty much has the...
Last Friday’s price action was both aggressive and unusual. Spoos rinsed 65 points while cash 10s and blues sold off 6bps in the wake of strong employment and wage data. Generally, large-scale risk asset sell-offs have been accompanied by sharp DROPS in rates during...
The picture surrounding Federal Reserve Board nominations took a somewhat unexpected turn over the last couple weeks as John Williams was floated as a potential candidate for vice chair. Now, to be sure, John has had a very distinguished career inside the Federal...
It has been a robust start to the year for those with bullish tendencies: spoos +5%, CT10 +20 bps, and blues +30 bps. The market has clearly been rerating the potential strength of the US economy higher post-tax reform. And I would also argue that the deregulation...
This past weekend we had our annual Jefferies senior leadership offsite. And as always, it was great to catch up with so many of our business leaders from around the globe. For me the most exciting part of this event is taking the temperature of the attendees. And to...
This time of year you are no doubt receiving volumes of research from banks and brokers on the financial market outlook for 2018. And most likely these publications (if printed) would resemble oversized coffee table books. Now I’m sure there exists something of value...
We had three major central bank meetings during a 24-hour period this past week, and in the aftermath the global financial markets collectively yawned. I suppose after a year characterized by never-ending “Yksnim” moments, it was a fitting conclusion to 2017. However,...
Last week provided yet another example of why spoos and blues is such a powerful trading strategy. This past Thursday, between 11am and 11:30am, spoos air-pocketed 1.6% on what was later confirmed to be an incorrect ABC news story. Now that might not sound like a...
Last week provided yet another example of why spoos and blues is such a powerful trading strategy. This past Thursday, between 11am and 11:30am, spoos air-pocketed 1.6% on what was later confirmed to be an incorrect ABC news story. Now that might not sound like a large move in the grand scheme of things, but in […]
