Good #QEinfinity morning *RIKSBANK EXPANDS QE PROGRAM TO AS MUCH AS SEK700B VS SEK500B
Alberto Gallo Thu 26 Nov 2020 08:55

Markets are pricing in a lot of good news. The vaccine is coming, we have a stronger policy mix in the US and global central banks are easing. However, risk assets are more expensive too. Time for investors to be much more selective. https://t.co/8p1BQ8MEO4
Alberto Gallo Wed 25 Nov 2020 09:19

Markets have shifted from greed to fear and back to greed, in 2020. There are still areas of value in fixed income, credit and equities - but the key now is to be selective. https://t.co/cwo4W6XtR9
Alberto Gallo Tue 24 Nov 2020 14:03

*EVANS: DON'T SEE FED RAISING RATES BEFORE LATE 2023 OR 2024 Let's just call it #QEinfinity
Alberto Gallo Mon 23 Nov 2020 20:32

As Europe's second wave #Covid cases stabilise, today's manufacturing data in Germany and the UK are pointing to a recovery. This sets the stage for a cyclical acceleration in growth next year. https://t.co/HeftGgPrRt
Alberto Gallo Mon 23 Nov 2020 09:37

leaving some insurance could have been prudent, as the Fed argued in its response. Whether Congress will be able to redeploy the ~$0.5tn funds in time, it is likely that the Fed may reverse course next year, becoming again involved in direct lending to the real economy.
Alberto Gallo Fri 20 Nov 2020 07:39

has declined, rather than the Fed's macro put option. On the one hand, it is true that the emergency lending plans were thought to be temporary from the start, and to expire at the end of the year. However, jobs data shows the economic recovery remains a K-shaped one:
Alberto Gallo Fri 20 Nov 2020 07:39

Why did the Treasury terminate the Fed's Main Street and Municipal lending programs? At face value, the Treasury is hoping that Congress will re-deploy the amounts into fiscal stimulus to covid-hit sectors. This micro stimulus could be more effective now that systemic risk
Alberto Gallo Fri 20 Nov 2020 07:39

Thought Turkey was about to normalise monetary policy? Think again. *ERDOGAN: IT'S OBVIOUS WHAT HIGH INTEREST RATES CAUSE *ERDOGAN: HIGH RATES RENDER PRODUCTION, EXPORTS IMPOSSIBLE
Alberto Gallo Wed 18 Nov 2020 11:57

Stagflation? Even with negative growth, UK food and retail inflation is up. A reminder that interest rates and government spending aren't a substitute for strengthening healthcare and supply chains. https://t.co/J0VMjGG6ia
Alberto Gallo Wed 18 Nov 2020 08:22

Credit spreads are normalising to pre-covid levels across high yield, emerging markets and bank debt. For investors looking under the hood, however, there is record high dispersion, with 20% of firms still trading at or near stressed levels. https://t.co/3yGDC0CdkF
Alberto Gallo Tue 17 Nov 2020 16:11

Everyone seems to be worrying about inflation - except central banks via @ft @gilliantett Link
Alberto Gallo Thu 12 Nov 2020 18:52

Even with risk going sideways, volatility keeps heading lower as investors unwind tail hedges. But realised volatility and tail events remain more frequent in the post-QE world: when #QEinfinity is the only game in town, the exit door is always too small. https://t.co/rliP3HSc1p
Alberto Gallo Wed 11 Nov 2020 18:11

Periphery 10-year yields nearing zero. #QEinfinity https://t.co/kjcUHwZOTI
Alberto Gallo Mon 09 Nov 2020 11:34

RT @eucopresident: Congratulations to @JoeBiden and @KamalaHarris #EU is ready to engage for a strong transatlantic partnership. COVID-…
Alberto Gallo Sat 07 Nov 2020 19:07

https://t.co/IcyaaumYK7
Alberto Gallo Fri 06 Nov 2020 15:16

RT @ECMI_CEPS: The last session of the #ECMI10 is a debate on how to ease financing conditions for corporates with: ??@imene_rr ??@macrocr…
Alberto Gallo Fri 06 Nov 2020 12:46

Risk assets are holding remarkably well, despite a highly uncertain US election scenario. Price action broadly suggests many investors were already very close to home, and prepared for a contested outcome.
Alberto Gallo Wed 04 Nov 2020 11:24

RT @ACACIAINVERSION: En un nuevo artículo invitado en nuestro #PNSDT, @macrocredit de #AlgebrisInvestments desgrana los riesgos y oportuni…
Alberto Gallo Tue 03 Nov 2020 15:38

Turkish Lira touches 10 against the Euro as we approach US elections and a potential normalisation in foreign policy. The Lira has lost a third of its value vs the Euro in 2020. https://t.co/T2KjZ6XEXm
Alberto Gallo Tue 03 Nov 2020 14:48

RT @lisaabramowicz1: "We don't have safe havens anymore."
Alberto Gallo Sat 31 Oct 2020 07:55

RT @mariatad: My interview with Holzmann. Market right to price in more stimulus, but package yet to be concluded and depends on forecasts.…
Alberto Gallo Fri 30 Oct 2020 11:09

Expectations for @ecb @lagarde on December 10th: - Increase in PEPP size to ~ €1.7tn total size + increase in APP - Possible inclusion of fallen angels - TLTRO increase in size and discount window #QEinfinity
Alberto Gallo Fri 30 Oct 2020 08:19

@ecb @lagarde: "We are going to look at all our instruments to support economic recovery and to address pandemic consequences affecting our inflation path" #QEinfinity
Alberto Gallo Thu 29 Oct 2020 13:53

Liquidity injections against the virus: @ECB reaction in a few minutes @BloombergTV with @tomkeene @FerroTV and @lisaabramowicz1. https://t.co/L85ET7NhYW
Alberto Gallo Thu 29 Oct 2020 12:43