Cliff Asness of AQR has written an interesting paper available online. Basically he asserts markets are now less efficient due to index funds, low interest rates, and most importantly the influence of access to technology that encourages memes and meme philosophy that increases

FOMC statement redline

💯

Wow! The Federal Reserve's new 'Dot Plot' shows EIGHT(!) rate cuts from the peak in 2025. In the June Dot Plot, there were 'only' five. #Powell & Co. have adjusted their rate expectations significantly downward, moving toward market expectations.

BREAKING! Eurozone #inflation dropped to 1.8% in September. First sub-2% reading since June 2021! #Inflation in the major Eurozone economies is lower: #Germany 1.6%, #France, #Spain 1.5%, #Italy, 0.7%. The #ECB only needs to use the word #deflation to cut rates massively.

Tack till alla er som visat omtanke efter händelsen i riksdagen i dag. Man måste kunna ha en riksdagsdebatt utan att få saker kastade mot sig. Det är grundläggande för det demokratiska samtalet.

Blackstone just dropped a country banger

French 10-year yield closed the day above Greek 10-year yield for first time yesterday. Germany-France close to widest spread for the cycle, currently +87 bps.

Todays winner… Biggest ever Treasury futures block bagging approx. $50 million mark-to-market profit in one day😎 Big time player. 🥇

Some thoughts from a note shared internally on the 'unusual' price action in bonds today!

A 3-year auction of Treasuries today went poorly, with primary dealers absorbing the greatest amount of the debt in more than a year. This is concerning considering the 10-year & 30-year Treasury auctions over the next two days. 30-year yields have surged by 40bp since April 4:

The bond market: still undefeated. 💪

Up to an hour ago, there was a debate on what would convince the US Administration to opt for some type of pause on tariffs. Would it be Congress, the President's advisors, business leaders, the legal system, markets, or something else? We got the answer today: It's the

Me talking about the bond market today.

HSBC's Steven Major: "The foreign share of marketable Treasury debt has been on the decline for over a decade...Domestic investors have thus increasingly become the marginal buyer of Treasuries, while the biggest increase in foreign investor holdings of USD-denominated assets has

The Comeback of Negative Interest Rates: In Switzerland, govt bonds w/maturities of up to 4yrs are once again offering negative yields. In other words, investors effectively pay to lend money to the Swiss government.

Bloomberg terminal outage hits traders on.ft.com/4mgXwLY

Bloomberg terminal suffers outage, delays UK gilt sale - UK DMO, traders ift.tt/PVSK9FC

Riksgälden skjuter upp försäljning av statspapper efter Bloombergs terminalstrul, skriver DI • "Gör ett nytt försök klockan 14" säger upplåningschef. omniekonomi.se/bloomberg-prob…

The heads of the central banks in Australia, Brazil, Canada, Denmark, the Eurozone, South Korea, Sweden, Switzerland, the United Kingdom have issued a highly unusual statement of support for the Fed and Powell