It is the 16th of October 2019

News

Someone Just Made An "Unprecedented" Bet On An Imminent Surge In Bond Volatility

Step aside "50 cent", there is a new mystery vol trader on the block, one who is certain that a vol quake is about to strike US Treasurys.

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Kuroda's NIRP Backlash - Japanese Interbank Lending Crashes

Not only has the Yen strengthened and stocks collapsed since BoJ's Kuroda descended into NIRP lunacy but, in a dramatic shift that threatens the entire transmission mechanism of negative-rate stimulus, Japanese banks (whether fearing counterparty risk or already over-burdened) have almost entirely stopped lending to one another. Confusion reigns everywhere in Japanese markets with short-term interest-rate swap spreads surging and bond market volatility spiking to 3 year highs (dragging gold with it).

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