If the outlook is so rosy, why are banks de-risking? Shedding assets in the past 8 weeks; more cash on their balance sheets (over $3 TN) than either consumer credit or res mtgs. The fastest segment of bank balance sheets are T-notes and bonds — +68% SAAR in the past 13 weeks!
— David Rosenberg (@EconguyRosie) July 6, 2020
while the banking index is down 34% on the year.
It helps to look underneath the hood. pic.twitter.com/lTQb5uSD2F
— Sven Henrich (@NorthmanTrader) July 6, 2020
27 US #leveragedloan defaults in 2Q20, totaling $23B, the most since 2009. Default rate now stands at 3.23%. That's a five-year high, and up from 1.84% at end of 1Q @Kakourisr pic.twitter.com/jCu8zOGzfU
— Leveraged Loans (@lcdnews) July 5, 2020
1. 1200 checks been spent
2. Service industry accounted for much of June jobs data; they are looking at layoffs again
3. Bills piling up, taxes due 15 June along w/ extra unemployment and mortgage deferments ending
US govt needs get on it now; not later We at 3T zone this time
— 𝕮𝖍𝖎 🛢️ (@chigrl) July 5, 2020
Copper bounce is driven more by supply tightness than demand improvement.
— Daniel Lacalle (@dlacalle_IA) July 6, 2020
— CrossBorder Capital (@crossbordercap) July 6, 2020