d34e717b-5cd3-4090-8a45-48d270c29260

Greetings, Let’s start with the energy markets where fundamentals continue to create headwinds for oil prices. 1. US crude oil inventories reach the highest level since the late 1920s. 2. Inventories at Cushing, OK (the WTI futures settlement hub) rise to record levels. 3. US oil output is barely budging in spite of a number of

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Madam Secretary Yellen’s testimony to Congress on Wednesday lasted three whole hours, making it clear that the Federal Reserve’s actions are increasingly attracting political scrutiny. Indeed, Yellen’s role is more vital than ever, both for the US and global economy. Given that the deadlock in Washington means fiscal stimulus is unlikely, monetary policy remains the only feasible means to avoid the US economy dipping into recession

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A few years ago, I went to Vienna to give a pre-conference workshop at a hedge fund conference. Because I had more than one connection, I checked my luggage, which I almost never do. When I arrived at the Vienna airport and retrieved my luggage, I discovered that it was soaked with a mysterious pink

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991af1f1-f9b4-4af1-8a2d-85258576d490

Greetings, Let’s begin with the extreme market pressure on the global banking sector that now dominates investors’ concerns (even more so than crude oil). At the center of this turbulence of course is Deutsche Bank. Here is the firm’s senior debt CDS spread which continues to rise. Source: @AlasdairPal News headlines such as the one

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