Yet another FOMC meeting has passed and the market continues to scrutinize the language of the FOMC statement for clues of what the Fed intends to do, heavily assuming that the Fed in fact knows what to do. The details will have been circulated ad nauseum by the financial press so we won’t delve into

The ECB, from pawnshop to used car dealer: If you want to get more money out there into the economy, and get that money circulating instead of sitting in a dusty corner, you can’t just be a pawnshop. Lending cash against investment grade bonds is a pawnshop business, a.k.a. LTRO. Buying bonds in the secondary

We remain positive on the outlook for China generally across risk assets. Political reform is happening in the open and behind the scenes. At the Fourth Plenum, China elevated the constitution and announced the establishment of circuit courts free from local government influence. Part of the reform is the wide scale anti-corruption effort which has

Draghi; Hi Tom. I’m going shopping next Thursday. Jordan: How nice Mario. What are you buying? Draghi: Nothing special. Just some high grade bonds. Jordan: Really. How interesting. How much are you buying? Draghi: Well, that’s the thing Tom. It sort of depends. Jordan: Oh. On what Mario? Draghi: Well, on how much YOU will

Can you bail out a country by extending it more credit? Can a distressed entity borrow itself into solvency? The answer to both questions is, yes, but its hard. Greece seems to be expected to do so. In 2014 Greece has managed a primary surplus and is expected to repeat this performance in 2015. 1.