It is the 20th of August 2017

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Illinois "Budget Deal" Is Likely The Death Knell For The State's $130 Billion Underfunded Pensions

Last August, in a post that attempted to explain why public pensions are really about $8 trillion underfunded, as opposed to the $3-$5 trillion that you frequently see tossed around in the press, we described pensions in the following way:

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BofA Lashes Out At The Fed: "Take That Punch Bowl Away" Or Face A Crash

In a dramatic appeal for rationality at the Fed, Bank of America's global FX strategy team today released a note titled "take that punch bowl away", which laments that while central banks backtracked from their hawkish recent rhetoric this week, it warns that "they will be sorry if they allow bubbles" and predicts that vol will increase this fall adding that the bank remains "cautious and selective in EM FX, despite the Fed-triggered rally this week."

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Global Capital Markets Have Added Over $11 Trillion Since Trump's Election

Since President Trump's election, global equity markets have added more absolute value than at any time in history (around $12 trillion) - surpassing the front-running exuberance that started when Bernanke hinted at QE2 in 2010.

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