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1077 days ago

Chart of the day: In retrospect, it was inevitable: fiscal disorder leads to higher taxes

Source: Tavi Costa (Cescat Capital) 

#Macro
US Marginal Tax rate vs. Government Debt

1079 days ago

ECB balance sheet hits fresh All-Time-High at €7.522tn ahead of this week's meeting

Tomorrow's ECB meeting is likely to be an unexciting one. Expectations are for the ECB to leave interest rates unchanged and maintain the current duration of the bond buying program (PEEP). However, Lagarde will need to navigate between a stronger Euro and stronger yields and a current poor environment regarding the covid and economic data. As many countries are set to end lockdowns within a few weeks, she must temper any hopes that the ECB may begin tapering anytime soon in order to keep yields and the euro as low as possible. In terms of asset purchase, Lagarde "walks the talk". Indeed, she keeps printing press rumbling. Total assets rose by €7.9bn on QE which means that ECB balance sheet now equals to 70.3% of Eurozone GDP (vs. Fed's 36.3%, and BoJ's 130%). 

#Macro
ECB balance sheet

1080 days ago

The yearly change in margin debt is twice as big as previous bubble tops in 2000 & 2007 !!

If the market takes a sustained drop - there are going to be margin calls - no way around it...

#Macro
The yearly change in margin debt is twice as big as previous bubble tops in 2000 & 2008 !!

1080 days ago

US economic rebound still has some way to go according to this 'Recovery Tracker'

Source: Oxford Economics

#Macro
US economic rebound still has some way to go according to this 'Recovery Tracker'

1080 days ago

Chart of the day -> Financial Conditions are officially at their easiest level in US history.

Source: Bloomberg, www.zerohedge.com 

#Macro
GS Financial conditions index
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