Communicating with animal spirits for @FTAlphaville. Interested in markets, money, policy & regulation.

The future of the $13tn Treasury market: five key points

The emerging genre of regulatory filings as performance art — This is a marvelously weird apparent prank. There seems to be an actual entity -- it's registered in Wisconsin -- called YNOFACE Holdings Inc, which said in a SEC filing Wednesday that it had acquired more than 4.2 bn shares of Bank of America on September 22, and nearly 800 million shares on August 15 with an exchange of shares.

The US Taxman Cometh | RealClearMarkets

The US tax man might be coming for offshore corporate income — Who would've thought that this election year could lead to corporate tax reform in the US? Goldman Sachs Group analysts say there could be some semblance of a bipartisan effort to rework the way multinational US companies are taxed during the next presidential term.

Employment and immigration in oil-exporting countries — Citigroup suggests a rather grim fix for oil-exporting countries struggling with the drop in crude prices: Lower ambitions for economic growth, and fewer unskilled immigrants. Limiting immigration is a tactic that's appealed to other countries recently (we'd make a snarky comment about the UK, if only we Yanks were in any place to feel superior).

A few thoughts for “one participant” — Finally, one participant expressed the view that prolonged periods of low interest rates could encourage pension funds, endowments and investors with fixed future payout obligations to save more, depressing economic growth and adding to downward pressure on the neutral real interest rate. - The Federal Reserve's September meeting minutes, released Wednesday afternoon.

Procrastination as a strategy in the global reach for yield — New US money-market fund regulations go into effect on Friday, in case you happened to miss Libor's climb and the reams of press coverage in the two years since the rules were introduced. Because the topic has been widely covered, we thought there would be a pretty smooth transition into October.

“FX is back,” says FX strategist team — Foreign-exchange trading hasn't been the best way to express macro views this year -- in part because of expensive hedging costs -- but BofA Merrill Lynch FX strategists say that's changing, in a note titled "FX is back for good."

There were some problems with a real Wall Street casino — People who enjoy having opinions about the financial system also tend to enjoy comparing trading -- or, um, central banking -- to gambling. While we're sceptical of those types of views, this week's rundown of legal troubles faced by one broker-dealer-affiliated gaming business almost seemed bankish.

I, for one, welcome our new AI-regulator overlords — Most people aren't terribly excited about teaching computers how to do their jobs, but multi-million-dollar settlements after regulatory investigations seem like a pretty good motivator. IBM announced today that it's buying Promontory Financial, a consultancy that came to represent some of the problems raised by the revolving door between regulators and Wall Street banks (it was founded by Eugene Ludwig, comptroller of the currency for the Clinton Administration).
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Oct 25, 2016

RT @thinkpiecebot: Dank Memes: an Able-Bodied Politician's Conclusion

Oct 25, 2016

@LJKawa (you can tell it's not mine bc it's missing my recurring stick-figure character.)

Oct 25, 2016

@HFBondsTrader wait but you're not a bot ...or is that what you want us to think 😳

Oct 24, 2016

yes pissing off journalists covering your crucial earnings report is generally a good idea what could go wrong 

Oct 24, 2016

(Meaning, if something breaks, they trust it'll be fixed. And if a trader wants to challenge something, they have recourse.)

Oct 24, 2016

The solution we settled on was this: People are comfortable with equities bc they all know the rules

Oct 24, 2016

Reminds me of a conversation I had a while back w equity guy -- "It keeps breaking, but people keep coming back"

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