tag:blogger.com,1999:blog-36193469262534510292024-03-17T20:03:13.243-07:00Strategic MacroAlternative investments, macro, politics, economic developments.Strategic macrohttp://www.blogger.com/profile/13718957223946001551noreply@blogger.comBlogger265125tag:blogger.com,1999:blog-3619346926253451029.post-63056592575334821882024-01-02T09:10:00.000-08:002024-01-02T09:19:52.423-08:00Outlook into 2025 - a recession scare going into Q2<p>So in the last blog I noted how a US recession did not seem imminent and many aspects of inflation were rolling over, while positioning had been pressured lower since mid-July, which I thought may be setting up an inflection point.</p><p></p><p>An abridged summary on comments:</p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">"Heading
into Q4 headline <b>inflation</b> will likely <b>fall heavily</b> due to YoY factors and the
economy should continue to slow. So the market will start looking more
seriously at <b>rate cuts next year</b>...</span><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">we could get a <b>soft landing</b> in the US, i.e. the US
economy slows but does not go into a real recession...</span><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">because the US
consumer remains fairly strong...
and the US fiscal deficit is around 6% of GDP...</span></p><p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">...so that
argues towards a period of rebalancing and slower growth similar to 2000-2003."</span></p><p><b><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"> </span></b></p><p><b><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">Soft landing all but priced in in Q1 <br /></span></b></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">So markets have rallied on a soft landing/ rate cuts outlook. So far that looks to be the right call. But that doesn't anticipate investor <i>positioning </i>around what actually happens. If markets rally further during Q1, with say the S&P pushing for 5000 give or take, <i>positioning </i>will likely have swung full pendulum to stretched and the bears fully wrung out. </span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">The FOMC has its next meetings on the 1st Feb, 22nd March, 3rd May. Then four more into the elections. </span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">I'm not a Fed watcher, but with 3-6 month inflation readings via several measures around 2% +/-50bps, the current Fed funds rate over 5.25% is excessive in real terms in a slowing economy. Per Nickileaks below:<br /></span></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhosW_Ug8fHvWj0hI8_05yXuKFPLw4ZEFytuAqB9RK-KjZE9TDxQqK8Pq8RKdVUHFy5Q6t3xv4-SIfGjqj1gNphGZi4-NYR8jQPUugm918hOnfJEuHTFFx15hDIp0GKK9RnBnDcVY1lQ0ZYtIXFoyKbPHc_Mz8UB8PMTrC6Ll-c4Zjp1jAWlKsM6LZwFrQ/s606/Screenshot%202024-01-02%20154108.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="606" data-original-width="536" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhosW_Ug8fHvWj0hI8_05yXuKFPLw4ZEFytuAqB9RK-KjZE9TDxQqK8Pq8RKdVUHFy5Q6t3xv4-SIfGjqj1gNphGZi4-NYR8jQPUugm918hOnfJEuHTFFx15hDIp0GKK9RnBnDcVY1lQ0ZYtIXFoyKbPHc_Mz8UB8PMTrC6Ll-c4Zjp1jAWlKsM6LZwFrQ/w354-h400/Screenshot%202024-01-02%20154108.png" width="354" /></a></div><br /><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"><br /></span><p></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">So in an election year the Fed will be under immense pressure to signal in Jan and then start a cutting cycle in March. </span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">But given the Fed's stated concerns about service wage growth being high and service PMIs still being slightly expansionary and the Atlanta Fed still showing relatively high YoY wage growth of circa 5% (down from almost 7% - so wages are slowing and it is a heavily lagging indicator, but is probably not slowing as fast as they would like to 3-3.5%), so the Fed is likely to highlight the recent easing of financing conditions and is unlikely to cut aggressive, instead emphasising caution and a 'measured normalisation pace, whilst remaining vigilant' or something like that. </span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">So assuming they even do 50bps cuts at the March, May and June, the Fed funds rate would only drop to 3.75%-4%, and higher rates if they do 25bps or cut slower into the summer. </span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">Yet 3.75-4% is still fairly tight (contractionary) in a slowing economy with little real inflation problem to talk about... <br /></span></p><p></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"><b> </b></span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"><b>Slowing inflation and growth dynamics, leading to a market scare</b> <br /></span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">The Atlanta Fed has Q3 GDP of 4.9% slowing to around 2.3% in Q4, with the consumer being most of the growth and inventories back to dragging. </span></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnVlgbSw929wMP1YwWkpgBd11aEfiiaS8iKroTPInHC_xjJOVj1t8iTgY-NdZHBO9Gm9hWvo3xa2xJcqvohT9gDaiCFf2Ghba2NWOX4ar1fIs4BekWE3BbrN4ek-Ci10fbCXW4iYFaGKBk79a7Crz-UhjclOdfgguvpWT6JpJ7GCuXb4SAAugiisZhHVs/s974/Screenshot%202024-01-02%20154927.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="373" data-original-width="974" height="154" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnVlgbSw929wMP1YwWkpgBd11aEfiiaS8iKroTPInHC_xjJOVj1t8iTgY-NdZHBO9Gm9hWvo3xa2xJcqvohT9gDaiCFf2Ghba2NWOX4ar1fIs4BekWE3BbrN4ek-Ci10fbCXW4iYFaGKBk79a7Crz-UhjclOdfgguvpWT6JpJ7GCuXb4SAAugiisZhHVs/w400-h154/Screenshot%202024-01-02%20154927.png" width="400" /></a></div><p><br /><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">I dont see the Federal deficit either being expanded or contracted a lot into the election - although I am not an expert on executive powers in this area. According to the White House <a href="https://www.whitehouse.gov/wp-content/uploads/2023/03/ap_20_borrowing_fy2024.pdf" target="_blank">docs</a> they forecast a $2.1Tn increase in Treasury debt in 2024, which equates to almost 8% of 2023 GDP, at a time of full employment. </span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">The consumer savings rate is low, as they run down excess savings from Covid. Yet a sudden rise in savings or liquidation of inventories are the two most likely triggers for a standard recession. Also weakness starting in cyclical areas covered by the Manufacturing PMIs tends to spread out into private sector service areas, despite the massive Fiscal deficit dominating a large part of the service economy. </span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">So by the end of Q1, going into Q2, we could have a situation where inflation is going under the Fed's 2% level, but high rates are biting, GDP slowing, job losses broadening and savings rising while final demand starts to weaken and businesses are starting to cut back on inventories, investment and employment. <br /></span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"><b>That would be a fairly classical set up for an inflation/ growth downside scare or recession. For sometime in Q2 by the data and the markets positioning for it maybe in March or April.</b></span></p><p><b><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"> </span></b></p><p><b><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">Lets assume a growth scare/ market mini-crash happens going into Q2<br /></span></b></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">And sometime in Q2 the S&P is down meaningfully and 10yr Tsy bonds have a 2% handle yield on them. </span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">The Fed will then have to accelerate rate cuts into the election to try and head off a broader recession and get a new growth cycle going into year end. </span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">-50bps at every meeting from March to November would bring rates down to 2.25-2.5% and a flat/ contango curve should help banks lend. </span></p><p><b><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"> </span></b></p><p><b><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">Back to hiking in 2025? <br /></span></b></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">Question is what happens then. Equities will be rallying into the election and probably year end. </span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">Per the chart below, in the first two recessions wage growth fell at least 2% YoY (orange lines) before the cycle restarted, in 2020 it was a minimal slowdown and we entered the cycle with more or less full employment and still high wage growth that then started rising and was accelerated by the effects of Russia's invasion of Ukraine. <br /></span></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqWrJ7Ijp-2ILyCtQW8ibWCl1xErx_VLrgx8hXoFIaKAnTk8j4utsbb0AeEx3afmgQNSOEElFnTiV_rsQHzRS9A8tYBx5cqg3KJdVEkg-Fy2LJ2VXGDA-Aj__cVaGthfQdbjZipEBZQaKP_qain3UoIzdKzyz8lyhPNpnkQU7B2JCtEWVKy7aCGtYOZ3A/s764/1Screenshot%202024-01-02%20154530.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="615" data-original-width="764" height="323" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqWrJ7Ijp-2ILyCtQW8ibWCl1xErx_VLrgx8hXoFIaKAnTk8j4utsbb0AeEx3afmgQNSOEElFnTiV_rsQHzRS9A8tYBx5cqg3KJdVEkg-Fy2LJ2VXGDA-Aj__cVaGthfQdbjZipEBZQaKP_qain3UoIzdKzyz8lyhPNpnkQU7B2JCtEWVKy7aCGtYOZ3A/w400-h323/1Screenshot%202024-01-02%20154530.png" width="400" /></a></div> <p></p><p>The Fed then scrambled from a behind the curve position to try and get restrictive to get inflation and wage growth down. </p><p>One could argue that as the cost of living crisis passed wage growth naturally slowed and the Fed hiking cycle impact has been significantly blunted by other factors (fixed rate debt, $6Tn Fiscal deficit etc).</p><p>If YoY wage growth bottoms out in mid-24 at around 4% YoY (yellow line) and the economy starts to recover from either a growth scare or only a shallow recession, then we might expect wage growth to also start moving up again, but from a quite high starting base. </p><p><b>Food and energy prices<br /></b></p><p>I don't have a strong view on food and expect oil broadly to trade with the S&P, so bounce now, sell off in Q2. </p><p></p><p>Coming out of that though I'm a structural bull on resources in general, which I think have seen undersupply investment levels and demand grows with GDP or government instructed policies such as electrification. </p><p>So if energy prices rise in 2025 it might point towards wage growth also rising as the cost of living starts to upshift again - given energy costs filter through everything in the economy, at which point the Fed will be back to hiking, having been caught behind the curve again. </p><p>What happens in the election, fiscal deficits, real yields is not so clear to me, but I dont see anything dramatic happening before the election. A Trump re-election is likely to casue a bit of a market/ economic shock same as in 2016. </p><p><b>Summary <br /></b></p><p>So in summary the outlook seems fairly analogous to 2000-2003, where depending on the size of sell off and bounce you look at, we had 5-10 major sell offs and bounces, or as I would call them <b>pathways and inflection points</b>, and the market fell overall in nominal terms. <br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkI0dqQ2fsor9dKtwbg3raVend0g3CGfE-Jwlmz6lTxfUtIti3_p4ecAoAX5VjBwPX8hFp-Q1u7-Vo1LdakGui1vmPIrRzNsCZfDP9_XbzHljwxkSAp6eHHhFYWEo1FYYgB_P86my9KwnpKi2-UhhkGM4OCXRZ7TE6VSXIdMHwCOaKm_49_ijVPoa3Kt0/s1861/1Screenshot%202024-01-02%20164301.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="808" data-original-width="1861" height="174" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkI0dqQ2fsor9dKtwbg3raVend0g3CGfE-Jwlmz6lTxfUtIti3_p4ecAoAX5VjBwPX8hFp-Q1u7-Vo1LdakGui1vmPIrRzNsCZfDP9_XbzHljwxkSAp6eHHhFYWEo1FYYgB_P86my9KwnpKi2-UhhkGM4OCXRZ7TE6VSXIdMHwCOaKm_49_ijVPoa3Kt0/w400-h174/1Screenshot%202024-01-02%20164301.jpg" width="400" /></a></div><br /><p></p><p>This blog has always focused on more strategic (3, 6, 12-month) time horizons and mostly on the main asset markets. </p><p>If you like the blogs, perhaps follow me on Twitter where I also focus on shorter time horizons and other areas including the political economy and emerging markets. Thanks. <br /></p><p>https://twitter.com/robhawcroft</p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"><br /></span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"> </span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"> </span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"> <br /></span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"> <br /></span></p><p></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"> </span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"> </span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"> <br /></span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"><br /></span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"><br /></span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"><br /></span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"><br /></span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"><br /></span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"><br /></span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"><br /></span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"><br /></span></p><p><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; 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<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">In my last
post I posited that the liquidity reduction could cause a market sell off and
USD rally. </span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">Well a
fairly mild one has happened; bonds and equities sold off and the USD rallied,
while credit spreads remained fairly stable and VIX is still in the teens.</span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">So is there
more to come? What's next? </span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">Many think
the Fed is finished hiking so that, in itself, is an inflection point. Heading
into Q4 headline inflation will likely fall heavily due to YoY factors and the
economy should continue to slow. So the market will start looking more
seriously at rate cuts next year, which should be positive for duration. As of
right now with the 10yr at 4.53% I think it is a buy for real money investors
with a 1-2 year time horizon, not sure if it will sell off more this week but
technically it is oversold I think and fundamentally is high yielding vs where
inflation and growth is likely to average vs growth over the next few
years. </span><span style="font-family: "Times New Roman",serif; font-size: 12pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;"></span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">On the
economy and equities, we could get a soft landing in the US, i.e. the US
economy slows but does not go into a real recession. That is because the US
consumer remains fairly strong (strong employment, two/ three years of strong wage
growth versus many fixed costs like mortgages and car leases leading to strong
growth in effectively disposable income for people who have skilled jobs <a href="https://www.blogger.com/u/1/"><span style="color: blue;">https://www.atlantafed.org/chcs/wage-growth-tracker?panel=1</span></a>)
and the US fiscal deficit is around 6% of GDP. So the consumer which is around
70% of the economy is likely to remain fairly strong. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">In terms of
the more cyclical parts of the economy, housing is likely to drag, autos will
likely see falling average prices and some volume reductions, so a drag but no
implosion. Energy is still strong and if the consumer is strong there is no
obvious reason for a big inventory liquidation. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">So that
argues towards a period of rebalancing and slower growth similar to 2000-2003. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">So the
economy, particularly when the Federal deficit is so big, is not that
immediately sensitive to the Fed hikes and in a slowdown by definition some
industry sectors will shrink while the others and total overall economy still
grows. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">As the
economy slows, manufacturing PMIs are likely to remain slightly negative and
service PMIs should also slow, may even be negative for a few months. This
slowing is part of the soft landing and is not in itself a warning of an
imminent crash. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">As headline
inflation falls and core slows, but core is underpinned by a robust service
sector and service sector wages, with government employment and spending
directly and indirectly being a large part of the service sector wage bill, the
Fed might cut rates next year but not go to zero. So it might cut to say 3% or
something in time. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">So at that
point without a large recession/ any real GDP recession and inflation down and
the Fed cutting, JPow will be hailed by the media as the Maestro II. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">Even though
the Powell Fed was late to tighten policy pre-Covid and has had almost no
effect on the reversion of inflation back to long term trend levels, which has
mostly been due to the global commodity price/ PPI wash out plus the large
fiscal deficit blunting a lot of the pro-cyclical effects of his hiking cycle. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">Overall
this should be a reasonably positive environment for duration and for solvent/
cash generating risky assets, but probably not for loss making/ concept risky
assets (sorry Cathie). </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">I guess the
downside risk is that companies panic and cut investment/ inventories quickly,
then cut jobs and that weaker jobs market leads to a rise in the savings rate
and a more rapid slowdown, which then self-reinforces into a typical hard
landing. That would still be positive for duration but not for risky assets. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">So that is
a 3-6 month US outlook. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">The EU I am
more negative on (could even see an EU deflationary recession), UK cautiously
optimistic and EM selectively positive on. </span></p>
<p class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;"><span style="font-family: "inherit",serif; font-size: 12pt; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB; mso-font-kerning: 0pt; mso-ligatures: none;">Longer term
I guess the US question is how big is the trade off between credit growth,
corporate margins, inflation, rates, credit demand/ deleveraging and Federal
fiscal deficits. If we are in for an extended 2000-2003 type deleveraging
environment, corporate margins should steadily fall, the CA deficit shrink and
USD fall as investors look for growth and returns elsewhere. But that is
probably a 2024 consideration. </span></p>
Strategic macrohttp://www.blogger.com/profile/13718957223946001551noreply@blogger.com0tag:blogger.com,1999:blog-3619346926253451029.post-46003889820987783502023-06-16T08:22:00.005-07:002023-06-16T09:58:11.775-07:00Jerome and Janet's impending liquidity rug pull<p><span style="font-size: small;"> </span></p><p><span style="font-family: inherit; font-size: small;">If the last 3 months have mainly been about circa <a href=" https://finance.yahoo.com/news/fdic-us-bank-deposits-dropped-by-most-in-39-years-to-start-2023-144427156.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr" target="_blank">$700bn being injected</a> into banks and $500bn being pulled from bank deposits and some of that deposit pull going into various financial markets, the coming summer period looks set to be more or less the opposite. </span></p><p><span style="font-family: inherit; font-size: small;">Consider the following:</span></p><div style="color: black;">
<ul data-editing-info="{"orderedStyleType":1,"unorderedStyleType":1}"><li style="list-style: outside;"><span style="font-family: inherit; font-size: small;">Yellen will raise up to $1tn TGA and is issuing net about $250bn/ qtr.</span></li><li style="list-style: outside;"><span style="font-family: inherit; font-size: small;">Powell is doing about $300bn QT/ qtr</span></li><li style="list-style: outside;"><span style="font-family: inherit; font-size: small;">And he wants to run off the funding expansion this year, they have run off $200bn SOFR based funding MTD</span></li><li style="list-style: outside;"><span style="font-family: inherit; font-size: small;">And have another $400bn SOFR based funding YTD to go</span></li><li style="list-style: outside;"><span style="font-family: inherit; font-size: small;">There is about $3.3tn excess reserves at the Fed</span></li></ul>
<div><span style="font-family: inherit; font-size: small;">So they could drop excess reserves to about $1.4tn by the end of September</span></div><div><span style="font-family: inherit; font-size: small;"> </span></div><div><span style="font-family: inherit; font-size: small;"><span>There is about $2Tn sitting in reverse repo, which is effectively QE sterilisation, but it may be the case that if the Fed encourages/ forces some of that out, the released money goes into excess reserves and not </span>into Treasuries<span>. Although some is likely to go into Tsys and soften the impact of the above. <br /></span></span></div><div><span style="font-family: inherit; font-size: small;"> </span></div></div>
<div><span style="font-family: inherit; font-size: small;">Minimum excess reserves in the system is probably around $1tn, as
bank finance needs and deposits are not evenly spread, with Treasury primary
dealers being the main net wholesale borrowers from banks.</span></div>
<div><span style="font-family: inherit; font-size: small;"> </span></div><div><span style="font-family: inherit; font-size: small;">A more workable minimum level is probably $1.25-1.5Tn</span></div>
<div><span style="font-family: inherit; font-size: small;"> </span></div><div><span style="font-family: inherit; font-size: small;">So setting aside any reverse repo reverse sterilisation, essentially the Fed and Treasury could drain all functional
excess reserves from the system by end the of September, certainly by
year end with another 3 months of fiscal deficit and QT.</span></div>
<div><span style="font-family: inherit; font-size: small;"><br aria-hidden="true" /></span>
</div>
<div><span style="font-family: inherit; font-size: small;">Now if they are selling that many Treasuries and dont want real rates to rise, other USD holding investors need to buy Treasuries. <br /></span></div>
<div><span style="font-family: inherit; font-size: small;"><br aria-hidden="true" /></span>
</div>
<div><span style="font-family: inherit; font-size: small;">And to buy Treasuries they need to sell something else. <br aria-hidden="true" /></span>
</div>
<div><span style="font-family: inherit; font-size: small;"><br aria-hidden="true" /></span>
</div>
<div><span style="font-family: inherit; font-size: small;">Most probably they will sell the assets that have risen the most
this year and which would be most exposed to a recession. Namely
US equities and US HY and we see a leg higher in the USD. <br /></span></div>
<div><span style="font-family: inherit; font-size: small;"><br aria-hidden="true" /></span>
</div>
<div><span style="font-family: inherit; font-size: small;">As such we are more or less at a liquidity inflection point. <br aria-hidden="true" /></span>
</div>
<div><span style="font-family: inherit; font-size: small;"><br aria-hidden="true" /></span>
</div>
<div><span style="font-family: inherit; font-size: small;">We have another month for real money to adjust their portfolios
before going into the summer period and reduced market liquidity. <br aria-hidden="true" /></span>
</div><p><span style="font-family: inherit;"> <br /></span></p><p><span style="font-family: inherit;"> </span><br /></p>Strategic macrohttp://www.blogger.com/profile/13718957223946001551noreply@blogger.com0tag:blogger.com,1999:blog-3619346926253451029.post-53607600373503159002022-09-09T05:13:00.001-07:002022-09-12T04:24:08.427-07:00Foreign Treasury holdings, QT and the Euro bounce<p>The chart below shows that a UK/ EU or Japanese financial can buy US Treasuries (2yr here) and XCCY asset swap them back to local Libor and lose money vs RFR, 20-35bps in Europe and 70bps in Japan. Or they can hold local assets, which in the case of the UK and EZ now have a positive and rising yield given rate hikes coming, and have no counterparty capital charge. </p><p>For example, UK 2yr Gilt yields about 3% right now where as SONIA -25bps yields about 1.45%. 3m Gilt about 2.4% yield.<br /></p><p><br /> <img alt="" height="202" src="data:image/png;base64,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" width="400" /><br /><br />There are a couple of charts below from the Treasury report that is produced annually. You can see foreign holdings, which are dominated by European/ UK/ Japanese investors rose by Trillions as ZIRP/ QE policies were implemented after 2008. Since pre-Covid foreign holdings of Treasuries have increased from circa $4Tn to almost $8Tn. These flows along with equity flows have covered the US current account deficit since 2008. <br /><br /> <img alt="" 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" 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" /><br /><br />But this is now a negative carry/ unattractive trade for the previous buyers. <br /></p><p>So there are a few implications, as foreign financial buyers reduce/ disappear and in some cases sell existing holdings, at the same time as the Fed is unwinding its balance sheet, either domestic buyers come in, or yields rise. <br /><br />Both scenarios are negative for US asset prices as it either increases the discount rate or increases the discount rate <i>and </i>causes US domestic portfolio rotation away from risky assets and into Treasuries. <br /><br />So this is the portfolio channelling, with a leverage factor, of QT into US asset markets is happening in coming months. Its also broadly USD negative, and along with the fading energy narrative I think may have put a floor under the Euro and Sterling this week. When the BoJ starts to hike rates the effect will be amplified, but Yen likely to remain weak until then. <br /><br />Going forwards capital will have a cost and govt bond issuance risks crowing out other borrowers. <br /><br />It will also affect private markets. If LBOs have been financed at 5.5x senior debt/ EBITDA and Lev loans pay about L+5.5%, then with the Fed hiking to 4% the leveraged loans will yield 9.5%, which at 5.5 debt/ EBITDA is going to use up over half the EBITDA for interest service. EBITDA margins are also going to fall as credit slows and the economy slows and in a recession, EBITDA will fall a lot. So there are going to be a few zombie LBOs out there. <br /><br />I think this is quite important from an asset allocation standpoint over the next six months. <br /><br /></p>Strategic macrohttp://www.blogger.com/profile/13718957223946001551noreply@blogger.com0tag:blogger.com,1999:blog-3619346926253451029.post-545996237980280372022-05-11T16:40:00.005-07:002022-05-12T03:50:45.129-07:00Fading inflation (and the Fed?)<p> </p><p>So last July I suggested that the Fed was <a href="https://www.strategicmacro.com/2021/07/how-far-behind-curve-is-fed.html">behind the curve</a> and while Treasury yields were likely to go lower in the short term, ultimately coming into this year with tight labour markets inflation would be picking up and the Fed would look massively behind the curve and yields would have to reset higher. </p><p>That is more or less what happened, and even without the Ukraine war pushing up oil prices, wage inflation is driving service inflation and services are most of the US economy:</p><p> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrIbwqqpjzx6Mk4SM2dd5z3WzVJR4ZgAVA-ukg1aXjnKUT4MbB8Mr58GvaQ6EI-vaiRtutImECtP3S2ojIG55-2fWBB85KD1kzXI7_oxSNbnCz-P2GjYHyd4LjId87z0lEJ4KFlfiOzj9Xgh2U2wH4Pa-0iLUCHH5T6slsU-CE51k9NEeJBHvicQIA/s696/Screenshot%202022-05-12%20000140.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="510" data-original-width="696" height="293" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrIbwqqpjzx6Mk4SM2dd5z3WzVJR4ZgAVA-ukg1aXjnKUT4MbB8Mr58GvaQ6EI-vaiRtutImECtP3S2ojIG55-2fWBB85KD1kzXI7_oxSNbnCz-P2GjYHyd4LjId87z0lEJ4KFlfiOzj9Xgh2U2wH4Pa-0iLUCHH5T6slsU-CE51k9NEeJBHvicQIA/w400-h293/Screenshot%202022-05-12%20000140.png" width="400" /></a></div><br /><p></p><p>And with the Fed talking up 50bps a meeting until they get to a 'neutral' 2-2.5% Treasuries have repriced to about 3% on the 10 year, and a modest amount of curve steepness priced in for when the Fed finishes hiking. </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgy0lQneGaog2HAwXxDFXfxmuKQ7uHmoaCnGTlF2laY0712it265jiurl5XchiR_TdoXISrmVH_92gB1_u5YKQq8J2FMZlm65BoptiuMseICsNt2nSkrf_C5tDUha6r5TcnlZxk0pgzuPq_s7mR-5KkbPUkhNwPMgLkTs5_qIC__1eJIsfQ-1rvokoV/s1163/Screenshot%202022-05-12%20000454.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="432" data-original-width="1163" height="149" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgy0lQneGaog2HAwXxDFXfxmuKQ7uHmoaCnGTlF2laY0712it265jiurl5XchiR_TdoXISrmVH_92gB1_u5YKQq8J2FMZlm65BoptiuMseICsNt2nSkrf_C5tDUha6r5TcnlZxk0pgzuPq_s7mR-5KkbPUkhNwPMgLkTs5_qIC__1eJIsfQ-1rvokoV/w400-h149/Screenshot%202022-05-12%20000454.png" width="400" /></a></div><p></p><p>So is this pricing accurate? Within the context of an ongoing recovery and inflation way above 2% target, the Fed has a legal mandate to bring it down via tightening, and that is what is priced and what they have been talking up recently. </p><p>However many leading indicators like sentiment and new orders are heading towards contraction or levels associated with a recession scare. </p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiO_rLVlVTvQY9B8Ii5OiI3v5dIsAn98sYurH_qU6MFo7bt4cLr4lZYj6oPMJvtlbRlzLa-S447ona1LiKUm6dXST22Vz3tkE2Om5QHoCBbO0uM3TyoXkKr8Hks_BCqJg5dpbRmylTC7Ers6V4Gbx4f1johx9UhZGjy-sxV3kFFiWbX5ryaDd7V_VRw/s623/Screenshot%202022-05-12%20001152.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="369" data-original-width="623" height="238" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiO_rLVlVTvQY9B8Ii5OiI3v5dIsAn98sYurH_qU6MFo7bt4cLr4lZYj6oPMJvtlbRlzLa-S447ona1LiKUm6dXST22Vz3tkE2Om5QHoCBbO0uM3TyoXkKr8Hks_BCqJg5dpbRmylTC7Ers6V4Gbx4f1johx9UhZGjy-sxV3kFFiWbX5ryaDd7V_VRw/w400-h238/Screenshot%202022-05-12%20001152.png" width="400" /></a></div><br /><span class="break-words"><span dir="ltr">April saw quite a lot of
sequential MoM slow downs (yellow highlight) in the CPI components, and outright energy
price falls reduced the Core number from 0.6% MoM down to a headline CPI
of 0.3% MoM. Some areas of ongoing sequential increase (blue highlight) should slow down
as the Fed hikes. </span></span><p></p><p><span class="break-words"><br /></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLymPRtPxtYw-xjq_2oY62--9GjqlfAhkiBrsWAWo25TA1lKUBf0DM0UZ6t_AVSkdumPbe8gHUHoqx_9kAuKzT9KHsL27-5FUuQG0pHQe8AHLUwgJkW35zHVmeQisB5NRUlA8lUGb72XurKupUR5rziMsPZxfXfPKKjB-0dY59UlueRL_vlcbCYWED/s1626/Screenshot%202022-05-12%20001000.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="644" data-original-width="1626" height="159" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLymPRtPxtYw-xjq_2oY62--9GjqlfAhkiBrsWAWo25TA1lKUBf0DM0UZ6t_AVSkdumPbe8gHUHoqx_9kAuKzT9KHsL27-5FUuQG0pHQe8AHLUwgJkW35zHVmeQisB5NRUlA8lUGb72XurKupUR5rziMsPZxfXfPKKjB-0dY59UlueRL_vlcbCYWED/w400-h159/Screenshot%202022-05-12%20001000.png" width="400" /></a></div><br /><span dir="ltr"></span><p></p><p><span class="break-words"><span dir="ltr"></span></span></p><p><span class="break-words"><span dir="ltr"></span></span></p><p><span class="break-words"><span dir="ltr"></span></span></p><p><span class="break-words"><span dir="ltr">Looking at the NY Fed UIG inflation measure,
CPI tends to be more volatile but mean reverts back (and through) the
UIG measure. That may imply headline CPI heads towards 2-3%, or lower,
in coming months as the volatile parts go flat or negative YoY. <br /></span></span></p><p></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxVyGEk6BUAE5UuLvJkGIIZXwap5aFbDr0PkxgxgiCfBbMGTBjNRsEVub7Y4DtjJ1_eb99zOObuKJj__zyqRFxxqmgr5-hYoeetVOqmwFdtDblfuVN89vhiLdB-fd5HXKiPmqt96D5OEF1-TjRnLO8TWajjxG8g5DWrtySGJFCtXjE3fhM3anIeuRv/s485/Screenshot%202022-05-12%20000821.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="465" data-original-width="485" height="307" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxVyGEk6BUAE5UuLvJkGIIZXwap5aFbDr0PkxgxgiCfBbMGTBjNRsEVub7Y4DtjJ1_eb99zOObuKJj__zyqRFxxqmgr5-hYoeetVOqmwFdtDblfuVN89vhiLdB-fd5HXKiPmqt96D5OEF1-TjRnLO8TWajjxG8g5DWrtySGJFCtXjE3fhM3anIeuRv/s320/Screenshot%202022-05-12%20000821.png" width="320" /></a></div> <p></p><p>So
with everything that has happened (wages up, unit productivity down,
costs like commodities up, margins squeezed, the Ukraine war related
uncertainty, stimulus money gone and sentiment and new orders heading
into contraction territory, China affected by Covid again etc) we are
heading into a US growth slowdown. </p><p>That should take the heat out
of commodity prices and therefore both headline and core inflation.This
then opens the door for the Fed to come up with excuses and only go
25 bps at some meetings or even miss a meeting hike. <br /></p><p>That should initially trigger equity and fixed income rallies. But as the slow down continues into the summer equities should fail to make a new high and then sell off again while US 10yr yields head towards maybe 2%. So the equity rally, fail, fall pattern could look something like below:</p><p><br /></p><p></p><div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqD-Or6b52MWNtOSd1UfTvBtRcG2P8C8Lbeaaaay2euYNKAgPaPv1VhZLxoEFb23F7H8_ker7LPrdkAWw0W0AB5fyXhvYfoBnavoEtnkEHLNIp74xkAp5-U2nhVKckzjemt-jg0CHyP07A5t6jw1-SuKpoVRMfItEOADNPpIz88y51rMzv05g7V_fg/s1862/Screenshot%202022-05-12%20001907.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="815" data-original-width="1862" height="175" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqD-Or6b52MWNtOSd1UfTvBtRcG2P8C8Lbeaaaay2euYNKAgPaPv1VhZLxoEFb23F7H8_ker7LPrdkAWw0W0AB5fyXhvYfoBnavoEtnkEHLNIp74xkAp5-U2nhVKckzjemt-jg0CHyP07A5t6jw1-SuKpoVRMfItEOADNPpIz88y51rMzv05g7V_fg/w400-h175/Screenshot%202022-05-12%20001907.png" width="400" /></a></div><br /> <p></p><p>So assuming Fed back peddaling on rate hikes, cooling commodity prices and inflation pressures plus ongoing fiscal support cause the indicators to turn back up into year end, we could see at that time, say Q4 or going into Q1 or Q2 next year within the context of an ongoing US expansion yields rise closer to 4 or 4.5% on the 10yr Treasury. </p><p><br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjC7ZvYHBp4-ueoaCSSX4zeWmh8tZaty9vqfqkIfmZh_BkgnPjX_SlUyyo8jab_2L-19zFe1lKaVe5ZLJklBCnjkBCViYhsspko1NcuWwTIKka4-QNS6hGqARh_30n1AjOTPUZvRrCwNmdl2WtzQKMh41xZWGFZFKd0MpH39EY-chopX79vkrU2ldIo/s1858/Screenshot%202022-05-12%20002540.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="813" data-original-width="1858" height="175" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjC7ZvYHBp4-ueoaCSSX4zeWmh8tZaty9vqfqkIfmZh_BkgnPjX_SlUyyo8jab_2L-19zFe1lKaVe5ZLJklBCnjkBCViYhsspko1NcuWwTIKka4-QNS6hGqARh_30n1AjOTPUZvRrCwNmdl2WtzQKMh41xZWGFZFKd0MpH39EY-chopX79vkrU2ldIo/w400-h175/Screenshot%202022-05-12%20002540.png" width="400" /></a></div><p> </p><p>And that may be enough for a genuine recession in late 2023. <br /></p><p><br /></p><p> </p><p> <br /></p><p> </p><p> </p><p> <br /></p>Strategic macrohttp://www.blogger.com/profile/13718957223946001551noreply@blogger.com2tag:blogger.com,1999:blog-3619346926253451029.post-72769672273373534372022-04-01T11:37:00.008-07:002022-04-04T03:11:16.591-07:00Sri Lanka's pending default<p>So I wrote about the risks to Sri Lanka in Jan 2020: <a href="https://www.strategicmacro.com/2020/01/how-close-is-sri-lanka-to-debt-crisis.html" target="_blank">How close is Sri Lanka to a debt crisis?</a></p><p>2 years later and having lost market access in March 2020 as their bonds crashed, they had opted to try and muddle through, but over the period implemented few real reforms and instead actually expanded public sector payrolls. </p><p>I did previously think that with a recovery in tourism and robust oil prices helping exports and remittances with the GCC countries, they could probably make it, if they prioritised debt service and self helped themselved with tax hikes and reforms. But they havent done that and have now been hit with much higher oil and food import costs. They are now on the cusp of default in my view. <br /></p><p>After going through the Article 4 report and monitoring the news these are my current views:<br /><br />Scenarios economic<br /><br />1. Keep paying the debt (current policy)<br />As we know Cabraal had wanted to stay current and rebalance the economy over time and on Sri Lanka’s agenda and not be forced into an abrupt adjustment such as abandoning the FX peg or a chaotic and uncertain default and IMF programme. <br /><br />So as described below in the Article 4 comments, domestic issues/ imbalances are the main problem, and they manifest themselves as external imbalances. So relying on debt issuance instead of taxation to locals, expats and foreigners led to an inflated economy, rising REER, double deficit and the Covid disruption brought it to a head. They have failed to hike taxes enough, no SoE reforms, public sector head count increase not reduced etc. They passed it off as a growth plan. Then they have been hit with the slow tourism recovery (might be worth $2.5bn this year down from >$4bn in 2018 peak) and now the oil price spike and food price spike (they export tea, coconut and rubber and import some food items). <br /><br />Scenario<br />They continue to pay the ISBs and reprofile the bilateral debt<br />I think this is possible on paper if remittances go up and the deval reduces imports. If we assume $500m remittances and a 25% reduction in imports:<br />Imports: -$1.35bn<br />Exports goods: $1.1bn and growing<br />Exports Services ex Tourism: $100m and growing<br />Tourism: $250m and recovering<br />Net income: -$175m<br />Debt service: -$450m<br />Remittances: $500m<br />Net -$25m<br /><br />However this relies on remittances going back to $500m (peak was $650-700). I think without hiking taxes the continued money printing will cause remittances to be withheld. If remittances remain at $250m, the above net number is -$275m. ie their FX reserves will remain under pressure and they will need to keep finding net new money. As such I don’t see it as workable as they politically wont have the will to hike taxes following the devaluation. <br /><br />They may continue with this policy for a little while longer though, but the import reductions manifesting themselves as power cuts, fuel shortages, food shortages and then impacts on tourism and industry and exports are bringing the issues to a head. Public protests are rapidly spreading now. <br /><br /><br />Default scenario<br />Either they default and restructure quickly or default and it drags on. <br /><br />If the current government remains in power it will be politically very difficult to devalue, default and hike taxes simultaneously. The SLPP party has an absolute majority in Parliament and the coalition has a large majority, so they cant be forced from power easily. <br /><br />So I think they default without a plan and then claim to be engaged in negotiations, while in reality struggle to agree a coherent plan that everyone signs up to and the Chinese project debt and the Common Framework equivalence will be an issue. They would save the $450m a month debt service and can stabilise their BoP even if remittances remain subdued and the FX grinds lower over time, so default should give them some respite even if there is no immediate IMF deal. <br /><br />Even now after the Article 4 report is released and it clearly says Sri Lanka has to hike taxes there seems to be little news coverage or political discourse on this or recognition that the fiscal deficit is the main primary cause of their problems. Instead, the focus is on the instability and the shortages and then blaming ‘government incompetence’ and mobilising popular protests about the shortages. Sri Lankans seem to think they pay high taxes. When they do sit down with the IMF and start going through the practical steps necessary to agree an EFF deal I think they will struggle to come to terms with what is needed, and it will be a slow process. <br /><br /><br />Alternative political scenario<br />I don’t know the probability. But if the current government at some point, probably not in the next few months, admits it is unable to implement the necessary reforms, could the IMF oversee a technocratic government? In that scenario in the short term they can reprofile out the existing USD debt, agree an IMF deal and move forwards with the reforms. But there probably needs to be a lot more pain first. <br /><br />They have in a normal environment $600-700m in remittances and $400m+ in tourism, plus $100m in other net services and a net income balance of -$175m. Some portfolio flows should also be possible over time, but ignoring portfolio/ FDI flows the monthly balance is almost +$1bn a month in USD coming in. Could they service $300-450m in debt service from that? I think so they just need to produce more and improve the import/ export balance. More people working and work being more productive would lead to higher taxes. Something like 2/3rds of the private sector is informal and don’t pay any income taxes. <br /><br />Restructuring scenarios<br />Assuming a 9, 15, 20% exit yield and they only start to pay coupons in 2024 I put below 3 scenarios. One with a step-up coupon and a year of capitalised interest (scenario 1), one with a reduced coupon (4%) and a 20% haircut (scenario 2), and a final one with a 5% coupon and 10% haircut (scenario 3). It is for the 2027 bond with a 5-year maturity extension. <br /><br />The NPV is mainly determined by the exit yield, although the principal haircut has an impact:<br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEirXGmP6uOQkbrabtotY-TRI4Feaxz4mhPJbYC7rlKLJ5SlAizy3sbzHJ8u2jah72Rxax3hE1zed6b7J0qTwIy9lPrB0k9Y78ajqqdqCeXx7IUx_CBWgdq1VlAESD_DD757F8pV0BFb9bCYL7HvjMhdtkCN6W8r09UWCYbukttSVBF69rn9xxXo8eiH/s1172/sl%20npv.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="201" data-original-width="1172" height="110" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEirXGmP6uOQkbrabtotY-TRI4Feaxz4mhPJbYC7rlKLJ5SlAizy3sbzHJ8u2jah72Rxax3hE1zed6b7J0qTwIy9lPrB0k9Y78ajqqdqCeXx7IUx_CBWgdq1VlAESD_DD757F8pV0BFb9bCYL7HvjMhdtkCN6W8r09UWCYbukttSVBF69rn9xxXo8eiH/w640-h110/sl%20npv.png" width="640" /></a></div><br /><p><br /><br />IMF Article 4 report comments<br /><br />https://www.imf.org/en/Publications/CR/Issues/2022/03/25/Sri-Lanka-2021-Article-IV-Consultation-Press-Release-Staff-Report-and-Statement-by-the-515737<br /><br />IMF demands:<br />1. Hike taxes<br />2. Improve implementation of taxation and spending<br />3. Cut spending in real terms/ public sector headcount<br />4. Cut subsidies<br />5. Reform SoEs, sell some<br />6. Exchange rate flexibility, inflation targeting, CB increased independence<br />7. Lift import restrictions on non-consumer goods<br /><br />- So a fairly typical mix<br /><br />IMF recommendations: <br />1. Increase social safety net for poorest (while lifting subsidies and hiking taxes in general)<br />2. Reduce non-tariff barriers to increase the amount of higher value goods produced and exported, eg goods within global supply chains. They didn’t spell out the non-tariff barriers but it is not the easiest of places to do business and the tariffs would hinder access to key imported components that are processed and reexported <br />3. Institution building on corruption, efficiency, loop holes, governance, SoE profitability, maintaining investment levels etc<br />4. Continued technical assistance and training to taxation dept<br />5. Bring about debt sustainability, as current framework projected forwards is not sustainable, although that is also linked to the fiscal deficit<br />6. IMF recommend a new Article 4 in 12 months time<br /><br />Highlighted points:<br /><br />6-8% of GDP fiscal deficit became a problem as growth slowed under the previous Ranil government and then Covid accelerated the problems:<br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhX2oJdrbOuIoi5ovn9SNgBnmI-iGVwKN6R_zGqAmXqHOT9hID-i2MSsGRLPByFcIAcpWyM2b1SGtdx8RmF3ceFjPMlQxsKEQYIpjNiaPR4Z-jIN1Rs2814he_NyEIX7QcetDXdqGy7szs0I15xuQdi3N2lMIN3KreiueE8OX59aySsxfZWl_6_BR55/s408/sl%20gov%20revs.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="355" data-original-width="408" height="348" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhX2oJdrbOuIoi5ovn9SNgBnmI-iGVwKN6R_zGqAmXqHOT9hID-i2MSsGRLPByFcIAcpWyM2b1SGtdx8RmF3ceFjPMlQxsKEQYIpjNiaPR4Z-jIN1Rs2814he_NyEIX7QcetDXdqGy7szs0I15xuQdi3N2lMIN3KreiueE8OX59aySsxfZWl_6_BR55/w400-h348/sl%20gov%20revs.png" width="400" /></a></div><p> <br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiliSR_kVhLALOrvSb4_PEz4u-UeH_NBwiZFzxBdpDg4vk6fRiiNK7ibRB7w5yoCYwHN-wC4anxGfaIjdTJZSEGzD0cEMqbLcuDzstpsTMl0Gu9vuwOWShrCui6rQ9Mrr1SgXnTii6nMe8LcXiixTZgqIEw3RVIi9ucLT3DIjJGwK3lszdRcQHTUTdh/s930/sl%20tax%20and%20spend.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="393" data-original-width="930" height="270" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiliSR_kVhLALOrvSb4_PEz4u-UeH_NBwiZFzxBdpDg4vk6fRiiNK7ibRB7w5yoCYwHN-wC4anxGfaIjdTJZSEGzD0cEMqbLcuDzstpsTMl0Gu9vuwOWShrCui6rQ9Mrr1SgXnTii6nMe8LcXiixTZgqIEw3RVIi9ucLT3DIjJGwK3lszdRcQHTUTdh/w640-h270/sl%20tax%20and%20spend.png" width="640" /></a></div><p></p><p>They passed a law that discouraged foreign ownership of local government bonds a few years ago, so foreigners exited (this should be reversible for index flows though):</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj0LRjaTf9EvJBFMBwFeuHCI2-I_WdVNr6QW2m6JO42VyRKnGSU_knSjEhapQTQIcqdf3VECLSzMOmry2Rptb3oDzSv5TWvs-mTzNciCbSimXEivdN14Gx9m_TLZMnzTdD9fDGSsuNMBZJ5plqU_ukvo6WFJdXUU3hx58fuw-mKo2I0VhxIrdriH6Sz/s449/sl%20foreign%20bond%20holdings.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="304" data-original-width="449" height="434" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj0LRjaTf9EvJBFMBwFeuHCI2-I_WdVNr6QW2m6JO42VyRKnGSU_knSjEhapQTQIcqdf3VECLSzMOmry2Rptb3oDzSv5TWvs-mTzNciCbSimXEivdN14Gx9m_TLZMnzTdD9fDGSsuNMBZJ5plqU_ukvo6WFJdXUU3hx58fuw-mKo2I0VhxIrdriH6Sz/w640-h434/sl%20foreign%20bond%20holdings.png" width="640" /></a></div><br /><p>Government was running an economic sector balance of -5-9% GDP most years. <br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiondoiJPoPhrudmOyHYXwrj35pQ8XM97sSW7xrsyGwOo3eB7wTAB_uJUm_SgA98Zw2s7w1kpLZz90SBNPr2P686PsL4yQJja3SEw97piJLFOOhqMkB4vhX-uXeTDkDCK0pZXafSEYnMI3Fm51TMgJdjI_JNh9JYSqvvZwpD0QoH1kg_qConZ5-mbpg/s434/sl%20savings%20balance.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="325" data-original-width="434" height="480" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiondoiJPoPhrudmOyHYXwrj35pQ8XM97sSW7xrsyGwOo3eB7wTAB_uJUm_SgA98Zw2s7w1kpLZz90SBNPr2P686PsL4yQJja3SEw97piJLFOOhqMkB4vhX-uXeTDkDCK0pZXafSEYnMI3Fm51TMgJdjI_JNh9JYSqvvZwpD0QoH1kg_qConZ5-mbpg/w640-h480/sl%20savings%20balance.png" width="640" /></a></div>My points on the below, which is a static analysis of the current situation:<br /><br />GDP growth forcast is low if the government implement necessary reforms and economy started to rebound (so a GDP warrant could be good for bondholders)<br />They don’t allow for higher taxes, reduced govt borowing, reduced CA deficit<br />They still have imports growing faster than exports, despite the recent devaluation and expected reduction in government deficit<br />Nominal GDP growth should be much higher this year, probably 35-60%, they only have 13.4%, that will reduce domestic debt/ GDP from a dollarised standpoint and local currency standpoint<br />They have no revenue from privatisation expected, which will surely be part of any plan<br />In 2026 they have govt revenue of 11.3% of GDP vs an average of 15-16% for countries with Sri Lanka’s GDP level and spending of 21.6% of GDP<br />In 2026 they have a financing gap of about 5% of GDP<br /><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOSljsxTR1lNsUokSBDfLR_WpsfsBJnd66k35_uD2Y2qXif2o8fw40YGK0o3sCMePgdKndqIo0Yha8cMHpaHvXwVf8TIBE9uZoru5b1gSnYG5QsYc7OG5SNKVeI1dPlSSdvi5x6iSdzTeRFdDB3Hi4RQMbV2DnujsvH_yHWLJSGCJFtJsd78yPwQY5/s933/sl%20econ%20data.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="874" data-original-width="933" height="600" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOSljsxTR1lNsUokSBDfLR_WpsfsBJnd66k35_uD2Y2qXif2o8fw40YGK0o3sCMePgdKndqIo0Yha8cMHpaHvXwVf8TIBE9uZoru5b1gSnYG5QsYc7OG5SNKVeI1dPlSSdvi5x6iSdzTeRFdDB3Hi4RQMbV2DnujsvH_yHWLJSGCJFtJsd78yPwQY5/w640-h600/sl%20econ%20data.png" width="640" /></a></div><br /><p>BoP<br />On BoP they have little improvement in goods imports/ exports<br />Slightly limited service export recovery inc tourism <br />They have a negative direct investment, ie lack of reinvestment and income repatriated<br />They assume limited USD soveriegn bond issuance, probably locally issued SLDBs<br />Negative bilateral flows, ie government net repayment<br />Little reserve accumulation<br /></p><br /><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEji8_z0TmW2QBI3ZFIITwfssnnVfDbFtD62i5XNHs90QQvQWjaadgXNIomc4N-aCbiKhl98RTKsrJyTdk5RxgPcaIRYcd8LFhuYuTIpz_apY6pag5CHAvEd2s5n7aOYADf7EqdKOH34WLbpP7rkseiKhWKi4RfNlG6U-gfcVGskkynCdMfsB_WjgtQC/s960/sl%20bop.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="805" data-original-width="960" height="536" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEji8_z0TmW2QBI3ZFIITwfssnnVfDbFtD62i5XNHs90QQvQWjaadgXNIomc4N-aCbiKhl98RTKsrJyTdk5RxgPcaIRYcd8LFhuYuTIpz_apY6pag5CHAvEd2s5n7aOYADf7EqdKOH34WLbpP7rkseiKhWKi4RfNlG6U-gfcVGskkynCdMfsB_WjgtQC/w640-h536/sl%20bop.png" width="640" /></a></div><br /><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiek1DfFedY6GmxYyMsK1kqm2-hR-lAAN44MXAsqwEBUTOsK0jL_tb0Pi_gTg9Bb6tN2WnjQyyW-Q9yU7-XRCxPzPS4BKfI6ltKfWBwHVC1J-Nxam_Zi5Q2r3VR2sjv4-zltpLmkWU0exX6-4qFsTOhf-x7HLK2bAi7gXzKzNTtPFa9x0iHj0Mtan4I/s948/sl%20bop%202.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="370" data-original-width="948" height="250" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiek1DfFedY6GmxYyMsK1kqm2-hR-lAAN44MXAsqwEBUTOsK0jL_tb0Pi_gTg9Bb6tN2WnjQyyW-Q9yU7-XRCxPzPS4BKfI6ltKfWBwHVC1J-Nxam_Zi5Q2r3VR2sjv4-zltpLmkWU0exX6-4qFsTOhf-x7HLK2bAi7gXzKzNTtPFa9x0iHj0Mtan4I/w640-h250/sl%20bop%202.png" width="640" /></a></div><br /><p></p><p>Assuming a decent part of the USD assets and liabilities are tied up in ISBs a hard default would impair bank equity while a reprofiling should not? Hotels and exporters are presumably most of the balance. </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPLO957o9vqRpUip1VUst26JqsrizeoBUeoxnN8aSNNJhCGQFS0hG9ESuTpLlc6AdMPIXN5DFxFDefABdL3MzTXf6KTTouvsTjbjjvcpvpHSn_b6DSBftyY8mqQ7idgMaUevG79PaBNuyLGMxwEp6btNSQ8VsYPnDCsPeO2arkVI1VP7DKN3zDuRvK/s964/sl%20banks.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="590" data-original-width="964" height="392" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPLO957o9vqRpUip1VUst26JqsrizeoBUeoxnN8aSNNJhCGQFS0hG9ESuTpLlc6AdMPIXN5DFxFDefABdL3MzTXf6KTTouvsTjbjjvcpvpHSn_b6DSBftyY8mqQ7idgMaUevG79PaBNuyLGMxwEp6btNSQ8VsYPnDCsPeO2arkVI1VP7DKN3zDuRvK/w640-h392/sl%20banks.png" width="640" /></a></div><p>They achieved <i>none </i>of the prior main requests from 2019</p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhImuoaiUB7tpNOg50K6vkK9S0RFBEQP8QFzV9NfWMELglsQ3Y9bJO1LHP3rXenOxmr0ZNYWaMBI9v0HA8blUei0imAF-a0fifS48VKEFPmOeo6iwKNUd8M2h2I8CWtabzmWuB525M1mVNPbgKWKu9MDMrt--d768xZqvghdRmMoXFncu6vTYEyEYJx/s983/sl%20imf%20reforms.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="655" data-original-width="983" height="426" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhImuoaiUB7tpNOg50K6vkK9S0RFBEQP8QFzV9NfWMELglsQ3Y9bJO1LHP3rXenOxmr0ZNYWaMBI9v0HA8blUei0imAF-a0fifS48VKEFPmOeo6iwKNUd8M2h2I8CWtabzmWuB525M1mVNPbgKWKu9MDMrt--d768xZqvghdRmMoXFncu6vTYEyEYJx/w640-h426/sl%20imf%20reforms.png" width="640" /></a></div><br /><p>Achievable growth rates<br />They need reforms and foreign corproate investment to boost TFP along with capital stock, they may be able to get to 4.5-6% growth if they do that. Increasing labour force participation can offset slowing working age population growth. <br /><br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9w4-HjPMXEW8HcJcAhioCA-cCRUp2P_W_rUTgyQjNE0VDEZJ_8C59VvLfY6DPtUKV7VF_yej28KeVCub-8lHqLkhqXnFC865SA1fKLfFWngNDaLVNc2uaP4qogRWIWSyIqnXy-U7IKrOB6cbD2MDHqgr_WsvanVoTD_MmEiGLlytb50tC2Xm2qZEW/s449/sl%20growth%20potential.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="290" data-original-width="449" height="414" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9w4-HjPMXEW8HcJcAhioCA-cCRUp2P_W_rUTgyQjNE0VDEZJ_8C59VvLfY6DPtUKV7VF_yej28KeVCub-8lHqLkhqXnFC865SA1fKLfFWngNDaLVNc2uaP4qogRWIWSyIqnXy-U7IKrOB6cbD2MDHqgr_WsvanVoTD_MmEiGLlytb50tC2Xm2qZEW/w640-h414/sl%20growth%20potential.png" width="640" /></a></div><br /><p>IMF is a bit pessimistic on this I think</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQzAFp3a-axjctf-4bm6qBydSaoGih_M_ZpSWfOWLlwN19UHWP-XP2klgnJYGtX5vV_u_syT-fJD9NK2CFffCWFqXl6viVMubmIy3zztZ49I_H0aOgCkFeQf3-PP6L_0zP3I0Fr3cVGzE3zEOJ4_clIk1susNs7jgZb_d0CmZTD-tLw305bOyKEIae/s598/sp%20productuivty%20potential.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="131" data-original-width="598" height="140" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQzAFp3a-axjctf-4bm6qBydSaoGih_M_ZpSWfOWLlwN19UHWP-XP2klgnJYGtX5vV_u_syT-fJD9NK2CFffCWFqXl6viVMubmIy3zztZ49I_H0aOgCkFeQf3-PP6L_0zP3I0Fr3cVGzE3zEOJ4_clIk1susNs7jgZb_d0CmZTD-tLw305bOyKEIae/w640-h140/sp%20productuivty%20potential.png" width="640" /></a></div><br /><p>Debt sustainability<br />A lot of the problems are domestic and based around the government historically borrowing instead of taxing. The external issues are less IMO but are linked. <br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiveJDzgeleEKrzEMN06Lo7XL8GssuQWr5AmAAJzNB_zQVRiG5T3YCG02-FSmkG6Hn6HM5dNGWmtKmoHJQl0bnlECeUaArWmozeN8HZylyxRM-61vMBKFqsfFYEcBRmcgaiycGxmCKuGgi_uk4vNiBdiOfrSZ7e9xD4dTWTON8CI-uUQWEV08ZLd8zA/s966/sl%20debt%20ownership.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="169" data-original-width="966" height="112" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiveJDzgeleEKrzEMN06Lo7XL8GssuQWr5AmAAJzNB_zQVRiG5T3YCG02-FSmkG6Hn6HM5dNGWmtKmoHJQl0bnlECeUaArWmozeN8HZylyxRM-61vMBKFqsfFYEcBRmcgaiycGxmCKuGgi_uk4vNiBdiOfrSZ7e9xD4dTWTON8CI-uUQWEV08ZLd8zA/w640-h112/sl%20debt%20ownership.png" width="640" /></a></div><br /><p>If the SoEs made a basic RoE then only the Road Development Authority is really a liability of the central government. SoEs should contribute positively to the budget not drain it and be a balance sheet risk. <br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGUTXREdxJauciE6mMPqIl4U5sLJgqv5U_f_lV6Alt2U5V4PXqz9gc65EJuAQ9VfLhv-cMRrxSA9X1iF_BS0HgluYcrtjD_qx5iXn0yWFQzrwyGQK0RyCki5Y7jFDvd5gGr5wRV4nvTsinBaEx4SBeRqN287VYsKEHmskptaScWM1IYaHhtMUJJXrl/s730/sl%20soe%20debt.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="345" data-original-width="730" height="302" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGUTXREdxJauciE6mMPqIl4U5sLJgqv5U_f_lV6Alt2U5V4PXqz9gc65EJuAQ9VfLhv-cMRrxSA9X1iF_BS0HgluYcrtjD_qx5iXn0yWFQzrwyGQK0RyCki5Y7jFDvd5gGr5wRV4nvTsinBaEx4SBeRqN287VYsKEHmskptaScWM1IYaHhtMUJJXrl/w640-h302/sl%20soe%20debt.png" width="640" /></a></div><p> </p><p>External ISBs were $13bn in Dec 2020. I think there were $1.5bn in maturities since then (last July and this Jan). So we are talking $11.5bn or so externally owned Eurobonds. Its not the main issue. <br /><br />The main issue is the dollar shortage created by domestic credit creation and the government is the main culprit there. Then secondary factors like tourism slowdown, lack of confidence, low reserves, remittances withheld in advance of an expected devaluation etc<br /><br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYrAMv3E0RI1PLgm6Rij1HBJcVhfo_uwZectJvy0E_OCZ39Sdrhetd1Z1N092_yRceMh18DB4QxPKjikjcr-0PT0P1hB84X-UA5_XGWu9eehGwaN0fKji49z7B--S7X1krN5Wj6D7r9-2F18uqKnU0jWtrxqt8D72WYW-PjV8r8-N8vvGdYs1pVOJZ/s922/sl%20debt%201.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="827" data-original-width="922" height="574" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYrAMv3E0RI1PLgm6Rij1HBJcVhfo_uwZectJvy0E_OCZ39Sdrhetd1Z1N092_yRceMh18DB4QxPKjikjcr-0PT0P1hB84X-UA5_XGWu9eehGwaN0fKji49z7B--S7X1krN5Wj6D7r9-2F18uqKnU0jWtrxqt8D72WYW-PjV8r8-N8vvGdYs1pVOJZ/w640-h574/sl%20debt%201.png" width="640" /></a></div><p></p><div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1eBlmGLEHFHqvJNtMNbtSzD_-dx5Q5y0gNQ84Y81ioPYLM27FDdosDPa9DahJc8m7sOdqLLBSJnYIFqBMoi1rPCP2aYAFOdU6k1BUd0IqXqTPnhhuMSDvSXKn47MjlWdI8e5qmdeEeLVq33WLzRYsDQX77XduxWj_BYbqikfhPWVe0aRaT_u7R_mS/s961/sl%20debt%202.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="448" data-original-width="961" height="298" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1eBlmGLEHFHqvJNtMNbtSzD_-dx5Q5y0gNQ84Y81ioPYLM27FDdosDPa9DahJc8m7sOdqLLBSJnYIFqBMoi1rPCP2aYAFOdU6k1BUd0IqXqTPnhhuMSDvSXKn47MjlWdI8e5qmdeEeLVq33WLzRYsDQX77XduxWj_BYbqikfhPWVe0aRaT_u7R_mS/w640-h298/sl%20debt%202.png" width="640" /></a></div><p></p><p>The curent policy framework doesn’t reduce debt/ GDP hence it is deemed unsustainable. <br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEif8f_PKouuTrbFwCOCQrGW_8Fn6hKRwccFvipqxVSbbow3TrenYF-BcaPvRuy4Syv4eGqu_LKyNZw8b9oQjH2RKL8HCnsYPxbPFDHW_iKlCTDkWnNxqBF2lYiIUMQKbUzkuupWL8PrKX9ZzwYhNZTWOmYm5RsOSis2ApTndpbZSngcPv-j9Ij6ln84/s929/sl%20dsa.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="580" data-original-width="929" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEif8f_PKouuTrbFwCOCQrGW_8Fn6hKRwccFvipqxVSbbow3TrenYF-BcaPvRuy4Syv4eGqu_LKyNZw8b9oQjH2RKL8HCnsYPxbPFDHW_iKlCTDkWnNxqBF2lYiIUMQKbUzkuupWL8PrKX9ZzwYhNZTWOmYm5RsOSis2ApTndpbZSngcPv-j9Ij6ln84/w640-h400/sl%20dsa.png" width="640" /></a><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEif8f_PKouuTrbFwCOCQrGW_8Fn6hKRwccFvipqxVSbbow3TrenYF-BcaPvRuy4Syv4eGqu_LKyNZw8b9oQjH2RKL8HCnsYPxbPFDHW_iKlCTDkWnNxqBF2lYiIUMQKbUzkuupWL8PrKX9ZzwYhNZTWOmYm5RsOSis2ApTndpbZSngcPv-j9Ij6ln84/s929/sl%20dsa.png" style="margin-left: 1em; margin-right: 1em;"></a><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgA2qLETdnhIXY8m5Vo7p1FbmKlIvyEXrbUUYZrjNFg6ecANp0iECbDxhBC4jNa0LGDqWMLc7ijRpxfBCha7pVtIYJ7KElnXKUlcbvtcmS3kLcgpXVHgtbYZPbVQx0Da18URZOxPPiKhV1hO70WxwzdBtn0RKENtt6av068Xv7Qeda2WrX3fshVw72f/s887/sl%20debt%20vulnerabilities.png" style="margin-left: 1em; margin-right: 1em;"></a></div></div><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgA2qLETdnhIXY8m5Vo7p1FbmKlIvyEXrbUUYZrjNFg6ecANp0iECbDxhBC4jNa0LGDqWMLc7ijRpxfBCha7pVtIYJ7KElnXKUlcbvtcmS3kLcgpXVHgtbYZPbVQx0Da18URZOxPPiKhV1hO70WxwzdBtn0RKENtt6av068Xv7Qeda2WrX3fshVw72f/s887/sl%20debt%20vulnerabilities.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="376" data-original-width="887" height="272" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgA2qLETdnhIXY8m5Vo7p1FbmKlIvyEXrbUUYZrjNFg6ecANp0iECbDxhBC4jNa0LGDqWMLc7ijRpxfBCha7pVtIYJ7KElnXKUlcbvtcmS3kLcgpXVHgtbYZPbVQx0Da18URZOxPPiKhV1hO70WxwzdBtn0RKENtt6av068Xv7Qeda2WrX3fshVw72f/w640-h272/sl%20debt%20vulnerabilities.png" width="640" /></a></div></div><p></p><p>Net investment positions is weak </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKa3tOPP5LiMSxzwckzAkgRv-eLKy1La0NpiStAiTNv3pHcUMoLDyI__mmZlEQQahGsZdTh8_Ns1a0Vag81gUuzlY9GCYw8Lb-03h1rltG5FYQ5G3czrpr8p5z8DxDPm-T8WPsQIAaFAn8IdvMCFPwXNyzBopUOtyNvaLwt70iQZZFRalfLXiH-pbo/s446/sl%20nip.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="327" data-original-width="446" height="470" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjKa3tOPP5LiMSxzwckzAkgRv-eLKy1La0NpiStAiTNv3pHcUMoLDyI__mmZlEQQahGsZdTh8_Ns1a0Vag81gUuzlY9GCYw8Lb-03h1rltG5FYQ5G3czrpr8p5z8DxDPm-T8WPsQIAaFAn8IdvMCFPwXNyzBopUOtyNvaLwt70iQZZFRalfLXiH-pbo/w640-h470/sl%20nip.png" width="640" /></a></div><br /><p>The IMF model implied a 17% REER devaluation requirement, but the currency just devalued 50% plus in one month. A 50% deval with 18% elasticity, implies a 9% import compression, or call it $160m/ month improvement? Seems low and the import compression might be higher. Exports should also be boosted. <br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEit7pXkPaykwLB3_txPN1f9ii-kGVKz3KRZPW95fdVtvS-W7Lt24Eh9l6iczKD9WsIRBRmqWlvDsRfUn8IEh8g1pgdmndNbi4zZcCPVXN2jt8ZzLkCnXrQcb4LhCXjYefdQxN13o79_c4sZDfgQ6t_Vus2H3hChGqe_FHiY6aSaQoXazsS0bhBMwYNH/s643/sl%20reer%20adjustment%20model.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="643" data-original-width="452" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEit7pXkPaykwLB3_txPN1f9ii-kGVKz3KRZPW95fdVtvS-W7Lt24Eh9l6iczKD9WsIRBRmqWlvDsRfUn8IEh8g1pgdmndNbi4zZcCPVXN2jt8ZzLkCnXrQcb4LhCXjYefdQxN13o79_c4sZDfgQ6t_Vus2H3hChGqe_FHiY6aSaQoXazsS0bhBMwYNH/w450-h640/sl%20reer%20adjustment%20model.png" width="450" /></a></div><br /><p>They had stupidly let the REER appreciate as they tried to bring inflation down at the same time credit was growing strongly, then when the peg broke this month it has unwound massively.<br /></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2O9C7mebVE8Iy9qu2n-2T5mQ43Crd6Zb5cQ_lPCd6BQJNUQsl3zsAoRO3gq4V_bRpcZ-swWhEPUEBg-wEsxwZizt9O-yUuRX-ynvphT1fxHaE_9HiucNWXW1JoUWrbFF00RueIcKe2Odz-vrqMTaIt7lNA6T7XZGmywdz4hoSbGk5qafWOJperKwv/s426/sl%20reer.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="304" data-original-width="426" height="456" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh2O9C7mebVE8Iy9qu2n-2T5mQ43Crd6Zb5cQ_lPCd6BQJNUQsl3zsAoRO3gq4V_bRpcZ-swWhEPUEBg-wEsxwZizt9O-yUuRX-ynvphT1fxHaE_9HiucNWXW1JoUWrbFF00RueIcKe2Odz-vrqMTaIt7lNA6T7XZGmywdz4hoSbGk5qafWOJperKwv/w640-h456/sl%20reer.png" width="640" /></a></div><br /><p>SSN spending is low vs peers and could be boosted while taxes rise:</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimUvszaO5uZdUYS5emMcZVaeimnVqh04Tu_JnWd7PEyx_VfOjUSXAEJcAAP6dHYczWuEHhZ6H_NNpR0fE7iwLHTifHF-_omPBUqekaan0xsVChvfs7Cj2Te8EOtIElItHjlugkK5E1HbFdsAZgC8uFMadT4h_uLTPU51dKO-Ug9DcPZJXN3oO-LTNq/s460/sl%20ssn.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="338" data-original-width="460" height="470" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimUvszaO5uZdUYS5emMcZVaeimnVqh04Tu_JnWd7PEyx_VfOjUSXAEJcAAP6dHYczWuEHhZ6H_NNpR0fE7iwLHTifHF-_omPBUqekaan0xsVChvfs7Cj2Te8EOtIElItHjlugkK5E1HbFdsAZgC8uFMadT4h_uLTPU51dKO-Ug9DcPZJXN3oO-LTNq/w640-h470/sl%20ssn.png" width="640" /></a></div><br /><p>Lack of transparency of government finances<br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzooCVe1aHReh8kdZJdGGEOodM60aMtheI-fwC3Mck9YmTvs0VwavcFFQf0PZgw39drbV2Sw8lvi-mjWiOCBGyWXYFgdSxdWk0weigNwaAScWgJP4vWX-clGZLl5WaBUevn57t8cKBmpZcx2rjU5ltV27j8AaSmYs9Y8niJpMbXQdKsILfAtDfPkH5/s704/govt%20transparency.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="277" data-original-width="704" height="252" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzooCVe1aHReh8kdZJdGGEOodM60aMtheI-fwC3Mck9YmTvs0VwavcFFQf0PZgw39drbV2Sw8lvi-mjWiOCBGyWXYFgdSxdWk0weigNwaAScWgJP4vWX-clGZLl5WaBUevn57t8cKBmpZcx2rjU5ltV27j8AaSmYs9Y8niJpMbXQdKsILfAtDfPkH5/w640-h252/govt%20transparency.png" width="640" /></a></div><br /><p><br /></p><br />Strategic macrohttp://www.blogger.com/profile/13718957223946001551noreply@blogger.com0tag:blogger.com,1999:blog-3619346926253451029.post-62093709478717531722022-02-07T04:32:00.008-08:002022-02-22T06:52:19.829-08:00Are warnings about an 'imminent Russian invasion of the Ukraine' any more than a deep state intelligence operation?<p>I think what is happening overall is brinkmanship by a number of parties, which is not uncommon in geopolitics, and it is unlikely anything significant happens. <br /></p><p>But lets discuss the interests of different parties in each state:<br /><br /><b>Ukrainian interests<br /></b>There are interest groups in Ukraine that want Nord Stream 2 sanctioned as it going live in June 2022 would end $3bn of transit revenues that the Ukraine government gets. The oligarchs in the Ukraine owe a lot of their wealth to milking the state budgets. Then there are Neo-Nazi militias that were folded into the military without much ‘re-eduction’ who dream of taking Donbass region back and like to wear WWII Galician division insignia. <br /><br />So we had a Ukraine forces build up last Feb/ March then a climb down (NS2 was supposed to go live last summer but a German court said the legal structure was not compliant and needed to be changed and then reapproved) now is the last gamble before it goes live. Ukraine built up forces in Oct and used newly received Nato weapons, such as a TB2 drone to strike 15kms behind the ceasefire line. (https://ukdefencejournal.org.uk/ukraine-uses-bayraktar-tb2-drone-in-combat-for-first-time/) They also crossed the ceasefire line and attacked two small villages with an armoured column. There are daily ceasefire violations of 100-1000 events that the OSCE record in a daily report published on the OSCE website. Here is a video of a Ukraine journalist firing a howitzer towards the area. They generally try and shell utilities to make the area as unliveable as possible but also routinely injure and kill civilians. <br /><br />https://www.donbass-insider.com/2021/11/29/ukrainian-journalist-yuri-butusov-films-himself-firing-a-152mm-howitzer-at-russian-occupiers/</p><p>Meanwhile the BBC Kiev correspondent notes little frontline expectation of an invasion: <br /></p><p><img alt="" src="data:image/png;base64,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" /></p><p></p><p></p><p><br />President Zelensky is a former <a href="https://youtu.be/J_UWafVKjLw?t=45" target="_blank">slap stick comedian</a> who was pushed forwards to power by an Oligarch. He won on a reform mandate with pro-western alignment, but has failed to challenge the oligarchs who can easily bribe officials, so has become dependent on the support of the nationalists. He has not implemented the Minsk agreement. <br /><br />The Minsk agreement is a treaty that Ukraine, Russia, Germany and France negotiated. It would deliver a federal Ukraine and MPs from Donbass would go to Kiev. But the nationalists want to defeat the Donbass fighters and don’t want pro-Russian MPs in Kiev. So it has never been implemented. <br /><br />https://en.wikipedia.org/wiki/Minsk_Protocol<br /><br /><b>Russia</b><br />So Russia responded to the events in Oct by increasing their troops near the border from circa 90k to 120-130k. Also there was evidence of more equipment rail way shipped into Donbass. So they were definitely trying to menace Ukraine into stopping the heavy weapons attacks with the implicit threat of a bigger conflict. But they only did the build up after Ukraine provocations. <br /><br />Then the western media reports the Russian activities and is encouraged to conclude that Putin is about to invade. <br /><br />Russia has repeatedly called for the Minsk treaty to be implemented. If it is not implemented this year there are calls in the Russian parliament for the Donbass region to have a referendum on joining Russia. Most of the residents have Russian citizenship now. <br /><br />Russia recently seems to have decided to push back and use the reporting of their invasion threat in the western media to try and push for long term extra-territorial security guarantees, which the US/ UK have blown off, but there seems to be a serious discussion starting with France and Italy and by inference the EU in general. <br /><br />A low probability event is a conflagration happens/ is engineered and Putin then annexes the sea front from Mariupol to Crimea and possibly the area around the Dnieper river/ canal to secure the fresh water supply. That operation might take a week or so, it is flat land and his tanks would literally just roll across it. Our understanding is that Putin, Medvedev, Lavrov and other centrists in Moscow see the sanctions fall out from that as not worth it, but there are hardliners who dream of doing this. <br /><br />An invasion would also give the hardliners in the Washington ample excuse to impose much tougher sanctions and trade embargoes on Russia. I don’t see a broader invasion of western Ukraine as likely. <br /></p><p>In the last few weeks various Russian officials have alluded to what they see is little more than a UK/ US intelligence operation aimed at misleading their respective political leaders and bouncing said leaders into further anti-Russian sanctions. </p><p>“West cooked up ‘Russian threat’ to save face after Afghan flop, diplomat says”<br /></p><p>https://tass.com/world/1398957</p><p></p><p></p><p></p><p></p><p></p><p><br /><b>US/ UK</b><br />America and the UK are unlikely to agree to any Russian security guarantees and are more likely to try and periodically antagonise Putin and his security people, as part of the old ‘great game’. Although this week it seems France and Italy are willing to negotiate security with Russia. <br /><br />Apparently, an MI6 dossier, no doubt drawing on Ukrainian sources, has been rubber stamped by the CIA/ State Dept and is the basis for the UK/ US claiming that Putin ‘could/ almost certainly will’ invade. Ie the deep state is bouncing the politicians to try and get more sanctions imposed on Putin and Russia. The Russians are aware of this and have alluded to it several times. <br /><br />By claiming Putin might invade imminently they justify sending more arms (Germany would block a NATO MAP) and can provide NATO training to an Army that has neo-Nazi elements within it<br /><br />Then when Putin does not invade they will be able to claim diplomatic victory and claim that they stared down the Russian threat. But it is almost certainly built on a series of false narratives and manipulated analysis and conclusions. <br /></p><p><b> </b></p><p><b>Later this year/ Resolution</b><br /></p><p>Once NS2 is up and running in June and Ukraine has lost the >$3bn in transit revenues, it will be easier for Germany to pressure them to implement the Minsk agreement to make Ukraine a federal state as Ukraine will still want a closer EU relationship. If Kiev refuses to implement Minsk, which is quite likely, then perhaps Donbass would then join Russia, and having the Russian military directly in the disputed areas would necessarily end the low intensity conflict. <br /><br />Germany and Russia don’t want anything to happen that would sanction NS2, Biden has accepted that without NS2 gas prices in Europe would be too high and that affects global gas prices, hence the administration blocked a sanction attempt in the Senate recently on NS2. German industry don’t want high gas prices or their investments in Russia to be affected, hence the US has given up on the idea of disconnecting Russia from Swift. <br /><br />https://www.foxnews.com/politics/democrats-slammed-blocking-russia-sanctions-filibuster-racist<br /></p><p>So for now, there are multiple groups within each country that have competing agendas and some brinkmanship has suited a lot of them. <br /><br />It is possible that there is a sizable ‘border incident’ but I think it would likely be contained quickly. <br /><br />Then a permanent resolution is likely to be pushed for in H2 this year.</p><p><b>Update 8th Feb<br /></b></p><p></p><p>With Putin now negotiating directly with Macron, Draghi and Scholz, this sidelines US-led NATO and is likely to force the US/ UK to also negotiate inorder for them to avoid a Russia-European security treaty that makes NATO effectively irrelevant and supports Macron's vision of an EU security organisation. </p><p>So having started this operation with an objective of humiliating or sanctioning Putin, it is now in the process of backfiring on the deep state and is possibly leading to a long term security pact principally between Europe and Russia. <br /></p><p></p><p><b>Update 22nd Feb </b></p><p>It is possible that Putin concluded that for a Finland style deal for the Ukraine (EU membership, no NATO membership) they had to permanently settle the Donbass issue. But Ukraine would not/ could not agree to settle it, so Putin has settled it via an effective annexation and now a Finland style deal can be implemented, hence the limited sanctions being announced. <br /></p><p><br /></p><p> </p>Strategic macrohttp://www.blogger.com/profile/13718957223946001551noreply@blogger.com8tag:blogger.com,1999:blog-3619346926253451029.post-48730717017843469802022-01-07T07:40:00.002-08:002022-01-07T08:45:33.397-08:00What happened in Kazakhstan?<p>Seems like this roughly happened in Kaz:<br /><br />Tokayev President in name only, Nazarbayev people in most ministries. They hike taxes, unpopular, Tokayev people organise protests where various paid protestors got drunk and started rioting and where the protests were surprisingly well attended by people who were not paid for.</p><p><br />Tokayev then uses that to force government resignation to take more control but Nazarbayev still in command of security until he is forced out of those roles as well.<br /><br />While the protests happen an ISIS cell activates in Almaty and hits the banks for cash and locations of arms for weapons, they were organised in advance. The militants are now set up for an insurgency having been previously waved through Turkish airports coming back from Syria, albeit without money or gear. This is when the 24hr a day gun battles start in Almaty but not really anywhere else.<br /><br />There are Salafist mosques in Kaz, Saudi funded, so they can draw brainwashed local plebs for an insurgency. Hence the immediate Russian/ CSTO response and Blinken boiler plate comments and various references to foreign terrorists and external interference. <br /><br />The mountains immediately south of Almaty into Kyrgyz are a perfect hiding place and stretch way west into neighbouring countries. So Kaz closed the Kyrgyz border today. Hard to call this, but ISIS will fight to the last person so the authorities have to end it fast. The Russian planes are presumably to bomb in the Tien Shan mountains. <br /><br />The militants have spread out in Almaty into ordinary buildings and the Kaz SF have to fight each one. Assuming they clear out Almaty they will end up having to fight them in the Tien Shan mountains if this is correct and the ISIS group can maintain the funding, weapons and people supplies. Those mountains also run through Kyrgystan and Uzbekistan. <br /><br />Kaz is so physically big I don’t think this threatens the country overall, at least for now, but its hardly an economic positive. <br /></p><p>Update,</p><p>The Kazakh Liberation Front released a video promising to fight, and they dont look like vodka addled rent-a-protestor types. </p><div>https://twitter.com/KyleJGlen/status/1479484439830880256</div><div><br /></div><div><br /></div>Strategic macrohttp://www.blogger.com/profile/13718957223946001551noreply@blogger.com1tag:blogger.com,1999:blog-3619346926253451029.post-7468565464914674842021-08-20T07:41:00.005-07:002021-08-25T02:10:16.395-07:00Ethiopia's likely coming bond default <p>If you follow the news then you know what has been happening there, if not this is a cliffs note summary:</p><p></p><p>The <a href="https://en.wikipedia.org/wiki/Ethiopian_People%27s_Revolutionary_Democratic_Front" target="_blank">EPRDF</a> coalition political party ruled Ethiopia with an iron rod from 1991 to 2018 with the Tigrayan Peoples' Liberation Front, TPLF, faction being the most powerful. Federal power based along Ethnic/ tribe-based Federal states kept the ethnic/ tribal differences and conflicts subdued. PM Meles Zenawi, and after he died, his successor PM <span>Hailemariam Desalegn</span>, ran the Federal state as a technocratic economic development project and the economy grew about 10% a year for many years.</p><p>But the largest ethnic group, the Oromo and the Oromia Liberation Army, felt subdued by the prior Amhara kings and then the EPRDF, which was dominated by the Tigrayans. (Amhara is the second biggest state and created modern day Ethiopia via the prior Abyssinian Empire via the invasion of the surrounding tribes). </p><p>Protests and violence came to a head in 2018 and via a parliamentary reshuffle PM Abiy Ahmed, whose parents are both Oromo and Amhara came to power. Abiy was initially greeted as the new face of Africa - a young, reform minded, peace maker. In 2019 he was awarded the Nobel Peace Prize for securing peace with Eritrea. <br /></p><p>However, the TPLF did not support him and the EPRDF party split into the TPLF and Abiy's new Prosperity Party. </p><p>Anti-corruption drives and other measures were viewed as an Abiy-led purge against the TPLF and things came to a head in late 2020. </p><p>Abiy sent 300 special forces to Mek'ele, the Tigrayan capital, who attempted a night time raid on TPLF leaders on the <a href="https://en.wikipedia.org/wiki/Timeline_of_the_Tigray_War#2_November" target="_blank">3rd-4th November 2020</a>. This failed and the TPLF and their paramilitary wing, the TDF, launched a counter attack on the Ethiopian National Defence Forces Northern Command bases on the 4th November.</p><p>This led Abiy to declare war on them and initiate a prepared invasion with the ENDF, and he was supported by the Eritrean Defence Forces, Amhara Special Police and crucially drone support from the UAE, who had a drone base in Eritrea, plus a few hundred Somali Army trainees. </p><p>As has been documented the UAE drone support destroyed the TDF's heavy weapons and they quickly abandoned a conventional warfare strategy and melted in the mountains. Bringing retired military commanders out of retirement, most notably General <span>Tsadkan Gebretensae</span>, they then trained over 100k volunteers, while carrying out hit and run attacks on the invading forces. </p><p>The invading forces adopted pretty much a scorched earth policy and all sides have been accused of numerous war crimes. <br /></p><p>The first turn in favour of the TDF was <a href="https://www.trtworld.com/magazine/uae-dismantles-africa-base-to-avoid-us-wrath-but-policy-change-unlikely-44329" target="_blank">in February</a> the UAE was forced by the US to disengage, which left the ENDF without much aircover. </p><p>Then at some point in May the Eritrean troops stopped engaging fully in the new attacks. This left the ENDF exposed to concentrated TDF attacks. The ENDF mounted two failed efforts to take the highlands and lost thousands of troops in the process. The TDF had also been building troop numbers and launched Operation Alua, which led to the <a href="https://eritreahub.org/new-realities-in-ethiopia-by-alex-de-waal" target="_blank">total collapse</a> of the ENDF in Central and Southern Tigray and the recapture of Mek'ele, the state capital. Eritrean troops withdrew to the northern border areas. </p><p>The TDF then invaded part of the barren Afar region, to the east of Tigray, threatening to capture the Main Supply Route from Djibouti to Addis, but this turned out later to be diversionary and instead the main forces invaded the Amhara region heading towards Debark in the north west and Weldiya in the east. </p><p></p><p>After capturing Weldiya the TDF have headed south towards Dessie and west towards Debre Tabor, which has been captured this week. Debark, which sits by a mountainous ridge line, has been so far defended by the Amhara forces. <br /></p><p>This month they have also agreed to <a href="https://www.aljazeera.com/news/2021/8/11/ethiopia-armed-group-says-it-has-alliance-with-tigray-forces" target="_blank">cooperate</a> with the Oromo Liberation Front's Oromo Liberation Army to bring down Abiy. The TPLF and OLF were arch enemies in the past, so this is a remarkable redrawing of alliances. </p><p>Over the last few months the OLA has grown from a small force into one fielding divisional sized forces and they have been capturing land north west and to the south of Addis. <br /></p><p><a href="https://en.wikipedia.org/wiki/Template:Ethiopian_wars_and_insurgencies_detailed_map" target="_blank">Wikipedia</a> and <a href="https://www.google.com/maps/d/u/0/viewer?mid=1ukq3h-fUshA0a0ZDcSI22WHbfC6PnKtX&hl=en&ll=10.036266718352223%2C40.015062494247175&z=7" target="_blank">Ethiopia Map</a> on <a href="https://twitter.com/MapEthiopia" target="_blank">Twitter</a> are keeping up to date maps of territory held and lost. </p><p> <br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixVGJtE9YzRmserlv6hOTCxKhYJUQWNXh0X3tPACgZ-ozNsET_-D_HSAmi4GYAHvlPXtQyxKFYS1CLZLGWsYodoDkmf5QLA3u4IcgjwoIHhW9MOqB6wYoPY2i43iJhH5wUxnrE5QZEwT4/s1330/tdfola.PNG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="844" data-original-width="1330" height="254" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixVGJtE9YzRmserlv6hOTCxKhYJUQWNXh0X3tPACgZ-ozNsET_-D_HSAmi4GYAHvlPXtQyxKFYS1CLZLGWsYodoDkmf5QLA3u4IcgjwoIHhW9MOqB6wYoPY2i43iJhH5wUxnrE5QZEwT4/w400-h254/tdfola.PNG" width="400" /></a></div><br /><p></p><p>This week the OLA claim they have <a href="https://allafrica.com/stories/202108160600.html" target="_blank">control</a> of the road down to the Kenyan
border and have attacked Suluta, just 12kms outside of Addis to the
north. <br /></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg__M5eTNt0d-xPhojEPBtQx428w2xk4tP9D-SGQ7oTQoG9ljridE9b6c0K4XSxkABQ2FYcFUMMIRv02ylA9N__k7oxecqcYNPCKmykQPWeaNeagJc3L575ELKQA3j-Zt8-YaEIyvHb7Nk/s916/suluta.PNG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="846" data-original-width="916" height="370" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg__M5eTNt0d-xPhojEPBtQx428w2xk4tP9D-SGQ7oTQoG9ljridE9b6c0K4XSxkABQ2FYcFUMMIRv02ylA9N__k7oxecqcYNPCKmykQPWeaNeagJc3L575ELKQA3j-Zt8-YaEIyvHb7Nk/w400-h370/suluta.PNG" width="400" /></a></div><p></p><p>Simultaneously the TDF are now marching towards Bahir Dar, the Amhara regional capital. </p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjqDELciIWvutQ1G9Jz8uGttZV1CvgQGQAW87oSqSYyrITv_v-zV6k90tCVqzgE3dcs18MrLX92J52VhQQoPmSS6GlI9tjm1izdWv8m_gmM264cCGYC1BHuS6k4WP1yziuF43Kub34on4A/s1139/tdf1.PNG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="559" data-original-width="1139" height="196" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjqDELciIWvutQ1G9Jz8uGttZV1CvgQGQAW87oSqSYyrITv_v-zV6k90tCVqzgE3dcs18MrLX92J52VhQQoPmSS6GlI9tjm1izdWv8m_gmM264cCGYC1BHuS6k4WP1yziuF43Kub34on4A/w400-h196/tdf1.PNG" width="400" /></a></div><p></p><p> </p><p>Abiy's regime has gotten to such a desperate state that they seem to have accepted sanctioned <a href="https://www.bellingcat.com/news/rest-of-world/2021/08/17/is-ethiopia-flying-iranian-made-armed-drones/" target="_blank">military drones</a> from the Iranians and have been asking the Turks for additional military support, but it is likely too little, too late. <br /></p><p> </p><p>So in
summary, I think we can see that the Abiy regime is a few key battles
away from collapsing and the siege of Addis is now beginning. <br /></p><p> </p><p><b>Ethiopia's only bond <br /></b></p><p>Which brings us to the bond. <br /></p><p>A 10-year $1bn bond was issued in 2014. </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUPE1CH24AhWhhnCtQMsr_CnKPPuaZTrtlQEpVuVnVzxJjObsrdbhmM5NJEil__q4f0f6BAvHUUer0P5p1yTGSp0gXNdEhY1Pm2OH7j9W13LjhTS3cYhqJUAVrVwurgOLB84D-tex6AmE/s1278/ethio+des.PNG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="639" data-original-width="1278" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUPE1CH24AhWhhnCtQMsr_CnKPPuaZTrtlQEpVuVnVzxJjObsrdbhmM5NJEil__q4f0f6BAvHUUer0P5p1yTGSp0gXNdEhY1Pm2OH7j9W13LjhTS3cYhqJUAVrVwurgOLB84D-tex6AmE/w400-h200/ethio+des.PNG" width="400" /></a></div><br /><p></p><p></p><p>Ethiopia to get to 10% GDP growth ran up 60% debt to GDP, ran CA deficits/ borrowed from abroad and has taken part in the DSSI programme. </p><p>Annual GDP growth: <br /></p><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivlEwmebbilqe8P61H_DvLNDwDRufrK6oZVJIn0xv1hpqPy_1RExR2gy463zDVjnwpuGN1vhrtJPZJeCjk19QH49MKqpRnnhGq1H3VShEE2vgX_6-3bW-f2fizgSivfWVdi2mDU4zjeQE/s730/ethiopia-gdp-growth-annual.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="340" data-original-width="730" height="149" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivlEwmebbilqe8P61H_DvLNDwDRufrK6oZVJIn0xv1hpqPy_1RExR2gy463zDVjnwpuGN1vhrtJPZJeCjk19QH49MKqpRnnhGq1H3VShEE2vgX_6-3bW-f2fizgSivfWVdi2mDU4zjeQE/s320/ethiopia-gdp-growth-annual.png" width="320" /> </a></div><div class="separator" style="clear: both; text-align: center;"> </div><div class="separator" style="clear: both; text-align: left;"> </div><div class="separator" style="clear: both; text-align: left;">Debt/ GDP: <br /></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwsAzW1Stp_aknP_gSPJpoC0RlsSGW_26mbd6doPb7XiDFD_fSkV3e-sT7wdVOodFhY3pCm8YO0opXkNaXZBl8SpELOVNm08Evogh0fvU3tYUVJmm12hkNZGqS0gpxNEC1LEWM9uz_Rhc/s730/ethiopia-government-debt-to-gdp.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="340" data-original-width="730" height="149" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwsAzW1Stp_aknP_gSPJpoC0RlsSGW_26mbd6doPb7XiDFD_fSkV3e-sT7wdVOodFhY3pCm8YO0opXkNaXZBl8SpELOVNm08Evogh0fvU3tYUVJmm12hkNZGqS0gpxNEC1LEWM9uz_Rhc/s320/ethiopia-government-debt-to-gdp.png" width="320" /></a></div><p></p><p>Current Account/ GDP:<br /></p><p></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_O9XLSnKrm8DSgZwxEcDfNokILZLHSI4wbMnkBiOMKFTfkTmQUHw4GvWabb9qrA3O-o6OE-TGRdbfMR7F0rUBdVD7kIJQWGrvrLjKAJJ45usJ3dF9WpgK9DSp0nGUeX1QEgExf0ZV61g/s730/ethiopia-current-account-to-gdp.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="340" data-original-width="730" height="149" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_O9XLSnKrm8DSgZwxEcDfNokILZLHSI4wbMnkBiOMKFTfkTmQUHw4GvWabb9qrA3O-o6OE-TGRdbfMR7F0rUBdVD7kIJQWGrvrLjKAJJ45usJ3dF9WpgK9DSp0nGUeX1QEgExf0ZV61g/s320/ethiopia-current-account-to-gdp.png" width="320" /></a></div><br /><p></p><div>Multi-billion projects like the $5bn GERD dam cost a lot of money upfront for years before generating anything yet are key to economic development, for example. <br /></div><div> </div><div>In January 2020 they entered an <a href="https://www.imf.org/en/Publications/CR/Issues/2020/01/28/The-Federal-Democratic-Republic-of-Ethiopia-2019-Article-IV-Consultation-and-Requests-for-48987" target="_blank">IMF Extended Credit Facility</a> programme. The IMF expected them to slow growth, reduce current account and government deficits, lower debt/ GDP, engage in economic reforms and build reserves. </div><div><br /></div><div>They were then hit with the Covid pandemic and took part in the DSSI initiative to reprofile $1.2bn of bilateral debt servicing cash flows. <br /></div><div><br /></div><div>They have since announced an intention to reprofile debts on a 'voluntary basis' and have so far indicated that this would <i>not</i> include the Eurobond. </div><div> </div><div>Excluding the Eurobond goes against the G20's 'Common Framework', which calls for all debts to be treated equally. <br /></div><div><br /></div><div>The biggest holder of the Eurobond, according to Bloomberg's analysis of 13F filings is Franklin Templeton fund manager, Dr. Michael Hasenstab, who shall we say is not unfamiliar with sovereign stress and <a href="https://www.bloomberg.com/news/articles/2019-10-15/michael-hasenstab-fund-loses-3-billion-in-a-miserable-quarter" target="_blank">distress</a>. <br /></div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiw3Z3ynpNVG8gQ_Q4JXWt4DFqirAo2E8NlWRxzsTWQoeEHfYzHVYJSRK-o0hV4AsAf-x0ynpaYBJpkNGzrVadDJES0nlIeZcz5dL_gSLVkbXze0s-Kq2-VI_mQR95WjAj8D7FmY8PiFx0/s1279/ethphdc1.PNG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="683" data-original-width="1279" height="214" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiw3Z3ynpNVG8gQ_Q4JXWt4DFqirAo2E8NlWRxzsTWQoeEHfYzHVYJSRK-o0hV4AsAf-x0ynpaYBJpkNGzrVadDJES0nlIeZcz5dL_gSLVkbXze0s-Kq2-VI_mQR95WjAj8D7FmY8PiFx0/w400-h214/ethphdc1.PNG" width="400" /> </a></div><div class="separator" style="clear: both; text-align: center;"> </div><div class="separator" style="clear: both; text-align: center;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8_b5NJwsnUn8rUheaZDNZ7d4GuYropLCRpl4PsSlT_SEn__osd-f1Jvsma3EyytGkQBKTbC_3buudSPqHKapTLQMscaf-68y7yBEtH9S8Dyf2K0rEosG10f2tUA0qbufJVoGoXanmWnA/s1111/93500+to+130k.PNG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="485" data-original-width="1111" height="175" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8_b5NJwsnUn8rUheaZDNZ7d4GuYropLCRpl4PsSlT_SEn__osd-f1Jvsma3EyytGkQBKTbC_3buudSPqHKapTLQMscaf-68y7yBEtH9S8Dyf2K0rEosG10f2tUA0qbufJVoGoXanmWnA/w400-h175/93500+to+130k.PNG" width="400" /></a></div> </div><div class="separator" style="clear: both; text-align: left;">He held a baseline position of $70-90m at least since 2015. It is hard to criticise that, he was supporting a growing, low-income country, with what was initially taken as a new reform minded Prime Minister, Nobel Peace price winner, Abiy Ahmed. </div><div class="separator" style="clear: both; text-align: left;"><br /></div><div class="separator" style="clear: both; text-align: left;">However in Q1 when the bond prices sold off into the low 90s, he bought more and took his holding up to $130m of par value in total. The main portfolio holding the bond seems to be the <a href="https://www.franklintempleton.co.uk/investor/products/overview/500/Z/templeton-emerging-markets-bond-fund">Templeton Emerging Markets Bond fund</a>. <br /></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1dj-xuCe3svuuY5edZsm4UUORceVrz9P70oweBJ3scapS7ey6jJJYUGUVo_jy_zPgHDyLRYbhdGTf__OOlxLOjuDrRqjAJeBcBBD8To6rROHRTUCp2cQx2dPTXrWVg863KjW9LHDR9RA/s1192/franklin+fund+holdings.PNG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="536" data-original-width="1192" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1dj-xuCe3svuuY5edZsm4UUORceVrz9P70oweBJ3scapS7ey6jJJYUGUVo_jy_zPgHDyLRYbhdGTf__OOlxLOjuDrRqjAJeBcBBD8To6rROHRTUCp2cQx2dPTXrWVg863KjW9LHDR9RA/w400-h180/franklin+fund+holdings.PNG" width="400" /></a></div><br /><div>According to the fund <a href="https://www.franklintempleton.co.uk/content-common/portfolio-holdings/en_GB/local-GB/500_holdings.pdf" target="_blank">holdings</a> he took it to a 2% position there. <br /></div><div><br /></div><div>I am not sure what the Franklin Templeton ESG policy is, but he did this while Ethiopia was financially stressed, asking for debt relief, in an IMF programme and additionally when there were numerous reports of widespread war crimes being committed by Abiy's combined forces in Tigray. </div><div> </div><div>The bonds are currently indicated in the high-80's, but hardly trade. <br /></div><div> </div><div> </div><div><b>Default and Restructuring</b></div><div>The IMF would typically want a low income country to peak at 60% debt to GDP, net of an IMF programme, yet Ethiopia went into the last 18 months at that level of debt/ GDP. </div><div> </div><div>In my opinion, the country will end up with a restructuring and a meaningful NPV debt haircut. <br /></div><p></p><p>In my opinion the Eurobond will be included in the debt restructuring. If the new government is quickly recognised by the US and IMF then perhaps a 65c recovery at an 11% exit yield may be achieved by the end of next year. However the bonds should trade significantly below that before and after the restructuring as the negative news hits, perhaps they trade down to 30-40c. </p><p>If the US/ IMF don't recognise the new government then it becomes a hard default against a possibly sanctioned regime, if that happens, then sub-10c will eventually be realised. </p><p>I do think the former outcome is much more likely but the bonds could easily trade under 30c amidst the initial uncertainty and the time frame for normalisation can draw out easily. Post restructuring bonds are often trading at 15-20% yields for at least 6-12 months in many recent instances before cross over investors start to buy back in and yields normalise.<br /></p><div>So on a $130m of par, a $100m mark to market loss is not inconceivable with maybe $40-50m in permanent losses, post restructuring, over the medium term. <br /></div><div> </div><div>Complicating factors could be the expected secession of Tigray, which would cost Ethiopia 7-8% of GDP. Tigray could also claim war reparations at least against the Amhara state, which represents about 25% of GDP. </div><p>There is also the likelihood that the TDF will go after Eritrea's totalitarian dictator Isias Afwerki and invade Eritrea. Whether that results in a new democratic, independent Eritrea, a merged Tigray/ Eritrea which delivers a defacto secession quickly, or Eritrea is again assumed into Ethiopia, that remains to be seen. I think it is inconceivable that the TDF will make the mistake of leaving Afwerki in power again as it did in 2000 when the Army was ordered to stand down by PM Zenawi. <br /></p><br />Strategic macrohttp://www.blogger.com/profile/13718957223946001551noreply@blogger.com0tag:blogger.com,1999:blog-3619346926253451029.post-66279475608100194902021-07-09T10:32:00.001-07:002021-07-10T02:59:19.212-07:00How far behind the curve is the Fed?<p>Over the last few months Treasury yields have dropped and retraced a large amount of the Q1 sell off.</p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQY22XICNUl3wa2doXo0aR4RdvJ9cjcPnXN6J5GpFwosLFQer6BF73EdyqG_0NPpGZq_cDosccQ5C8Gjyqu8sj_roqVVv89HsKlc2VZgXQNeKDJ1wS0EVlsZGIuimiFTjUbWQ2L_yvYnc/s1850/us10.PNG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="815" data-original-width="1850" height="282" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQY22XICNUl3wa2doXo0aR4RdvJ9cjcPnXN6J5GpFwosLFQer6BF73EdyqG_0NPpGZq_cDosccQ5C8Gjyqu8sj_roqVVv89HsKlc2VZgXQNeKDJ1wS0EVlsZGIuimiFTjUbWQ2L_yvYnc/w640-h282/us10.PNG" width="640" /></a></div><br /><p></p><p>Commodity prices have peaked, in my view, stimulus has or is peaking, and the usual suspect <a href="https://twitter.com/albertedwards99/status/1412420628486012936">deflationists</a> are calling for lower bond yields. </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYz5fqcVrfOFG8TyYal29F164ahqawnKRz_jgRZwDvlLumIQrMQSZ-Uc8CCS9RrUGAjUd8TV_z_xSxvhC7O0h0Ym2iHLiIBKtSuusCRd5uURrQ0U2OsNWc05o3CwdT2yp2jUoZHNlNvII/s522/alb.PNG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="225" data-original-width="522" height="173" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYz5fqcVrfOFG8TyYal29F164ahqawnKRz_jgRZwDvlLumIQrMQSZ-Uc8CCS9RrUGAjUd8TV_z_xSxvhC7O0h0Ym2iHLiIBKtSuusCRd5uURrQ0U2OsNWc05o3CwdT2yp2jUoZHNlNvII/w400-h173/alb.PNG" width="400" /></a></div><p>Set against this is the ongoing economic recovery and, in my experience, without a massive unexpected shock and with the ongoing fiscal and monetary stimulus, its hard to see why the US economy would relapse into a recession and deflation. </p><p>The fact that the US Current Account has widened suggests that there is ongoing excess demand in the economy. <br /></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNMME5B0jv6igXGYnoQ-eLU-7EgH1FwEJ2IXFiRMYNV19oHjnR_jKCyXXYChCNSEKhygy2D3_LhEIUG5tJfaG5Tz7xuZ33e_CKpM7n-yT_mIBeaHhyHXQCfehaBIFlKCtOnjrcR4zqViQ/s717/1617879054401.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="416" data-original-width="717" height="372" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNMME5B0jv6igXGYnoQ-eLU-7EgH1FwEJ2IXFiRMYNV19oHjnR_jKCyXXYChCNSEKhygy2D3_LhEIUG5tJfaG5Tz7xuZ33e_CKpM7n-yT_mIBeaHhyHXQCfehaBIFlKCtOnjrcR4zqViQ/w640-h372/1617879054401.jpg" width="640" /></a></div><p></p><p>Instead, the drop in US 10yr yields since March is probably more down to the combination of a normal consolidation phase following a large move and then some short term supply/ demand technicals, concentrated positioning, stop losses and regulated buyers vs the fact that the 10yr-plus part of the Treasury market is a relatively small amount of the outstanding, with 10-30 year bonds being about 20% of new Treasury <a href="https://home.treasury.gov/system/files/221/TreasuryPresentationToTBACQ12021.pdf">issuance</a>. <br /></p><p>Instead we are likely to see a normal reflationary cycle of unemployment falling, capex rising/ service industry job creation, wages rising and ultimately a hiking cycle followed by a recession. </p><p>So where are we in this cycle? </p><p>The Fed today published its <a href="https://www.federalreserve.gov/monetarypolicy/files/20210709_mprfullreport.pdf" target="_blank">monetary policy report</a>. Their ongoing conviction is that yes the economy needs more support in the form of ZIRP and continuing QE and that they are not ready to commit to tapering, but might be later in the year. In fact, over half of the FOMC participants expect Fed funds to have zero to two hikes by the end of 2023 with 5 of those expecting zero hikes! </p><p><br /></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgA_7fFbBnSHTK3TmJp0AtrQFf5mlPrm0dyo8m_MiR5ddRhXuLNRuPRr9pWqJh4lStdeouXQCOnAXjtvL784tTCOGDDO0Tw_XtwQgKVxAJ7efB7sIn8O48fxDThjv8lh60HuGvIKoKo-bk/s766/dotplot.PNG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="733" data-original-width="766" height="613" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgA_7fFbBnSHTK3TmJp0AtrQFf5mlPrm0dyo8m_MiR5ddRhXuLNRuPRr9pWqJh4lStdeouXQCOnAXjtvL784tTCOGDDO0Tw_XtwQgKVxAJ7efB7sIn8O48fxDThjv8lh60HuGvIKoKo-bk/w640-h613/dotplot.PNG" width="640" /></a></div><br /><p>Unfortunately for them, the strong recovery in the US economy has now led the number of job openings to be larger than the number of U3 unemployed.</p><p>The last and <i>only </i>time this has happened before was in early 2018 when Trump was stimulating the late cycle economy and the Fed was half way through their hiking cycle. US 10yr Treasuries were yielding around 2.4-2.5% and fed funds were at 1.4%. <br /></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEirzbzLWcIXragxq47Q7_IrruUdhnnKyLLCgChnsO5kPw6PXoaNK2-BIIZ7-kv6VpAVlXXddgZ3ex2sVJoR4fY2XS_gy4w_hcSqhZJJLPv6u3jNcYbgLectHgX1uE4Cgo_V2VTaFPlVTbc/s1165/index1.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="453" data-original-width="1165" height="248" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEirzbzLWcIXragxq47Q7_IrruUdhnnKyLLCgChnsO5kPw6PXoaNK2-BIIZ7-kv6VpAVlXXddgZ3ex2sVJoR4fY2XS_gy4w_hcSqhZJJLPv6u3jNcYbgLectHgX1uE4Cgo_V2VTaFPlVTbc/w640-h248/index1.jpg" width="640" /></a></div><br /><p>So even by the Fed's own track record in the most recent cycle, they are far behind the curve, their projections are absurd and the excess stimulus and Fed balance sheet growth is causing many asset <a href="https://www.bloomberg.com/opinion/articles/2021-05-06/fed-stability-report-comes-as-close-as-it-can-to-saying-bubble">bubbles</a> to extend. </p><p>The excess balance sheet growth in the last cycle never really led to a wage-price inflation spiral. So the Fed never got trapped with a large balance sheet leading to excess reserves in the system that then lead to credit growth and rising monetary velocity. </p><p>When asked about when the Fed would unwind its balance sheet, Bill Gross famously quipped '<a href="https://www.barrons.com/articles/bill-gross-sees-danger-of-qhttps://www.barrons.com/articles/bill-gross-sees-danger-of-qe-forever-1486397162e-forever-1486397162">never</a>'. And for the most part he was right. </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgB9Ye7NLXPdIF7u02dLl84347r4p1asVXoVp7SJ1eP1b_xQ09nEj-gQ5Fn5DSHGweoFCX296rqTa_46XhY9LA4GQrttU97DYeVOPY7bw0jtOUoK3Y2OffybwSeC8jigF2_iul9qS54soA/s798/index2.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="427" data-original-width="798" height="342" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgB9Ye7NLXPdIF7u02dLl84347r4p1asVXoVp7SJ1eP1b_xQ09nEj-gQ5Fn5DSHGweoFCX296rqTa_46XhY9LA4GQrttU97DYeVOPY7bw0jtOUoK3Y2OffybwSeC8jigF2_iul9qS54soA/w640-h342/index2.jpg" width="640" /></a></div><br /><p>In this cycle however the starting point is with over 3% wage growth whereas in 2009 it was well under 2%. In the last cycle job switcher wage growth almost hit 5% before the recession. </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjgqKa6mI7vPL-Bs0OcM8Yl1STWWwJGjDenyUMd7bGafS55BijY02PmOR_gYUOSVrFWgdSoX_nskRYCPgbCnTnWlmzD4a8hHyL0pGOctx7cie87HOBpmoiHmqBU-x6DuoOF2rCsfcyWHnU/s697/index3.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="451" data-original-width="697" height="414" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjgqKa6mI7vPL-Bs0OcM8Yl1STWWwJGjDenyUMd7bGafS55BijY02PmOR_gYUOSVrFWgdSoX_nskRYCPgbCnTnWlmzD4a8hHyL0pGOctx7cie87HOBpmoiHmqBU-x6DuoOF2rCsfcyWHnU/w640-h414/index3.jpg" width="640" /></a></div><br /><p></p><p></p><p>In this cycle, given we already have more job ads than employable unemployed, most probably wage growth will exceed 5%. <br /></p><p>If that combines with credit growth and a weak Dollar then the Fed will be forced to act much earlier than expected. </p><p>Dec 2022 and Dec 2023 Eurodollar futures have diverged this year but Dec 2023 is only pricing in 3-4 hikes and Dec 22 only 2. <br /></p><p> <br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPsumSSe1wZnJGXINzGTGelT4ZXA8wC6ge5TKucDNrbCSKTJA_FqJrXbdu70Uj_221QYYSBT4lyAtGmqvcAZqui-BD3EvdMUduXUuWkX-591GamvC4qEguRoKlvO8Sfk9TZ35nFYGvyMY/s729/eurd.PNG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="554" data-original-width="729" height="486" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPsumSSe1wZnJGXINzGTGelT4ZXA8wC6ge5TKucDNrbCSKTJA_FqJrXbdu70Uj_221QYYSBT4lyAtGmqvcAZqui-BD3EvdMUduXUuWkX-591GamvC4qEguRoKlvO8Sfk9TZ35nFYGvyMY/w640-h486/eurd.PNG" width="640" /></a></div><br /><p>As mentioend above the last time the employment market was this strong
the Fed was already at 1.40% in early 2018 and by year end had hiked to
2.4%. That sent the 10yr from 2.4% in early 2018 to 3.2% by year end, the cycle high, as in 2019 the economy slowed and manufacturing went into recession. <br /></p><p>Fed funds rate:<br /></p><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgPFSWNSr0_5wbp0qbFWV73oJT686_mEtre0BN8PfSZnelpnp8TK50P5Z8AKbz9tGb7gUYjOJUU_6DsyTNNj2hyuX_bwY-StKXyONOlRDizpNOmMkRoEVBEKNKNoNW4HVUORGcr2Typu8Q/s823/fedfunds.PNG" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="532" data-original-width="823" height="414" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgPFSWNSr0_5wbp0qbFWV73oJT686_mEtre0BN8PfSZnelpnp8TK50P5Z8AKbz9tGb7gUYjOJUU_6DsyTNNj2hyuX_bwY-StKXyONOlRDizpNOmMkRoEVBEKNKNoNW4HVUORGcr2Typu8Q/w640-h414/fedfunds.PNG" width="640" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;"><br /></td></tr></tbody></table><br /><p>So if wage inflation starts to rise and point towards higher inflation going into 2022 the Fed will be under immense pressure to speed up policy normalization and hike rates. <br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p>Strategic macrohttp://www.blogger.com/profile/13718957223946001551noreply@blogger.com0tag:blogger.com,1999:blog-3619346926253451029.post-26123745297000440452021-03-24T15:10:00.002-07:002021-03-24T15:22:41.138-07:00Inflation? What inflation? <p>I had a break from posting, partly due to other commitments and partly as I had similar views as what the market was doing, namely looking for a liquidity fueled recovery. </p><p>I did expect a correction in the summer or Autumn, particularly into the Corona re-outbreaks and US election, but in the end the power of stimulus was too much and it was more of a temporary sideways move. </p><p>So in a world of ZIRP, QE, unprecedented fiscal deficits, modest curve steepness, sky high asset values, what can derail this? <br /></p><p>We hear a lot about inflation and the impending USD collapse, but the USD has risen this year against the majors on the yield differentials. </p><p></p><p> </p><p>Modern inflation</p><p>Under the gold standard, with mostly industrial economies, inflation was certainly a monetary phenomenon and the gold standard prevented it. </p><p>As we have moved towards a services economy with open goods trade and a fiat monetary system where credit, the financial system and the money supply can grow faster than the real economy for long periods, there has become really two forms of inflation; firstly money supply/ credit/ financial economy growth and secondly skilled wages. <br /></p><p>QE and base money creation cause, by the portfolio channel effect, asset price inflation as investors seek higher returns than available in fixed income. To the extent that, with fiscal stimulus, delivers a recovery then broad credit/ M4 growth also happens. So you have credit supply and asset inflation underwritten by QE/ ZIRP/ fiscal stimulus. I think ZIRP/ QE is most relevant for financial assets while fiscal stimulus is most important for the real economy cycle. </p><p>As Steve Keen has shown, in a financialised economy, private sector credit going from growth to contraction causes a final demand shock and that can lead to a deeper real economy recession and a credit crisis in the financial economy. So governments have stepped into the Covid crisis with unprecedented fiscal stimulus to support final demand. </p><p>This demand support combined with supply chain issues had pushed up commodity prices. However rising or falling commodity prices, while they impact CPI, are really just a relative pricing power shift between goods producers. <br /></p><p>So when people predict inflation from QE/ fiscal deficits, is it showing up in credit or the money supply?</p><p>The <a href="https://www.federalreserve.gov/releases/h8/current/" target="_blank">Fed's H8 survey</a> suggests not, while Treasury supply is growing, large parts of private sector credit is contracting and overall bank credit is growing ~6%. So while the inflation has shown up in asset prices, there is no sign of it creating inflation in the real economy. <br /></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPghLy4QEEdyNoYfvU8EQULwkeXCaqmrjTiDhuDyfmlnGEvFWBp5T7Zw0g3uImEVY9F29I2Wu3uwH_dTC32uz_AJbimjiUtxV7PYpz_6f1ptCcxtfPir8VCL1REkwEn_Avd3FrPh8M7jQ/s964/h8+survey.PNG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="706" data-original-width="964" height="293" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPghLy4QEEdyNoYfvU8EQULwkeXCaqmrjTiDhuDyfmlnGEvFWBp5T7Zw0g3uImEVY9F29I2Wu3uwH_dTC32uz_AJbimjiUtxV7PYpz_6f1ptCcxtfPir8VCL1REkwEn_Avd3FrPh8M7jQ/w400-h293/h8+survey.PNG" width="400" /></a></div><br /> <p></p><p>The Fed's recent <a href="https://www.federalreserve.gov/monetarypolicy/files/fomcprojtabl20210317.pdf" target="_blank">projections</a> forecast a 6.5% GDP growth this year on a $21Tn Q4-20 economy, while bank credit is growing about 6% on a $15.6Tn banking balance sheet. So bank credit is currently growing at a <i>disinflationary pace</i> vs the economy. Mainly due to private sector deleveraging. I dont think non-bank credit will be doing much differently given the broad deleveraging by private borrowers. </p><p></p><p>Q2 inflation outlook <br /></p><p>The Fed is expecting YoY inflation numbers to peak in Q2, which is when the difference in commodity prices will be highest and there will likely still be some supply chain disruptions for goods. I agree and also expect inflation to drop back in the second half. </p><p>The NY Fed UIG inflation prices only metric is at 2.3% and looks to be rising, while CPI is only 1.7%. If you look, CPI ranges and mean reverts around the red coloured UIG prices measure, so should overtake and overshoot to the upside, maybe 2.5-2.7% in Q2 or early summer. The Atlanta Fed's 1yr forward inflation expectation is rising strongly to 2.4%. </p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj8F6DHMbGh_F89xJJ-BkNSapGalHxv7Cq79dVwhfQi-W0_KEVs8Ag1WCX_W9qiGgr0-r601hjn0F8UlOoOOlvFQVK1uK-DoApOrbQFo07ZPXwBa-vjtBgqfReQZHdLOVDyYsioTc7zT_k/s532/ny+uig.PNG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="532" data-original-width="497" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj8F6DHMbGh_F89xJJ-BkNSapGalHxv7Cq79dVwhfQi-W0_KEVs8Ag1WCX_W9qiGgr0-r601hjn0F8UlOoOOlvFQVK1uK-DoApOrbQFo07ZPXwBa-vjtBgqfReQZHdLOVDyYsioTc7zT_k/w374-h400/ny+uig.PNG" width="374" /></a></div><br /><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbZlUhUI8tD4miZvNVFF3M_io_J6Z2ztvkrD3h5G0eLxN-MExOWvslzCx_WWHwpLcfeQUL4gSabEOeRxOKxe-J1tFbte1pn6Yx6P8dN29i1VS1gfDfTzjiolqujCx3Dg2bO8MhnzNRjKI/s935/atlanta+fed.PNG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="402" data-original-width="935" height="173" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbZlUhUI8tD4miZvNVFF3M_io_J6Z2ztvkrD3h5G0eLxN-MExOWvslzCx_WWHwpLcfeQUL4gSabEOeRxOKxe-J1tFbte1pn6Yx6P8dN29i1VS1gfDfTzjiolqujCx3Dg2bO8MhnzNRjKI/w400-h173/atlanta+fed.PNG" width="400" /></a></div><br /><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4QMufaBkLGRGitrfwfyMAC07u8KgBwWscvNrC2SR_GGaHUNrzb2vvP_TVHI72lXg7oKdv1SD8asxijAIWYSVpduecLyZwooeQrnZEypR75dFSgceVZZFNEuVF9mB2odUy1R2YRZ3GcN8/s856/pce.PNG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="282" data-original-width="856" height="131" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4QMufaBkLGRGitrfwfyMAC07u8KgBwWscvNrC2SR_GGaHUNrzb2vvP_TVHI72lXg7oKdv1SD8asxijAIWYSVpduecLyZwooeQrnZEypR75dFSgceVZZFNEuVF9mB2odUy1R2YRZ3GcN8/w400-h131/pce.PNG" width="400" /></a></div><br /><p></p><p></p><p>Treasury yields should peak a month or two before all of this, so likely April or May in an upside squeeze. </p><p></p><p>The recent topping in oil and renewed real estate foreclosures and rising mortgage yields should also soften owner equivalent rent and normalising supply chains should take the edge off goods price inflation. Service inflation has been sticky at a little under 2%. <br /></p><p>So I think 1.95-2.05% on the 10yr TSY is a reasonable target. It would give almost 200 bps steepness for the 10yr-2yr TSY spread, which is more or less as high as curve steepness gets in recent initial recovery phases before the spread moves into a range. </p><p> </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgMq3Kzt0YAXljQa1i9k9cuYxQTw_IozfsaysDpH15j38mUTYajO9FhDosWvKX6xfK2pJEVCLrtWnro26-8cAG7PE6NChSCA8doI7kSRie5ahVUoX6L52pZhPqtkZz8pz_6kK0QIDyh0eE/s1168/Inkedfredgraph_LI.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="450" data-original-width="1168" height="154" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgMq3Kzt0YAXljQa1i9k9cuYxQTw_IozfsaysDpH15j38mUTYajO9FhDosWvKX6xfK2pJEVCLrtWnro26-8cAG7PE6NChSCA8doI7kSRie5ahVUoX6L52pZhPqtkZz8pz_6kK0QIDyh0eE/w400-h154/Inkedfredgraph_LI.jpg" width="400" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgl0oZiFnt41nfN4YAZn-ZDeNB3I-Jiub9SuUzLYrLeN78QKGBGaC2hX9c_IFDxvovV74GjQdkfUChu6oZM8_ova6cyy2zVYgrieIcMXADmBnGp57oWtfo9EnbhsLRXv4fNxpzatZWKQT4/s1168/Inkedfredgraph3_LI.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="450" data-original-width="1168" height="154" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgl0oZiFnt41nfN4YAZn-ZDeNB3I-Jiub9SuUzLYrLeN78QKGBGaC2hX9c_IFDxvovV74GjQdkfUChu6oZM8_ova6cyy2zVYgrieIcMXADmBnGp57oWtfo9EnbhsLRXv4fNxpzatZWKQT4/w400-h154/Inkedfredgraph3_LI.jpg" width="400" /></a></div><br /><p>After that I would expect some of these inflationary pressures to drop and TSY yields should also drop back to maybe 1.40-1.50% on the 10yr and the weak USD/ commodity reflation/ EM reflation trade should be back on. </p><p></p><p>Service wages <br /></p><p>However, if monetary inflation is not an issue, perhaps later this year <i>going into next year</i> skilled service wages will be. In most recessions wage inflation has reduced by about 2%:</p><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEih-qaoFjhaV53lrSGHa08tX4dwCJbUiOIoLCUN-cnqdTiz0Pr513pHAOLATVk2K2yNqHMUzyqcpmgNLpXF1YCcdqFxtMrcmVHHVuIiOGimPSPNw57DSzC4LUfRyticWHcrKVTs6HmDkP0/s675/wages.PNG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="457" data-original-width="675" height="271" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEih-qaoFjhaV53lrSGHa08tX4dwCJbUiOIoLCUN-cnqdTiz0Pr513pHAOLATVk2K2yNqHMUzyqcpmgNLpXF1YCcdqFxtMrcmVHHVuIiOGimPSPNw57DSzC4LUfRyticWHcrKVTs6HmDkP0/w400-h271/wages.PNG" width="400" /></a></div><p></p><p>But in this recession it has hardly moved and most of the job losses have been lower skilled jobs. </p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJtWC_GRf-xnNCyKoEhNOubXVIBkpP1Z5FWyP4Qu-c8ibz95NmFcOIpdPOa0OOXFgVULdUFSlMPtaGJeSMU92j39vcY9a-CRVKLq7p_1PIAtYjbBkoJ2pf-NP_H1U8SyT7FG-OipIi6Hk/s579/household+survey.PNG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="553" data-original-width="579" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJtWC_GRf-xnNCyKoEhNOubXVIBkpP1Z5FWyP4Qu-c8ibz95NmFcOIpdPOa0OOXFgVULdUFSlMPtaGJeSMU92j39vcY9a-CRVKLq7p_1PIAtYjbBkoJ2pf-NP_H1U8SyT7FG-OipIi6Hk/s320/household+survey.PNG" width="320" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-NWjJ8_VxqhlVM5hKFYoUo7FBPVI6ugsg8TSAjQeYUl4VUJsAN_XMW_saXmOmVxhjsnQ_DeRWNGdihnwjwlg0ll1JQvPEdyV42E5SPumcDwdcmPZbuqlRYZsuDf2paiMSrpyMesL1v_M/s1822/household.PNG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="798" data-original-width="1822" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-NWjJ8_VxqhlVM5hKFYoUo7FBPVI6ugsg8TSAjQeYUl4VUJsAN_XMW_saXmOmVxhjsnQ_DeRWNGdihnwjwlg0ll1JQvPEdyV42E5SPumcDwdcmPZbuqlRYZsuDf2paiMSrpyMesL1v_M/s320/household.PNG" width="320" /></a></div><p></p><p>Skilled worker employment is only down 2-3% YoY now while lower skilled it is more like 4-5%. The JOLTs job survey is also showing strong job growth, so over this year a lot of the employment slack should go and we get a tight market for skilled jobs. </p><p>In fact the Atlanta Fed's job switcher wage inflation metric which peaked at 4.3% has hardly moved down this time. The last two recessions it dropped 3%. <br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEk35M2QitZ_0uQGKfhjE3LBAk5dGYjK8_FXrFIBGXc4Dk3MN-usw2-SPIONW5396bC_1jCPyyRAJ6XpJpGk4vlIxmgZYFFU-8BQNDa2aK74g3Z-a2fYXJ2qWkby5Xe7DP0e9d0MI5gmQ/s696/job+switcher.PNG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="501" data-original-width="696" height="288" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEk35M2QitZ_0uQGKfhjE3LBAk5dGYjK8_FXrFIBGXc4Dk3MN-usw2-SPIONW5396bC_1jCPyyRAJ6XpJpGk4vlIxmgZYFFU-8BQNDa2aK74g3Z-a2fYXJ2qWkby5Xe7DP0e9d0MI5gmQ/w400-h288/job+switcher.PNG" width="400" /></a></div><br /><p>To going into next year if job switcher wages are growing 4.5% or maybe more, the pace of the recovery is slowing, service inflation is picking up, maybe 10yr yields go for 2.5-3% with the market looking for a hiking cycle starting in mid-22. </p><p>If this is coinciding with fiscal deficit reduction, while equities are likely to rally as the USD weakens in H2, maybe in 2022 if margins come under pressure, the outlook will be for lower equity valuations.</p><p>In the end it will be skilled wage inflation that will force the Fed to hike and tighten financial conditions and this wage pressure leading to hike pressure will only end with a genuine labour market recession. <br /></p><p> <br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p> </p><p> </p><p> </p><p><br /></p><p><br /></p><p><br /></p><p><br /></p>Strategic macrohttp://www.blogger.com/profile/13718957223946001551noreply@blogger.com1tag:blogger.com,1999:blog-3619346926253451029.post-6270195693760234722020-07-07T13:59:00.002-07:002020-07-07T14:04:29.564-07:00A little market updateThe Nas pulled back as the leading market on a technical signal. Most of the day was showing a doji reversal signal though but ended the session weak.<br />
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S&P looks like it is being banged between the daily chart levels on level 3 until it breaks out in August/ September either way.<br />
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But watch the 10yr for confirmation, I think a break below 60bps is key.<br />
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Yen from before March (when the US curve inverted QE was repatriated):<br />
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Rebased from after:<br />
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<br />Strategic macrohttp://www.blogger.com/profile/13718957223946001551noreply@blogger.com0tag:blogger.com,1999:blog-3619346926253451029.post-82630962927710736032020-07-05T13:27:00.001-07:002020-07-05T13:27:16.448-07:00The Fed and the S&PThats all.<br />
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<br />Strategic macrohttp://www.blogger.com/profile/13718957223946001551noreply@blogger.com0tag:blogger.com,1999:blog-3619346926253451029.post-45041921591428776312020-06-19T13:09:00.001-07:002020-06-19T13:09:35.057-07:00Where does the bear market rally stand? <div style="text-align: justify;">
Fed QE is over for now but might not matter that much for a few months. Treasury crowding out last time showed up with a curve inversion and its a little hard to invert the curve at ZIRP, but anything below 40-50bps on the 10yr I would see as major warning sign. In fact any break below 60bps. <br /><br />https://wolfstreet.com/2020/06/18/fed-ends-qe-total-assets-drop-liquidity-injection-ends/<br /><br />But other CBs still expanding so USD may slightly rise over summer? </div>
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In the short term today we had the quad witching and with VIX in low 30s and dealers rebuilding theta it should drop next week and technicals push the market higher. I would really like to see the VIX in the teens and CTAs fully long in the next move higher. </div>
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<br />S&P might break through the resistance at 3214 which is the January low it was struggling with but normally you get a risk off in the summer holidays, then perhaps a bounce into election as both sides promise deficit spending, but then not make a new high while internals weaken. </div>
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Many other assets might not rally much from here. Look for a flattening TSY curve, reasonably supported USD and peripheral assets start to flatline. </div>
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<br />In 1929 the market bounced for about 5 months after the initial sell off, and that was under a hard money standard with no QE.</div>
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I have no idea how many of the jobs losses will be recovered in 3-6 months but it will be far less than 100%, even 60-70% would be a borderline miracle and after that, it will be the slow grind that can take years. </div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbdcdsp31ei_f2wvCXTqzhx0Lb25OF32XoKM6DjqbqKtItYjsvdtTM6LZejfBuCJKL7fqH1T51C8qeQP5-ktEnoPH6bvXrQ5_c4sQdEYWmxPQOKexiWsIE0TDdYfuxH1AB49GOiLo_rU8/s1600/Capture.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="479" data-original-width="1413" height="135" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbdcdsp31ei_f2wvCXTqzhx0Lb25OF32XoKM6DjqbqKtItYjsvdtTM6LZejfBuCJKL7fqH1T51C8qeQP5-ktEnoPH6bvXrQ5_c4sQdEYWmxPQOKexiWsIE0TDdYfuxH1AB49GOiLo_rU8/s400/Capture.JPG" width="400" /></a></div>
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After the election, Trump, who I assume wins, doesnt really need to care about the stock market, he has the real economy to worry about and he cant magic up corporate margins during the worst recession since 1929. Particularly when it becomes clear the recovery is drawn-out, defaults are picking up and Schumpeter comes back from the dead like the ghost from Christmas past. </div>
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<br />Strategic macrohttp://www.blogger.com/profile/13718957223946001551noreply@blogger.com0tag:blogger.com,1999:blog-3619346926253451029.post-1724175494498901422020-05-15T07:04:00.001-07:002020-05-18T05:33:00.896-07:00Has my equity contribution gone to money heaven or the land of the living dead?<br />
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Low rates, QE, fiscal deficits have forced institutions up the risk curve and down the liquidity one in this cycle and two of the worst areas, in my opinion, are <a href="https://www.strategicmacro.com/2020/01/us-lbos-hit-peak-valuations-as-margins.html" target="_blank">LBOs</a> and blue-chip <a href="https://www.strategicmacro.com/2017/07/where-in-cycle-is-us-commercial-real.html" target="_blank">CRE</a> yielding 4-5%, particularly in 'Global Gateway Cities' like <a href="https://www.strategicmacro.com/2019/12/london-commercial-real-estate-heading.html" target="_blank">London</a> which are so inflated ordinary people can't afford to <a href="https://www.strategicmacro.com/2018/10/city-population-cycles-london-peaking.html" target="_blank">live in them</a>. <br />
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We were late-cycle before Covid hit. I don't actually think Covid is that big a deal if you are not vulnerable -we don't shut the economy down every Winter due to flu. But the lock-downs initially to stop ICUs being overwhelmed with otherwise survivable working-age patients, has now transformed into a huge recession and soon a solvency and default cycle.<br />
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So I think this year corporate margins will fall heavily and then not fully recover. Additionally, the demand for CBD office space will permanently fall. The exodus of ordinary people from Gateway cities will be accelerated etc. Potentially decades of change are being catalyzed by a few weeks shutdown and its aftermath.<br />
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So what should the impact be on these two popular LP plays, LBOs and blue-chip CRE?<br />
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<b>LBOs</b><br />
LBOs have been done recently at 11-12x pro-forma EBITDA, late cyle, with more or less peak margins.<br />
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I present a few charts below from the prior blogs:<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg8iwzcgWtIsOEfKQ1MYWC0ZIxYT4nJEfkSAmqqi9qEjNKz_xIxlCV9w8Wx8hQPiEgQBxnSIl8nKII_b-ewXTaJVHzciLFZqiDl5AOihYxZCA6njPp5JO2-C4MOLzFXOxsxzcWhjSUBUag/s1600/lev+multiples.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="597" data-original-width="921" height="258" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg8iwzcgWtIsOEfKQ1MYWC0ZIxYT4nJEfkSAmqqi9qEjNKz_xIxlCV9w8Wx8hQPiEgQBxnSIl8nKII_b-ewXTaJVHzciLFZqiDl5AOihYxZCA6njPp5JO2-C4MOLzFXOxsxzcWhjSUBUag/s400/lev+multiples.JPG" width="400" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSzjwLJ6CMHuJT27JkVRd9gMOrgoU-wrVAXE4ingnxf-k-MPZBvUxydkERMA0LsZNFYJXJ1YbWnk20kmy1Um3iCnaOZA1NOxn5EIPPsMhe-RshHMLis7KYDoIVnYKRKsiTXeaXm963n3I/s1600/lev+multiple+spread.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="587" data-original-width="909" height="257" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSzjwLJ6CMHuJT27JkVRd9gMOrgoU-wrVAXE4ingnxf-k-MPZBvUxydkERMA0LsZNFYJXJ1YbWnk20kmy1Um3iCnaOZA1NOxn5EIPPsMhe-RshHMLis7KYDoIVnYKRKsiTXeaXm963n3I/s400/lev+multiple+spread.JPG" width="400" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEha0t24nlxGt0ChQIVITuHeMYyefa86ILIGxdLbUhkth7PXu7AWTbImvQx4BsFfWrbjNtK8dK9svF7TGwXDLkiiqlYBY_HYB6xbXfZ5cwsosBQB44-N-o9c2sTTlhEdDt5ve7uTflMNV-w/s1600/lbomultiples.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="560" data-original-width="643" height="347" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEha0t24nlxGt0ChQIVITuHeMYyefa86ILIGxdLbUhkth7PXu7AWTbImvQx4BsFfWrbjNtK8dK9svF7TGwXDLkiiqlYBY_HYB6xbXfZ5cwsosBQB44-N-o9c2sTTlhEdDt5ve7uTflMNV-w/s400/lbomultiples.jpg" width="400" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQ11XpNQvdyXElkTaIAZsZQIfPmAb09j1hH2oh8T_NWM5o4kciGV5lM91-8KwR6S_BE0Ku9KxbRAdtQ5ReocfUcdFple1WYMRhDe9tZKO1esG_-IKO3vdLAeNuvAs0uKpRMCg5YLegKy8/s1600/fredgraph%252862%2529.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="450" data-original-width="1168" height="153" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQ11XpNQvdyXElkTaIAZsZQIfPmAb09j1hH2oh8T_NWM5o4kciGV5lM91-8KwR6S_BE0Ku9KxbRAdtQ5ReocfUcdFple1WYMRhDe9tZKO1esG_-IKO3vdLAeNuvAs0uKpRMCg5YLegKy8/s400/fredgraph%252862%2529.png" width="400" /></a></div>
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<span class="ember-view" id="ember23934">Longer run average after-tax
profits as a percent of GDP are 5-7% vs 8.7% in Q3 2019, i.e. 5%
after a downturn and 7% after a growth cycle. If US profits fell to the middle of that range, 6%, from 8.7% in Q3 19, profits would fall 41%, <i>after the recovery</i>. </span></div>
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<span class="ember-view" id="ember23934">EDITDA is not as sensitive as after-tax profits, but let's assume a 41% profit drop equates to roughly a
30% EBITDA drop for an average LBO company. </span><br />
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<span class="ember-view" id="ember23934">Let's assume a recent LBO with
$1 of EBITDA was done at $11 enterprise value, financed with a $5.50
senior loan and $5.50 of equity. Then after a downturn the loan market
is only willing to finance LBOs at 8.5x EBITDA. </span><br />
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<span class="ember-view" id="ember23934">Using the $1 of current EBITDA,
this drops to 70c. At 8.5x the 70c EBITDA the company is worth just
$5.95. But the senior debt was $5.50, so the equity residual has fallen
to just 45c, vs the original LP commitment of $5.50; that's over a 90%
loss of equity driven by a fall in margins and a fall in mulitples. </span><br />
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<span class="ember-view" id="ember23934">So you would assume this would breach loan covenants and the deal would be toast?</span><br />
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But here is where it gets more interesting. LBO GP's are judged, in part, on how many deals go to zero. So if a company's business has not
blown up and the issue is more the amount of debt/ EBITDA, then the GP's
have a huge incentive to keep a bad deal alive.<br />
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Over 5-10 years, as nominal GDP grows, most companies should see
substantial revenue and therefore EBITDA growth, so by keeping a bad
deal alive, even if it involves drip-feeding more equity in after a
the downturn, it keeps management fees coming to the GP, a positive carry
option for the GP on recovery and avoids difficult conversations with
LPs, but all at the cost of the fund IRR and liquidity to the LP. </div>
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In conclusion, with the incentives and ability of the GPs to keep bad deals alive, this looks more like a land of the living dead outlook for LBO LPs. </div>
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<b>
CRE</b></div>
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<b>
</b>The situation is broadly similar in blue-chip CRE. </div>
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With 4-5% yields recently and 7-8% post-GFC for several years. Land Securities in the UK <a href="https://wolfstreet.com/2020/05/14/land-securities-uks-largest-commercial-property-reit-before-its-stock-plunged-reports-big-loss-asks-government-for-help-with-non-paying-tenants/" target="_blank">predict</a> a 20% drop in rent values as a function of remote working lowering overall demand levels. </div>
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Setting aside whether I think 20% is a big enough rent drop:</div>
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Building rent: $1</div>
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4.5% yield value: $22.20</div>
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60% LTV CM: $13.30</div>
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40% equity: $8.90</div>
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Aftermath:</div>
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Building rent: $0.80</div>
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7.5% yield value: $10.70</div>
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60% LTV CM: Capital loss of $0/ -$2.60 if no Directors Guarantee</div>
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40% equity: -$2.60 if there is a Directors Guarantee</div>
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In a 50% debt, 50% equity capital structure the debt would still be under the water by $0.40. </div>
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This scenario ignores anything like skipped rents this year leading to non-payment of mortgages, rental drops of more than 20%, occupancy slumps, auctions changing hands for higher yields than 7.5% yield or Class B or C properties performing worse or going empty... </div>
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In conclusion, Commercial Real Estate looks more like a money heaven scenario - for existing investors. </div>
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<br />Strategic macrohttp://www.blogger.com/profile/13718957223946001551noreply@blogger.com0tag:blogger.com,1999:blog-3619346926253451029.post-58938303400087725102020-05-13T04:29:00.002-07:002020-05-13T04:29:53.765-07:00Equity rally is flagging in May, while Business Loans explode higherSo far in May its only really the Nasdaq that is up. So its a fairly narrow market post the April bounce. <br />
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The Corona shutdown fall out is starting to hit the headlines. <br />
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For example a Reuters report showed 10% of Spanish businesses closed in March.<br />
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If it creeps lower for now and then starts to sell off, people will panic sell and we could easily punch through the March lows. <br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNS9kUu4rDGK1jtX7kKoAYoi-bJAjp-GlBlP4a_X0ihWYOJS9hzbzfDQ0dHLHALAdDaRHGzwFu0HvtoPGccwtuWhESZJXmoFQ5tzwKFo107JkgLz8CIO4MkfUlTQGFeh1SfISvVvdqeJ8/s1600/equities.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="776" data-original-width="808" height="382" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNS9kUu4rDGK1jtX7kKoAYoi-bJAjp-GlBlP4a_X0ihWYOJS9hzbzfDQ0dHLHALAdDaRHGzwFu0HvtoPGccwtuWhESZJXmoFQ5tzwKFo107JkgLz8CIO4MkfUlTQGFeh1SfISvVvdqeJ8/s400/equities.JPG" width="400" /></a></div>
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<span><span class="ember-view" id="ember4503"><span>This chart shows Business Loans in the US. </span></span></span><br />
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<span><span class="ember-view" id="ember4503"><span>Prior to Covid they had fallen to almost flat YoY.
Business loans normally shrink in a recession. </span></span></span><br />
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<span><span class="ember-view" id="ember4503"><span>But now they are growing almost 30% YoY.
That is debtor in possession type financing whether it is PPP type loans or revolvers being drawn, its debt (a liability and part of the capital structure) being used to cover lost cash flow (an asset and part of the current flow/ activity of the business). </span></span></span><br />
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<span><span class="ember-view" id="ember4503"><span>Basically businesses are being bled dry and will have to drastically cut costs, which makes a second leg of contraction more likely than even a U-shaped stabilisation.</span></span></span><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7o1IDuf-MYjw8c1PuLgb7QjPa_KK7fWZPyr12F5AQE4zdwG1T9phM5IUcxb3HQfY5xF4AXIHjfGlxvAFnYARTDuTpsIYPHHBmo3YWXdHf_wlolnOzl8te5o3crtkZkVMBBCH13E0ekJ0/s1600/c%2526i+loans.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="403" data-original-width="777" height="206" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg7o1IDuf-MYjw8c1PuLgb7QjPa_KK7fWZPyr12F5AQE4zdwG1T9phM5IUcxb3HQfY5xF4AXIHjfGlxvAFnYARTDuTpsIYPHHBmo3YWXdHf_wlolnOzl8te5o3crtkZkVMBBCH13E0ekJ0/s400/c%2526i+loans.JPG" width="400" /></a></div>
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Additionally, some of the most hit areas like Casual Dining or Hotels will take a lot of time to get back to prior operating volumes, so are likely to be defaulting in Q4. <br />
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<br />Strategic macrohttp://www.blogger.com/profile/13718957223946001551noreply@blogger.com2tag:blogger.com,1999:blog-3619346926253451029.post-88760775477387119112020-05-05T02:18:00.004-07:002020-05-05T02:18:53.216-07:00Global industrial output collapsesThe PMIs suggest that global industrial output is collapsing. Global supply chains are part of this, but put simply if you have one part missing for a valuable product you cant produce it. Your output goes to zero. Thats worse than even 1929. <br />
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China ended their lockdowns starting 10th March yet by the end of April the Caixin PMI survey showed industrial output was still flattish/stabilizing, not recovering and supply chain disruptions were a key factor. <br />
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At the same time they are collapsing output, the governments via furlough schemes are trying to maintain demand via credit expansion...<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjw2P53DI7jxHdQf_K4Vs8Ji2acg_QO4nlTWgTNkRS4yYc8bQXbAkQ1pDesn2PuuGGcD5B0w2IB2a53WerZDCzEocfkCFsQQVutqYqcd_vRn3bSf_xKcr9WTxW0bNa4tdeR2-c8-hS4CYM/s1600/jpm+global+pmi.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="802" data-original-width="433" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjw2P53DI7jxHdQf_K4Vs8Ji2acg_QO4nlTWgTNkRS4yYc8bQXbAkQ1pDesn2PuuGGcD5B0w2IB2a53WerZDCzEocfkCFsQQVutqYqcd_vRn3bSf_xKcr9WTxW0bNa4tdeR2-c8-hS4CYM/s400/jpm+global+pmi.JPG" width="215" /></a></div>
<br />Strategic macrohttp://www.blogger.com/profile/13718957223946001551noreply@blogger.com0tag:blogger.com,1999:blog-3619346926253451029.post-70295646029362619762020-05-01T14:07:00.003-07:002020-05-01T14:07:54.981-07:00Update on the bear market rally call<br />
I got roughly the right height, the 62% retracement/ just below 3000/ above 50 day MA/ below 200 day MA etc. area.<br />
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Depending on how you look at timing it either bracketed it with two false breakouts, or the rally lasted about a week longer than the sell-off.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUxhekcVA0CjN4kjBFbQXMPnOz8RZOzxYV0rP8FzSLTDTiBHBLy0F3j-GJiZMm369Vj2gatVOZLpsmoqOtWBi2-PAfz8zLt5NR2j069hrLabsYJJAv7n5Zav3oLFoVRGWEUSJlWNqitGo/s1600/Capture.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="803" data-original-width="1600" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgUxhekcVA0CjN4kjBFbQXMPnOz8RZOzxYV0rP8FzSLTDTiBHBLy0F3j-GJiZMm369Vj2gatVOZLpsmoqOtWBi2-PAfz8zLt5NR2j069hrLabsYJJAv7n5Zav3oLFoVRGWEUSJlWNqitGo/s400/Capture.JPG" width="400" /></a></div>
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US unemployment, horror show. Insured unemployed massively understates the actual level.<br />
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China ended lockdowns 10th March and the April PMI, 7 weeks later isnt quite at stabilisation yet, let alone rebounding...<br />
<br />Strategic macrohttp://www.blogger.com/profile/13718957223946001551noreply@blogger.com0tag:blogger.com,1999:blog-3619346926253451029.post-27109677004057597182020-04-23T09:37:00.001-07:002020-04-23T09:37:33.566-07:00The bear market rallies of 1929-1932<a href="https://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929" target="_blank">Wiki</a> has a short summary of how the 1929 crash unfolded.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGT1FoSsSkV1bnWb3ibkyWffsitTPnW_Fws5AqJ0XAdSZJHrrTKhGhmfoRyh8-IJX82np0CiiP4qjkCpKHJAt9P-akRcGaBas8wWCX2fs3nPOlikGZm5fM-NY1MTodh3kgShsYW-lVZyE/s1600/Harga_Saham_Wall_Street_1929_-_1932_menjunam.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="798" data-original-width="1273" height="250" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjGT1FoSsSkV1bnWb3ibkyWffsitTPnW_Fws5AqJ0XAdSZJHrrTKhGhmfoRyh8-IJX82np0CiiP4qjkCpKHJAt9P-akRcGaBas8wWCX2fs3nPOlikGZm5fM-NY1MTodh3kgShsYW-lVZyE/s400/Harga_Saham_Wall_Street_1929_-_1932_menjunam.png" width="400" /></a></div>
<span style="font-size: x-small;">Source: Wiki</span><br />
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After the initial selling took the Dow from around 380 down to just below 200 it then rallied from mid November 1929 to mid April 1930, about a 50% rally, recovering about half of the loss. </div>
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It then staged multiple further sell offs until 1933 as the credit cycle contracted and the recession deepened, but each one saw a rally after that revovered around half of the loss. </div>
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You can also see the equivalent of the Plunge Protection Team trying to prop the market up at the start. </div>
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Liaquat Ahamed's excellent Lords of Finance book does a great job describing the precursors to the crash - the Treaty of Versailles and the destabilisation of the gold standard that led to the roaring 20s and subsequent bust. </div>
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Yet what have we witnessed since 2008 except new Lords of Finance? Only these ones have a printing press while in 1929 the local money supply was determined by gold availability. </div>
Strategic macrohttp://www.blogger.com/profile/13718957223946001551noreply@blogger.com0tag:blogger.com,1999:blog-3619346926253451029.post-68498341105662189392020-04-21T03:06:00.000-07:002020-04-21T03:06:39.219-07:00Is the next leg down starting now?If the US 10 does go negative, given the Primary Dealers have to buy, even though the Fed has rates at zero, they will be negative carry and swamped with sales/ reverse repo/ Treasury new issuance. <br />
<br />
Two key charts: US 10yr breaking out and equities just scuffed the bottom of the retracement target box I drew up based on prior bear market rallies:<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjFF2vv-E0fbbN1l4wZRtADzrZ1WG9HW_0BQMw7lNFEqxq4cnFBu97iUFlA5YSzNKHZkD3ynY751ZA37OPUTW8UYy-a9BBpl5-ko61Brfz4o5wznp0rzvrKWgJrjclMGnGSWx8NrLzO5qA/s1600/us10.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="643" data-original-width="593" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjFF2vv-E0fbbN1l4wZRtADzrZ1WG9HW_0BQMw7lNFEqxq4cnFBu97iUFlA5YSzNKHZkD3ynY751ZA37OPUTW8UYy-a9BBpl5-ko61Brfz4o5wznp0rzvrKWgJrjclMGnGSWx8NrLzO5qA/s400/us10.JPG" width="368" /></a></div>
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In terms of the next leg down being on us now, we had the initial liquidity crack in March leading to a 1 month sell off. We then had a 1 month relief rally driven by technicals. Historically the next leg down should start pretty much now and take out the March lows and take place over a similar 1 month time horizon. <br />
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So looking at late last week this week so far:<br />
<br />
<ul>
<li>Equities starting to roll over </li>
<li>USD index starting to break out </li>
<li>Yen and Euro showing signs of capital repatriation </li>
<li>US 10yr breaking out </li>
<li>Oil imploding into delivery </li>
<li>Gold fading the rally </li>
<li>High yield looking like its starting to fade the rally </li>
</ul>
Strategic macrohttp://www.blogger.com/profile/13718957223946001551noreply@blogger.com0tag:blogger.com,1999:blog-3619346926253451029.post-52933594356501316452020-04-17T11:55:00.001-07:002020-04-17T11:59:31.311-07:00Could foreign ownership of $4Tn of US Corporate debt be the $600Bn cross currency margin call of this cycle?<div style="text-align: justify;">
So I looked through the Treasury TIC data on who owns what fixed income/ credit assets in the US. </div>
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The US has run a Current Account deficit this cycle of about $450bn a year, so around $5Tn cumulatively since 2009. A couple of points:</div>
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</div>
<ol style="text-align: justify;">
<li>Someone had to fund that with their savings</li>
<li>The Gross funding data is bigger as US investors also buy assets abroad</li>
<li>Financials, especially banks own duration funded short term, in many cases the FX basis swap rolls every 3 months, so while in theory they can hold investment grade debt to maturity, in reality at least part of the funding needs to be rolled quarterly. </li>
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So since 2009 US GDP has gone from $14.45Tn to $21.4Tn or +$7Tn, +48%.</div>
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<br /></div>
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But
<a href="https://ticdata.treasury.gov/Publish/shla2018r.pdf" target="_blank">to June 2018</a> there has been about a $10Tn increase or 47% of 2019 GDP increase in
foreign holdings of US securities. Roughly 50/50 split equity and debt. The CA
deficit has been running at about $450bn a year on average. </div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhH5hNJxigE3Bmp98Z_L9NuW1_gFsoVBaiCsE6AnTMcPCX4gJU4gdsAZrMBx44326cEkxCReAFT2WgaUXGGAoofY9SLl-kqfBFz_0rGohDP19FU4KWi7yZygg76NB9TQI56Xtb128PM7mA/s1600/foreign+holdings.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="709" data-original-width="688" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhH5hNJxigE3Bmp98Z_L9NuW1_gFsoVBaiCsE6AnTMcPCX4gJU4gdsAZrMBx44326cEkxCReAFT2WgaUXGGAoofY9SLl-kqfBFz_0rGohDP19FU4KWi7yZygg76NB9TQI56Xtb128PM7mA/s400/foreign+holdings.png" width="387" /> </a></div>
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Foreigner owned corp debt looks to have grown about 70% from $2tn to $3.4tn in 2018</div>
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Net position deteriorated:</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZWPvWs9jP9wxydHm7DaezzDzOSjVb3dN-20mqcuJAE8UchOe8V64cSvW3A1rgGYgaUTy0Mj87bvO59g0dDAQfRyzV_prcgQpq3MfVGuiVP-zMy_BORLAvsd930wUYkr2vw4ZLqW22gOw/s1600/image%25287%2529.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="513" data-original-width="682" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZWPvWs9jP9wxydHm7DaezzDzOSjVb3dN-20mqcuJAE8UchOe8V64cSvW3A1rgGYgaUTy0Mj87bvO59g0dDAQfRyzV_prcgQpq3MfVGuiVP-zMy_BORLAvsd930wUYkr2vw4ZLqW22gOw/s400/image%25287%2529.png" width="400" /></a></div>
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Foreign holdings of Corp debt, $1.9Tn to $3.4Tn. So a 15% price drop would be about a $510bn margin call: <br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgc6x_YABOK9_hjsWC2VRRVaYYZgW5gCvIFaFhmpmIP3bqWVowiifW9ewJgTNklkLCAtqHKPM5mA1HzYELDpzlSTrFrvfJh6S3PTJb1TknFnOoEZ6FsdEWK9Ox7tDQY3VFuUYcLv7WxS3M/s1600/image%25288%2529.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="494" data-original-width="705" height="280" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgc6x_YABOK9_hjsWC2VRRVaYYZgW5gCvIFaFhmpmIP3bqWVowiifW9ewJgTNklkLCAtqHKPM5mA1HzYELDpzlSTrFrvfJh6S3PTJb1TknFnOoEZ6FsdEWK9Ox7tDQY3VFuUYcLv7WxS3M/s400/image%25288%2529.png" width="400" /></a></div>
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Held by the obvious holders:</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6kxku3nT_LuLOs0rcxf6nMpKL9sMOAfva5BNbPI5LUUJXT5ejo0NkcNKStLEdD2Zzy7clXqM6K3w4y18ys1A5IwFwyW15ByTApGAM5QGc9kmBwAFs3_Kd3fl_hM1EkKJayRTO_o1HPW0/s1600/image%25289%2529.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="502" data-original-width="670" height="298" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6kxku3nT_LuLOs0rcxf6nMpKL9sMOAfva5BNbPI5LUUJXT5ejo0NkcNKStLEdD2Zzy7clXqM6K3w4y18ys1A5IwFwyW15ByTApGAM5QGc9kmBwAFs3_Kd3fl_hM1EkKJayRTO_o1HPW0/s400/image%25289%2529.png" width="400" /></a></div>
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In Corporate debt bank and financial debt is the most common holding:</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3F7EfQ4-1Wwtqur87EeTUQynRpmnBVneKlfd0Dh1qd5gMNiElOndT-gtSjQZSNcN5hGBxpfsgdygdQ6L36vmSdOCg1NzwlMXNy39-Nhyphenhyphenn2QAVqpuoKtg7NPGP0EvhPdeXUUBtFHhW5NI/s1600/image%252812%2529.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="670" data-original-width="849" height="315" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3F7EfQ4-1Wwtqur87EeTUQynRpmnBVneKlfd0Dh1qd5gMNiElOndT-gtSjQZSNcN5hGBxpfsgdygdQ6L36vmSdOCg1NzwlMXNy39-Nhyphenhyphenn2QAVqpuoKtg7NPGP0EvhPdeXUUBtFHhW5NI/s400/image%252812%2529.png" width="400" /></a></div>
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They owned 28% of corporate debt:</div>
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Using the monthly TIC data, the EU and UK/ City has been two of the big cumulative funding sources:</div>
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Japan also bought bank debt and I believe this excludes CLOs/ loans:</div>
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Using the monthly data foreign holdings of US debt rose $1Tn YoY to January and US corporate debt holdings rose to $4.2Tn by January 2020. But foreigners have been Corporate bond <i>net sellers</i> since last August, ie since the US curve inverted:</div>
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Cross border data is a bit harder to get but the TIC data has some and the BIS also does. </div>
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The table below summarises what I understand is TIC data showing US bank to foreign financial firm USD repos; they have grown 200% in this cycle but collapsed 40% in 2008:</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOh2l1tjpZNgqerJsAbQfYyUEz1WpJPjVuRpG6eFejZovuEh9gDGmYiogUvlFJVvApEsRA0yRdkzxsQTeupcaUMBkRXwNdc2l38GZdMFMXeDz9cQBJdquX1FAf91CZZyJOVHGvgaFXuRQ/s1600/crossborder+repo+agreements.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="227" data-original-width="293" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgOh2l1tjpZNgqerJsAbQfYyUEz1WpJPjVuRpG6eFejZovuEh9gDGmYiogUvlFJVvApEsRA0yRdkzxsQTeupcaUMBkRXwNdc2l38GZdMFMXeDz9cQBJdquX1FAf91CZZyJOVHGvgaFXuRQ/s1600/crossborder+repo+agreements.JPG" /></a></div>
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BIS reported cross-border bank lending has been growing over 10% recently, but shrank after 2008:</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQ9vk9aCrdgGVGi9AS9Kdh5QRISOmWkQ-KVHo6o5DLMyBKzfP_X3Gmhk6V2a-F2ylyS_JZsfquRZE2_i9dUvigroIUdmeKpmedF0-eDZmmNtAdTXRZjg_zHG-UyUCZ6k4YnbI8R56ihiQ/s1600/Bank_xborder_loan_growth.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="431" data-original-width="592" height="290" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiQ9vk9aCrdgGVGi9AS9Kdh5QRISOmWkQ-KVHo6o5DLMyBKzfP_X3Gmhk6V2a-F2ylyS_JZsfquRZE2_i9dUvigroIUdmeKpmedF0-eDZmmNtAdTXRZjg_zHG-UyUCZ6k4YnbI8R56ihiQ/s400/Bank_xborder_loan_growth.JPG" width="400" /></a></div>
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BIS US bank cross-border loans to non-bank financials:<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1e4839kTXsjNhxJmHeo01L0Hoa0DYX3RJV5ms-MC70TjWMNAY28k1JDTkw6ULQBNh8MzTnnqHEpVYMauxN4cg2s3a6e1A6CAIzZF5eFkZjXT-TVCn9LLV5_5gWMErtxSTQ87hgXhmQqo/s1600/USbank_exp_xborder_loansto_nonbankfinancials.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="321" data-original-width="580" height="221" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1e4839kTXsjNhxJmHeo01L0Hoa0DYX3RJV5ms-MC70TjWMNAY28k1JDTkw6ULQBNh8MzTnnqHEpVYMauxN4cg2s3a6e1A6CAIzZF5eFkZjXT-TVCn9LLV5_5gWMErtxSTQ87hgXhmQqo/s400/USbank_exp_xborder_loansto_nonbankfinancials.JPG" width="400" /></a></div>
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US bank liabilities to Japanese entities:<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhxBQ51qz0oHeYkf_QAkDv5Y7jdgS8fd14c-DW-NWs3S8Q4dL1pcSdGrr8JK9C5vi6Q8ZKG7aq6KfiIl7dIo3E5IOf6VCvOjlN8Xu5FcAbd4pO9BAz40WxI4vuQwMa6-S_FUT7y6vMu_68/s1600/USbanks_liabilities_to_Japanese.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="319" data-original-width="583" height="218" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhxBQ51qz0oHeYkf_QAkDv5Y7jdgS8fd14c-DW-NWs3S8Q4dL1pcSdGrr8JK9C5vi6Q8ZKG7aq6KfiIl7dIo3E5IOf6VCvOjlN8Xu5FcAbd4pO9BAz40WxI4vuQwMa6-S_FUT7y6vMu_68/s400/USbanks_liabilities_to_Japanese.JPG" width="400" /></a></div>
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Conclusion</div>
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So is one of the weak links US corporate debt, including US financial debt, held 3-month xccy basis currency swapped, by EU and Japanese banks and insurers, whose own balance sheets are leveraged 10-20x? </div>
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Perhaps, the data I could find is not that granular, but we know QE leakage from Japan and EU caused xccy FX basis spreads to widen out precisely because of this imbalance. </div>
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Seems like a 15% price drop is the equivalent of a $600Bn quarter end margin call. This might help explain the scale of the sell off of US investment grade credit in March. But I don't feel like the bottom is in yet. It does not feel like there has been enough forced selling or a big enough bankruptcy yet. </div>
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Either way foreign holders of US corporate debt have been selling since last August, and attracting a lot of net Treasury investment at near zero yields might be a struggle. The US has a $400bn pus CA deficit to finance. All of this points towards a much weaker US Dollar in Trump's likely second term. </div>
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Strategic macrohttp://www.blogger.com/profile/13718957223946001551noreply@blogger.com1tag:blogger.com,1999:blog-3619346926253451029.post-82917412430505013422020-04-16T05:02:00.000-07:002020-04-16T05:02:21.037-07:00Are Bonds and FX pointing towards the next leg lower starting next week?<div style="text-align: justify;">
I have had the view that at least since late March markets have been trading on technicals, not really even news flow. Question is when does QE induced technicals take a back seat to economic reality?</div>
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In the last couple of days equities and junk bonds have stopped rallying and traded around their Fibonacci retracement lines. While I do think there is a chance at a bit more upside for a few more days, most of the technical rebound had been had. Yet at the same time Treasury yields have broken lower and the USD has started to try to move higher again, which if it continues, I believe is the start of the next move lower, the proper liquidation event. </div>
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The next leg down I think is catalysed by the realisation there is no V-shaped recovery from Corona, that the lock down disruption will drag on a bit longer and that in Q2 going into Q3 we will see the peak pessimism on the outlook. </div>
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While the Fed can magically control a large part of the fixed income markets, in the end default and earnings expectations combined with a lack of market making capacity drive credit and equity valuations with exaggerated moves in both directions now part of the market normal. </div>
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In prior posts I have looked at prior shocks and recoveries and also prior bear market rallies. In bear market rallies only a partial retracement happens and it tends to happen over a similar time horizon as the sell off, in this case about 1 month. Well we are roughly a week from the start of the current bear market rally, the 23rd, so next week might be pivotal for risk assets. </div>
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US 10 year has broken lower from its wedge: <br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgFJXeELbs3s-N3Wj8c1Smtzf2ELn1wORr6srm0KtUJObFvu0eZl4_iQEQr4Q75tFE014L1FYzgNMpPBNfhhKpMlHqSplmKN6M7CV1qZRmIMvN0_wHN_C8W6CwhMeIbO7T4qTgt1bMMGJg/s1600/tvc_d52c90492a9fbbc46f80ad60793f15d9.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="862" data-original-width="1600" height="215" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgFJXeELbs3s-N3Wj8c1Smtzf2ELn1wORr6srm0KtUJObFvu0eZl4_iQEQr4Q75tFE014L1FYzgNMpPBNfhhKpMlHqSplmKN6M7CV1qZRmIMvN0_wHN_C8W6CwhMeIbO7T4qTgt1bMMGJg/s400/tvc_d52c90492a9fbbc46f80ad60793f15d9.png" width="400" /></a></div>
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USD has broken higher from its short term wedge:<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgP7A98HVHjUWvcZjTUoFpv9WhQptt0diEHFWGkU-GF5SyMcOaGvZica2em6lAIKeLlsW0SX0noElQl2b2s7IRZXL6AMREF0ZJkA73VP9AOGPTTPiwRISvSFVyT4Pn-e2tVIBNm28AU7PA/s1600/usdst.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="805" data-original-width="1599" height="201" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgP7A98HVHjUWvcZjTUoFpv9WhQptt0diEHFWGkU-GF5SyMcOaGvZica2em6lAIKeLlsW0SX0noElQl2b2s7IRZXL6AMREF0ZJkA73VP9AOGPTTPiwRISvSFVyT4Pn-e2tVIBNm28AU7PA/s400/usdst.JPG" width="400" /> </a></div>
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And is on medium term support and breaking higher: <br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimSODZW6r7BnvFqxNH5NqvHqQJbhkh-ahZJJ7xEcD4EDVsNBQgoRK_8LAnBf6dqqpE9ps517wSKWCQ6Z1j-s5FRc93DEBFITNZfylr-kyhq80oZnOK20qlxTZb57XiJAFNfs2IowE4Fso/s1600/eurgbp.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="800" data-original-width="1600" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimSODZW6r7BnvFqxNH5NqvHqQJbhkh-ahZJJ7xEcD4EDVsNBQgoRK_8LAnBf6dqqpE9ps517wSKWCQ6Z1j-s5FRc93DEBFITNZfylr-kyhq80oZnOK20qlxTZb57XiJAFNfs2IowE4Fso/s400/eurgbp.JPG" width="400" /></a></div>
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Equities are a little short of the 3000 level/ 200 day MA/ 62% retracement but we still have a few days yet:<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCYUD0awfiJn_bGCHjm4C-8D8uAxqAF-49xd1wl5hEIjLuSQluStsOI2dtdAfH3va2c85WtYuF6umH5mTHppR78cz4QoxelZzI1xBntlJ15YYXn5WzRBvnu9NN6HbJGP2T4rUS1Wkv0xw/s1600/tvc_d505995e36d6c812403e63fa0dd20b56.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="862" data-original-width="1600" height="215" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCYUD0awfiJn_bGCHjm4C-8D8uAxqAF-49xd1wl5hEIjLuSQluStsOI2dtdAfH3va2c85WtYuF6umH5mTHppR78cz4QoxelZzI1xBntlJ15YYXn5WzRBvnu9NN6HbJGP2T4rUS1Wkv0xw/s400/tvc_d505995e36d6c812403e63fa0dd20b56.png" width="400" /></a></div>
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JNK which is a bit closer to the direct effects of QE is hovering around the 62% retracement: <br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiktcFwsXWTB3UcgfvDWNQ0JY7E_DAQr1rnuv7EXgnESTjLAZxGyhXrdOFOFxfAvxDSM7c5mFD35ApwPvTARk06YUzUQ4SglWLyLsEYQPidwzgyjmlbjOon4ocILXtmEw-N378CgYlEhnM/s1600/tvc_18428cba83ce60f3e71d6def5c61fda3.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="862" data-original-width="1600" height="215" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiktcFwsXWTB3UcgfvDWNQ0JY7E_DAQr1rnuv7EXgnESTjLAZxGyhXrdOFOFxfAvxDSM7c5mFD35ApwPvTARk06YUzUQ4SglWLyLsEYQPidwzgyjmlbjOon4ocILXtmEw-N378CgYlEhnM/s400/tvc_18428cba83ce60f3e71d6def5c61fda3.png" width="400" /></a></div>
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If the compression of the US yield curve restarts QE repatriation, look out below: <br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBaQO8wkvqkTm9B5071GVvVog8uHbxHhzIZJXf1Juh3r-zOt5fBcxa9B_kU7p4_irQCRgZRO0dhLSgRGJDXensVPTNj7t0FJUnJ8Q5bhuTAkMNIdt_XotpJ23KdxR4GYpmb_THJPa9P68/s1600/jpytsy.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="799" data-original-width="1600" height="198" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjBaQO8wkvqkTm9B5071GVvVog8uHbxHhzIZJXf1Juh3r-zOt5fBcxa9B_kU7p4_irQCRgZRO0dhLSgRGJDXensVPTNj7t0FJUnJ8Q5bhuTAkMNIdt_XotpJ23KdxR4GYpmb_THJPa9P68/s400/jpytsy.JPG" width="400" /></a></div>
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The Fed has magically caused a recovery in investment grade credit. But ultimately it cant buy a meaningful amount of corporate credit directly unless the Treasury massively expands the recently created Secondary Market Corporate Credit Facility (which it will):</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjE_onFFH1ox_BhKhzNlLyINmUb5xZn6x0yV5UTorR3kLSdjIE-X0qLgEgiQtTlUXt4zJ2u94BUPSpWDyfUCGpvNcrJr5bGMBwsOWBtX1JDelnqSLwMPvqblvQGbEE9sMJzyz6HJsUp-l4/s1600/lqd+short.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="808" data-original-width="1600" height="201" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjE_onFFH1ox_BhKhzNlLyINmUb5xZn6x0yV5UTorR3kLSdjIE-X0qLgEgiQtTlUXt4zJ2u94BUPSpWDyfUCGpvNcrJr5bGMBwsOWBtX1JDelnqSLwMPvqblvQGbEE9sMJzyz6HJsUp-l4/s400/lqd+short.JPG" width="400" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEju4QkvKdTggTzy10dsXJPm1PnjIuKd9xTXYMqCIDBPQPIQkZClmlNclqvhf7Ox9-aa2Ai7mbfPoem7iuXZCVcKEYWJ8OHZeuxbsASLXnWyngdXrwEamn_tMBjeRHyaiz5pQHIxfgYshV8/s1600/lqdlong.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="804" data-original-width="1600" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEju4QkvKdTggTzy10dsXJPm1PnjIuKd9xTXYMqCIDBPQPIQkZClmlNclqvhf7Ox9-aa2Ai7mbfPoem7iuXZCVcKEYWJ8OHZeuxbsASLXnWyngdXrwEamn_tMBjeRHyaiz5pQHIxfgYshV8/s400/lqdlong.JPG" width="400" /></a></div>
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<br />Strategic macrohttp://www.blogger.com/profile/13718957223946001551noreply@blogger.com1tag:blogger.com,1999:blog-3619346926253451029.post-35219216392799745232020-04-14T11:40:00.002-07:002020-04-15T02:48:38.964-07:00Some comments on Zoltan's Global Money Notes #29 <div style="text-align: justify;">
<a href="https://research-doc.credit-suisse.com/docView?language=ENG&format=PDF&sourceid=em&document_id=1082397171&serialid=mtlJauUuWRDkZlfx7eweyQfA264Z8yKszzgRvVFcYwI%3D&cspId=1767272217530810368" target="_blank">Here is a link</a> to the note: Global Money Notes #29 U.S. Dollar Libor and War Finance </div>
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I thought this Zoltan note was interesting. The Fed has basically fixed the plumbing in Treasury, Repo, OIS, FX swap markets. But that says nothing of IG corp credit or worse quality assets and we know the intermediation problems during risk off in credit. But the US has had about $5Tn in CA deficit funding this cycle and a lot of that is xccy QE leakage from EU, Jap, Asian banks and insurers who themselves are 10-20x balance sheet leveraged. I dont have data for how much corporate credit risk they hold but its not zero. I also understand that much of the FX hedges are done on a 3 month basis. So they are borrowing short and lending long and <i>do </i>have mark to market USD funding risk on the 3 month FX swap rolls (to my understanding). </div>
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As such I think the case for a renewed risk off is economic expectations deteriorating for Q3 over the coming weeks, and some initial selling cascading into a stop out run from the top with IG being liquidated and that spreading out into higher risk assets. </div>
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After that the Fed/ Treasury will be under pressure to do much more in IG credit, probably via a much bigger Treasury backstopped corporate credit vehicle. It will probably have to be $1Tn or so in promised size, the existing SMCCF has only $25bn in equity from the Treasury, so that would need to be upsized 5-10x I think. </div>
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I would have thought the USD index and 10yr yield would get wind of this in advance. So far US 10 yr has gone sideways this month, more or less, but is developing a breakout wedge formation and USD is on a big support line and should bounce if its risk off. The Yen might also start to move if the US 10yr breaks 60bps on the downside to yields. </div>
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Nevertheless, in the meantime equities can probably try for the 3000 mark on the S&P as Trump tries to map out a reopening of the economy and then declares total victory. </div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUk6SVJ76qfVEUJ0HpBEfqeogFdcn1_60vM3n7i-OcAlnzGc06TlkuHZTUJaGhU88yhxuCzvO_JOE7r_AGZnbi4xyKaYfCbZ4E9jegJowwW9iMjEaEMK47_F6VQ-aeu9hBkn89ohHerys/s1600/tvc_d0fd5583ecc46c01e6f49532ae663b05.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="856" data-original-width="1600" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjUk6SVJ76qfVEUJ0HpBEfqeogFdcn1_60vM3n7i-OcAlnzGc06TlkuHZTUJaGhU88yhxuCzvO_JOE7r_AGZnbi4xyKaYfCbZ4E9jegJowwW9iMjEaEMK47_F6VQ-aeu9hBkn89ohHerys/s400/tvc_d0fd5583ecc46c01e6f49532ae663b05.png" width="400" /></a></div>
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Strategic macrohttp://www.blogger.com/profile/13718957223946001551noreply@blogger.com0tag:blogger.com,1999:blog-3619346926253451029.post-10387930297638118152020-04-07T09:50:00.003-07:002020-04-07T09:57:23.888-07:00What's the sub-prime of this cycle?<div style="text-align: justify;">
<span style="background-color: white; color: #222222; display: inline; float: none; font-family: "arial" , "helvetica" , sans-serif; font-size: x-small; font-style: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">The next leg down, which I assume starts late this month or in May... we should see what floats to the surface in terms of big, realised, end of cycle losses. </span></div>
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I think the next leg down will be driven by a mix of the corp cycle and leveraged xccy carry holders of IG fixed income being stopped out. Primarily I think Japanese and EU banks and insurers. That is the real weak link, the sub-prime of this cycle; large quantities of overpriced assets held by weak holders. Some of the assets they own lost 10-12 years of carry in points loss in March before many of these areas started to rebound. But I think they will resell off again in the next sell off. </div>
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As the market sells off and these investors start to stop out, it will force people holding BBB, HY or Equity to sell as well.</div>
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So Raoul Pal's USD wrecking ball view, while somewhat true for Emerging Markets facing a trade shock combined with USD liabilities, isn't quite that for Developed Markets. In DM it is instead the Eur and Yen rallying as QE leakage is stopped out and repatriated and the wrecking balls smashes asset markets downwards from the top. Remember the banks and insurers are typically 10-20x leveraged to their own equity. </div>
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So what QE giveth, QT taketh away and it never seemed to do all that much for the real economy anyway. </div>
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As Chaucer said, 'now up, now down, like a bucket in the well.' </div>
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Strategic macrohttp://www.blogger.com/profile/13718957223946001551noreply@blogger.com0tag:blogger.com,1999:blog-3619346926253451029.post-87518157315749261022020-04-02T08:15:00.000-07:002020-04-02T08:15:28.494-07:00Policy failure and the Q3 recession<div style="text-align: justify;">
<span><span class="ember-view" id="ember6811"><span>The self-inflicted recession of Q3 coming up. S&P hasnt quite figured it out yet, but should sometime later this month or early next and drive the next, liquidation phase. </span></span></span></div>
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<span><span class="ember-view" id="ember6811"><span>If Trump can get a truce on the oil war (since writing this he tweeted a deal with Russia and Saudi) and oil up to $45 or so that would help HY credit and probably help the S&P upside bounce for a couple more weeks. But after that reality should set in. </span></span></span></div>
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<span><span class="ember-view" id="ember6811"><span>And per this doctor, the all societal lock down is basically unnecessary. </span></span></span></div>
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<span><span class="ember-view" id="ember6811"><span>https://www.anti-empire.com/german-infectologist-decimates-covid-doomsday-cult-in-open-letter-to-merkel/ </span></span></span></div>
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<span><span class="ember-view" id="ember6811"><span>We have another case of supposed experts, with their claims and projections propagandised by a failing media Fourth Estate, all talking their book with an eye on research funding/ ad revenues and distorting public policy at great cost to everyone else. </span></span></span></div>
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<span><span class="ember-view" id="ember6811"><span>The continued and repeated failure of leadership by career politicans with little knowledge, experience or confidence outside of their narrow world is a disaster. </span></span></span></div>
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<span><span class="ember-view" id="ember6811"><span>The true Corona mortality rate will be a fraction of 1% once ARDS patients (young people dying of their own auto-immune response that can be treated with HCQ, zinc, anti-virals and zpack) & those already dying of chronic illness are excluded from the numbers. </span></span></span></div>
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<span><span class="ember-view" id="ember6811"><span>Most of those <1% fatalities will be retirees with existing health conditions. Certainly they should self isolate.
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Strategic macrohttp://www.blogger.com/profile/13718957223946001551noreply@blogger.com0