Liquidity Tag

CNBC reports that mortgage refi’s hit an 18-year low this month. I think it is safe to say that the end of the 35-year refinancing bubble is officially over, save for even more extreme Central Bank action during the next downturn. The ultimate implications of this event… Read More

Despite a respite in global equity prices month to date, last week saw some major breakdowns in the uber-important credit markets which likely confirms more downside to come in the current correction. Globally, it was a bloodbath in high yield with risk premiums achieving year… Read More

Shalin here. September marked yet another month of declining global manufacturing activity (typically a leading indicator for global growth). While a Purchasing Manager Index (PMI) survey reading of 50 denotes expansion vs. contraction territory, historically markets haven’t waited for the event before discounting the future;… Read More