FinancialRealPolitik / Repo / Euro$ / Entropy / École de la régulation. PSG pour la vie 🥰

Joined August 2019
Les 4 plus grandes bq sont devenues les pourvoyeurs de liquidité principaux sur le marché de refinancement le plus important au monde. Le REPO est devenue le réel preteur last ressort notamment pour le shadow banking Tt ces ust accumuler ont transformer ces bq en forteresses
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Coherently with Chinese credit impulse and $ strengthening (largely due to some EM weakness), commodities has a room to drop.
Traders have cut their bets on commodities, even as the prices of many have risen further
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The BIS is discovering the eurodollar system
#InternationalBanking since the 1950s has taken place mainly offshore, with lenders and borrowers transacting in currencies foreign to them both #BISQuarterly #BISStatistics bis.org/publ/qtrpdf/r_qt2109…
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Missing alert : were still seeking the european tri-party. If anyone got informations please provide it to @ecb Continue to follow my investigation with the hashtag #TheEuropeanRepoMess
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I should add another very important liquidity proxy : net order flow of repo volumes. There is a strong negative relationship with the specialness premium, due to need to hedge the "winner curse" (over attribution of bonds at auction) by short selling /"reverse in" the bonds.
While the on the run / off the run spread is relevant to measure the liquidity of the repo market in USA, it's far less useful in europe because several tranches of security can be auctioned progressively. Hence the specialness (liquidity) is shown by bid ask / RV of the bond 👌
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While the on the run / off the run spread is relevant to measure the liquidity of the repo market in USA, it's far less useful in europe because several tranches of security can be auctioned progressively. Hence the specialness (liquidity) is shown by bid ask / RV of the bond 👌
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The european repo is the most chaotic thing that I've ever seen the french team of 08.
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Since the french team.. I should take more time before to post a twit 😂
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That's exactly the point to understand. Rates hike cannot fix this kind of inflation
The Fed can hike interest rates all it wants, it's not going to make it rain in Brazil, open ports in China, find truck drivers in the UK, change covid-0 policies in Australia. Bet that the Fed will hike rates if you want, but don't bet it will help this supply-driven inflation.
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GOAT 😍
💎 UN BIJOU TOTAL 🔥 Lionel Messi marque son premier but avec le PSG face à Manchester City. Un but dans le pur style de l'Argentin. MA-GNI-FIQUE
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La Saumure retweeted
[Help needed] Looking for literature suggestions on the currency classification. Notably, the differences between target and funding currencies in the carry trade activity. Thank you in advance! cc: #EconTwitter @NeilLancastle @MarkusEconomist @pedrolrossi @luizfpaula @paulogala
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Don't forget the huge amount of cash and RRP that stabilizing the rates pretty solidly, moreover this kind of supply inflation can hardly be fixed by rates hike.
Good speech by NY #Fed Williams pushing back against early hikes. Williams: "Long way to go until max employment" Translation: No way we hike in '22. Williams: "I expect inflation to come back to 2% next year." Translation: Maybe (maybe) we hike in '23. marketwatch.com/story/fed-wi…
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"in an environment with less excess liquidity [...], credit institutions might need to hold higher volumes of marketable HQLA." I guess it is the expected result to put SRF, trying to sterilize reserves while getting progressively away from QE.. 😏 Debt as good as cash 😌
👇Just published in collaboration with #Eurosystem colleagues: our @ecb Occasional paper on the link between demand for central bank reserves and monetary policy implementation frameworks 🤓💫 #bdfeco Thread 1/7 ecb.europa.eu/pub/pdf/scpops…
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La Saumure retweeted
The drama, the falling, the deep red, the amount of participants involved, the idea of a new order among the players... Oh yes, this is definitely the USTs Market
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About european repo market, anyone got some good guy to follow?
For the sake of perspective diversity, European #FF Below some quite known FinTwits, who else do you follow in Europe? @AndreasSteno @INArteCarloDoss @PriapusIQ @darioperkins @dlacalle_IA @ProfessorWerner @MacroAlf @C_Barraud @PkZweifel
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"People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the publick, or in some contrivance to raise prices.” Adam Smith, the wealth of the nations, book I
"The monopolists, by keeping the market constantly understocked by never fully supplying the effectual demand, [and] sell their commodities much above the natural price... " -- Adam Smith
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nitter.fiat-tux.fr/Analystlearner/s… I don't think that evergrande is intentionally a way to weakening US asset bubble, but it's clearly the strategy of the Chinese over the mid run.
I'm just crazy enough to believe that China may intentionally unleash a credit contagion (via Evergrande) to burst our asset bubble and accelerate its progress toward challenging dollar hegemony
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