It is the 20th of August 2017

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Gundlach: Bond Wipeout Is Just Beginning

It was already a jittery day for fixed income investors, with a bond rout which started after today's French auction was poorly received, unleashing a selling scramble and sending Bund yields above 0.50% for the first time since January 2016, and breaking out above a key support level, then crossing the ocean and slamming both US stocks and bonds. And according to Jeff Gundlach, who recently doubled down on his vocal bond bearishness on Twitter...

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Terrible News For Illinois: Moody's Puts State On Review For Downgrade To Junk Despite Budget

The passage of Illinois' budget, which is scheduled for tomorrow despite the veto of Gov. Rauner which was duly overriden on July 4, was supposed to be critical catalyst that saved the state from a downgrade to junk status by the rating agencies, a first in US history. Unfortunately, moments ago Moody's said that the passage of the budget may have been too little too late, and moments ago the rating agency said that it had place the rating of Illinois’s Baa3 general obligation under review for possible downgrade, citing the state’s failure to fully enact timely budget for fiscal year that began July, and its failure to achieve broad political consensus on how to move toward balanced financial operations.

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Terrible News For Illinois: Moody's Puts State On Review For Downgrade To Junk Despite Budget

The passage of Illinois' budget, which is scheduled for tomorrow despite the veto of Gov. Rauner which was duly overriden on July 4, was supposed to be critical catalyst that saved the state from a downgrade to junk status by the rating agencies, a first in US history. Unfortunately, moments ago Moody's said that the passage of the budget may have been too little too late, and moments ago the rating agency said that it had place the rating of Illinois’s Baa3 general obligation under review for possible downgrade, citing the state’s failure to fully enact timely budget for fiscal year that began July, and its failure to achieve broad political consensus on how to move toward balanced financial operations.

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Pimco CIO Says Firm Is "Reducing Risk Across The Board"

Mark Kiesel probably isn't the first name that springs to mind when Pimco's investment strategies are being discussed.  That honor, ironically, still resides with Bill Gross even though he departed the firm for Janus over 3 years ago. 

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Pimco CIO Says Firm Is "Reducing Risk Across The Board"

Mark Kiesel probably isn't the first name that springs to mind when Pimco's investment strategies are being discussed.  That honor, ironically, still resides with Bill Gross even though he departed the firm for Janus over 3 years ago. 

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Goldman Sachs On What Happens Next - Recession, War, Or Goldilocks

After several months of low volatility across assets since mid-2016, particularly in equities, markets were more volatile last week owing to fears of central bank tightening. Volatility picked up first in FX and rates, and then spilled over to equities. However, as Goldman notes, this might not be the end of the low vol regime yet.

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