KCNY - Chinese Bonds: State Call Over Fed Put
The Fed put did it again. Thanks to the Fed's easy stance on rate tightening and backing off from withdrawing liquidity (i.e., quantitative tightening), markets world over have been put in a good place (at least for now) after dislocating badly in December. That said, from all accounts the recovery lacks conviction, with multiple threats looming in the background including a "patient" Fed that remains "data-dependent," where the "data" remains to be seen.
In this milieu of uncertainty and volatility, global investment houses are scrambling to find opportunities that are less correlated, less volatile and