The recent macro news flow has many parallels with the 1970s. As a result, I cannot seem to get the immortal Donna Summer out of my head. Th

Oh boy, what a quarter it has been in markets. The round trip on the S&P500 (the global risk proxy) has been -14% from the early January hig

Month end rebalancing took Asia IG spreads up to 4bp tighter yesterday. There was some real money selling of India corporate 10yr benchmarks

Following the balance sheet recession Japan has experienced a long (perpetual) phase of near zero interest rates. The period also coincided

There is an old saying in the stock market that you should be buying when they’re crying and selling when they’re yelling. The observation i

There has clearly been a shift in the prevailing bias on the path of future short term interest rates this week. The upshot is that the Wall

The moves in US Treasuries are central to sentiment currently. Fed's Bullard continues hawkish, wanting 300bps hike this year...

In automotive terms, if the delta of an option is its speed, then gamma is the acceleration. This analogy can also be extended to the relati

The squeeze continued in HY. Non-China HY space up by as much as 2pts, Macau Gaming up another 3pts. Some Non-China ..

The Un-"Bear"-able Truth for ChinaSir Winston Churchill once described Russia as a “riddle wrapped inside a mystery, inside an enigma.” He c

Jay Powell’s communication today was like Volcker, but his actions were more like Bernanke. The Fed delivered a 25 basis point hike in the F