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EM Debt Flows

Hat Tip:   @tracyalloway

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Who Is Funding The U.S. Budget Deficit?

Here is a little teaser for our coming post on the Treasury market, which should be out tomorrow.  The latest data is from the Flow of Funds just posted by the Federal Reserve Board (FRB). Note,  less...

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The Gathering Storm In The Treasury Market

Summary Our analysis provides kind of a Grand Unified Theory (GUT) of what is currently taking place in global financial markets The massive borrowing by the U.S. Treasury is crowding out emerging...

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The New FX Model: PMI Differentials?

One of Australia’s finest, and best market analyst, Greg McKenna, and more important, our good friend, posits a new exchange rate determination model:  PMI differentials. We cut our teeth as a young...

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Free Ride Is Over: China & Japan Bailing On Treasuries

We had a request to look at the annual change in foreign holdings of U.S. Treasury securities as an addendum to our post from last night. It’s clear the two largest foreign creditors to the United...

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America Thirst: China’s Flows Worrisome – Art Cashin

Just before the close, Art Cashin, one of the best out there, cited the weak Treasury auctions and, ergo, worries China is pulling back on its Treasury purchases as a major factor behind the ugly stock...

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Mr. Market’s Biggest Headwind

At the end of September, we posted our analysis of the structural changes taking place in the Treasury market,  The Gathering Storm In The Treasury Market 2.0,  which was very well received and still...

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Emerging Market Sub-Zero Corporates

Stunning.  Kind of gums up the valuation models, no? What have the CenBanks wrought? The amount of negative-yielding corporate bonds almost tripled to $109 billion from a week ago Sovereign bonds with...

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What Are They Thinking?

Stocks are reeling from the following headline. The White House is weighing some curbs on U.S. investments in China, a source familiar with the matter told CNBC. This discussion includes possibly...

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