All the jollity and frolicking that met the post-Covid reopening has gone. Of course, Chinese equities are now cheaper (Figure…
Posts by Independent Strategy
This is what has changed in the gray zone map of war recently. The Ukraine peace plan of returning all…
Since the beginning of the current crisis, bank deposits have fallen $390bn, while borrowing from the Fed and other sources…
The world is not at war, but neither is there a new cold war. The world is in a gray…
There were two key elections over the weekend. In Turkey, the result suggests no move forward; in Thailand, however, the…
Bank deposit outflows reversed in May to date. Regional bank stocks remained under pressure.
The Federal Reserve raised its policy rate again last week and indicated that any fall in the rate was unlikely…
The Fed and the ECB both raised their policy rates by 25bp. The Fed has paused. The ECB has not.…
The imminent sell-off of First Republic Bank is another chapter in the banking crisis. There was large outflow of deposits…
With the immediate liquidity crisis over, the Fed has now returned to cutting its balance sheet, mainly through reductions in…
Further contraction of credit to ‘small America’
Network: CNBC European Squawkbox
HKD interest rates have dropped far below Fed-set USD rates in this cycle. Under a currency board system, that can’t…
Given the supply-demand fundamentals, the current historically high grain prices are not going to fall back. However, slowing global demand…
The banking crisis in March appears to be over, according to the latest April data from the Federal Reserve. But…
The SVB bankruptcy is a small bank story. But it is a global story for all big banks in big…
Total borrowing by banks from the Fed fell back a little last week and the Fed resumed its tightening mode.…
GPT is a part of the AI jigsaw. It is much hyped at the moment. But when it comes to…
The banking panic subsided a little in the week ending 31 March. But investor confidence in the banks remains low…
US commercial bank borrowing from the Federal Reserve facilities continued to rise last week, while deposits continued to move out…
The Fed did as expected and hiked 25bp. That means trouble later.
