“Don’t fight the Fed?”
S&P 500 is close to a 9% drawdown, Nasdaq -13% while the Fed executing $120B a month of asset purchases, nearly 2x 2010 levels.
— Lawrence McDonald (@Convertbond) October 31, 2020
Even as central banks offer unprecedented liquidity stimulus in the primary and secondary corporate bond markets, corporate credit quality has deteriorated. The % of companies rated 'CCC+' or lower in the U.S. is now more than 50% higher than at year-end 2019 (via Platts) pic.twitter.com/ihO7Zq2HR8
— 𝕮𝖍𝖎 (@chigrl) November 1, 2020
What Global #liquidity looks like in 2021. Another big rise fueled by monetization of budget deficits. Go #MMT. Global Liquidity now close to 2x World GDP. 25 years ago it was 1x! pic.twitter.com/PfnoUEQtcb
— CrossBorder Capital (@crossbordercap) November 3, 2020
S&P forecasts pic.twitter.com/CbcqLJdwVp
— Win Smart, CFA (@WinfieldSmart) November 3, 2020
Global factory growth accelerated in October, signalling a strong start to the fourth quarter. However, two of the PMIs indicators relating to global trade flows and employment sounded notes of caution. Read our latest #PMI commentary here: t.co/WgxSA8Mf5J pic.twitter.com/K43WvA0DK2
— IHS Markit PMI™ (@IHSMarkitPMI) November 3, 2020
US Dollar pic.twitter.com/xkhaBYtwvg
— Win Smart, CFA (@WinfieldSmart) November 2, 2020
Think about this for a moment… pic.twitter.com/c1wzs3bVXR
— Tyler Gellasch (@TylerGellasch) November 3, 2020