DLBS News and Press, Barclays Bank PLC ZC SP ETN REDEEM 13/08/2020 USD 50 - Ser A 06740L444 From 01/29/19

European corporate bonds sold off late last year amid a broad risk-off environment. Most risk assets have recovered since. One of the surprising exceptions: BBB-rated European debt. We now see compelling relative value in this segment of the European credit market, though we maintain our neutr...

Compared to US Fed, ECB seems flat-footed as growth slows During the recent period of market volatility the US Fed has in our view successfully re-positioned itself on the dovish end of expectations, both in terms of interest rate and more recently balance sheet policy. The ECB in comparis...

Treasury prices gain, pushing yield down, as a declining stock market sends investors to the safe haven of government paper. More news on: iShares 20+ Year Treasury Bond ETF, ProShares UltraShort 20+ Year Treasury ETF, Direxion Daily 20+ Year Treasury Bear 3x Shares ETF, News on the U.S. e...

Let's dig into some of the Q4 bank earnings that came out last week. First up Bank of America (BAC) which posted its largest full-year profit in history at $28.15 billion. (WSJ) So how did they accomplish such a feat? Well, let's just see what their interest rate differential was, i.e. what ar...

As we sit here and await the new week of "market" machinations, still basking in the afterglow of what can only be called a resumption of BTFD (buy the f'n dip) euphoria, it appears the old expression in regard to the Federal Reserve and the "punch bowl" has morphed from being the so-called "a...

The word is that Federal Reserve officials are considering slowing down or stopping altogether the efforts to reduce the size of its securities portfolio, something it began in October 2017. Nick Timiraos writes in the Wall Street Journal, “Federal Reserve officials are near decidin...

I frequently get questions about my recent proposal to increase Fed accountability and transparency . Thus I thought it might be useful to make another attempt to explain the idea, based on some of the misconceptions that I have come across in conversation. Here are nine important points to k...

Events of the week support our view that global economic growth may indeed accelerate later in the year as the BOJ, Bank of China, ECB and the Fed pushed panic buttons responding to deteriorating growth and weak inflation. Simultaneously, we expect trade negotiations to heat up with some resol...

There were no major U.S. Federal Bank speeches this week, so let's dive into the market overall, starting with corporates. CCC yields (in blue) widened sharply between 10/18 and 12/18, rising about 425 basis points (left scale). Spreads have tightened a bit since then, coming down to about 1...

Over the past month, there has been an interesting parallel between the price of oil and the yield on bonds. Toward the end of December 2018, the price of oil dropped to a near-term low, closing one day at $42.53. Since then, the price has risen, reaching its latest near-term high of just unde...