Communicating with animal spirits for @FTAlphaville. Also cats. Doubling as an 'Oh No' tweetbot for an undetermined amount of time.

Facebook Proves No One Likes The Fed | RealClearMarkets

It’s going to be one heck of an election year, folks — Exhibit one: The new Facebook page of the Board of Governors of the Federal Reserve. It looks like an attempt to explain Fed structure and governance to the layman: check out recent posts on Janet Yellen and the Fed's mandate. It hasn't exactly become a Facebook-user favourite.

Central Banks Have Broken The Markets

There’s no yield, and Citi isn’t going to take it anymore — Citi's Matt King has some harsh words for central bankers ahead of this week's gathering in Jackson Hole, Wyoming: he says they've broken the market. King echoes a group of fund managers who say central banks' stimulus efforts are distorting the way global markets function.

The non-conspiracy reason the G20 meeting affected the dollar — An odd theory has been making its way around for months, and we've been surprised by how many people believe it. The theory is this: Central bankers made a secret back-room deal at the G20 meeting in Shanghai in March to let foreign currencies appreciate against the dollar, to calm global financial markets that were roiled by China's currency devaluation a year ago.

An auction addendum… — So, while we were knee-deep in game theory trying to determine the best way to sell gilts, the Bank of England had some trouble buying them. The BoE's purchase of long-term government debt fell short of target Tuesday, which is noteworthy for plenty of reasons.

How much auction information is too much? — Some people aren't terribly happy with the way government debt is sold in the US and UK. Some even say using auction data and game theory that full pre-auction informatoin sharing between dealers and investors would raise $4.8bn more revenue for the US Treasury each year than a fully closed bidding mechanism where no information is shared.

Thought for the weekend — I'm not going to job through everybody's f***ing hoops. Bullsh*t from Maxwell that we've had to pay money to get bloody disproven because the code's f***ing out there. I'm not doing this every f***ing time. I'm not going to sign every f***ing key I own in the world.

The Establishment Is Still Winning (In Bonds)

Dollar surge pricing will be in effect through October — Note to global banks: the dollar is continuing to experience higher-than-usual demand, and will have surge pricing through mid-October, at least. That's when new US money-market fund rules go into effect.
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Aug 24, 2016

FWIW, I never quite understood why there weren't any platforms like theirs in Treasuries -- the problem is clearing, I guess?

Aug 24, 2016

@georgepearkes @matt_levine's newsletter of course, so much for my plan to make flattering subtweets a thing

Aug 24, 2016

This is objectively the best take on goofy leveraged ETNs

Aug 24, 2016

@prchovanec ah apols, didn't catch that til it was too late! (And thanks!)

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