Renewable Revolution

SNIPPET:

With stocks tumbling, the VIX has, predictably, soared, briefly tipping above 50 intraday on Friday and last trading above 46, surpassing the levels hit during the Volmageddon in Feb 2018 and the highest level since the US credit rating downgrade in August 2011.

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Fri, 03/06/2020 - 15:20


Agelbert NOTE: Right on Trump ASS SAVING time, the 👹💵 🎩Fed rushed in to ramp up the stocks that were cratering big time at the time of the above post. Notice the (totally unjustified from financial fundamentals) massive ramp up in the last 40 miinutes.


Because I have called, and ye refused; I have stretched out my hand, and no man regarded; But ye have set at nought all my counsel, and would none of my reproof: I also will laugh at your calamity; I will mock when your fear cometh; When your fear cometh as desolation, and your destruction cometh as a whirlwind; when distress and anguish cometh upon you. Then shall they call upon me, but I will not answer; they shall seek me early, but they shall not find me: For that they hated knowledge, and did not choose the fear of the Lord: They would none of my counsel: they despised all my reproof. -- Proverbs 1:24-30

Fri, 03/06/2020 - 16:01

SNIPPET:

► GLOBAL CONFIRMED CORONAVIRUS CASES SURPASS 100,000

► EUROPE DEBT RISK GAUGE EXTENDS RISE TO HIGHEST SINCE JUNE 2016

► GERMANY'S 10-YEAR BOND YIELD FALLS TO RECORD LOW

► GERMANY'S 30-YEAR BOND YIELDS FALL TO ALL-TIME LOW

► EUROPE SENIOR FINANCIAL DEBT-RISK JUMPS MOST SINCE 2018

► JPMORGAN EMBIG DIVERSIFIED SOVEREIGN SPREAD RISES ABOVE 400 BPS

► EMERGING-MARKET USD SOV.-BOND PREMIUM JUMPS MOST SINCE 2011

► U.S. TREASURY 5-YEAR YIELD FALLS BELOW 0.50%

► U.S. 30-YEAR YIELD FELL AS MUCH AS 30BP ON INTRADAY BASIS

► U.S. 30-YEAR YIELD SET FOR BIGGEST ONE-DAY DROP SINCE 2009

► U.S. CREDIT MARKET FEAR GAUGE SURGES MOST SINCE AT LEAST 2011

► VIX'S 3-WEEK CHANGE IS BIGGEST EVER - BIGGER THAN LEHMAN

► WTI CRUDE FUTURES DOWN 10.% - BIGGEST FALL SINCE 2014

But the real shock was from Federal Reserve Bank of St. Louis President James Bullard, who admitted central banks are losing their credibility rapidly: "Many central banks have consistently missed their stated inflation targets to the low side for many years... Critically, the central bank has to be able to actually deliver the required." Which means...

"Credibility of central banks, instead of improving over time based on the achievement of stated goals, seems to be eroding instead."

That's quite an admission but 100% correct and this week's carnage after an emergency 50bps rate-cut did nothing to calm fears is a perfect example...

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