13 Aug 2024
Bank of Japan owns ~80% of the country's ETFs and 7% of the entire Japanese stock market, according to Morningstar and the Tokyo Stock Exchange data.
Moreover, the BoJ holds ~55% of the Japanese government bonds. Huge distortions 👇 Source: Global Markets Investor
12 Aug 2024
An important development for portfolio construction: bonds and equities are negatively correlated again.
Source: Bloomberg, Alessio Urban
8 Aug 2024
This is the ultimate reason why the Bank of Japan ‘needs to maintain monetary easing.’ DEBT
i.e the yen carrytrade is likely to resume sooner rather than later Source: Jeroen Blokland
8 Aug 2024
JPMorgan: 75% Of Global Carry Trades Have Been Unwound
(yesterday they said that the unwinding was only half completed...) Source: www.zerohedge.com
5 Aug 2024
Bonds have surged higher with the collapse in interest rates and the US Aggregate Bond ETF is now up 7.7% over the past year, outperforming the Treasury Bill ETF ($BIL +5.4%)
Source: Charlie Bilello
5 Aug 2024
A worrying divergence...
Source: J-C Parets
2 Aug 2024
BREAKING: The 10-Year Note Yield has dropped below 4.00% for the first time since February 2024.
This comes after the July Fed meeting and ISM manufacturing data came in weaker than expected. Markets expect the first Fed rate cut since March 2020 to come at their next meeting, in September 2024. Over the last week, the 10-Year Note Yield is now down over 30 basis points. Source: The Kobeissi Letter
29 Jul 2024
Junk bonds closed at an ATH (total return) last week $HYG
Source: Mike Z.
