The T Report: Central Banks, Spanish Banks, and 2 JPM Banks
Yesterday’s price action was about par for the course. Markets were higher on Chinese rate cut and that Merkel said something other than “austerity now”. Stocks dipped as Ben didn’t provide any immediate plans for QE. Then stocks rallied because no one had believed Ben was going to do much anyways. Finally, into the close, […]
The T Report 2: Hanging By a Thread and Inflation in Europe
The ECB press conference was an unadulterated disappointment. Absolutely nothing was given of any use. Some platitudes about watching and ready to act, but that’s about it. Why he chose to do nothing is a matter of speculation and seems to range from myopic, delusional, under orders from Merkel, or that Goldman was short and […]
The T Report: A Playbill for this Morning’s Central Bank Theater
Expectations for the ECB meeting seem high with U.S. futures back to 1,298 recovering almost two thirds of Friday’s drop. The range of possible outcomes from the ECB meeting seems exceptionally high. Some ideas being bantered out seem unrealistic because it isn’t actually the ECB’s mandate. Others have so many possible variations that the mere […]