Bonds, Central banks, Credit, Federal Reserve, Fixed Income, futures, Hedge Funds, High Yield, Money, Primary Dealers, repo, UK Treasury, Volatility, Yield Curve
Overstretch
Markets have paradoxically both been on edge - and in the throes of euphoria - since the repo shock in mid-September, being at the same time alarmed and yet strangely reassured by the Fed's frantic backpedalling and the $400+ billion boost to its balance sheet which this entailed. Extreme levels of overstretch are everywhere apparent.
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