It is the 24th of September 2018

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Hartford Could Default On Its Debt As Soon As Next Month, Moody's Says

Moody’s latest warning about Hartford Connecticut is its most dire yet.

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Pound Flash Crashes After Moody's Downgrades UK To Aa2

In an otherwise boring day, when Theresa May failed to cause any major ripples with her much anticipated Brexit speech, moments ago it was Moody's turn to stop out countless cable longs, when shortly after the US close, it downgraded the UK from Aa1 to Aa2, outlook stable, causing yet another flash crash in the pound.

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Algeria Officially Launches Helicopter Money Amid Sliding Oil Revenue, Budget Crisis

One year ago, the imminent arrival of helicopter money among endless discussions of pervasive lowflation was all the rage within high-finance policy circles. Then, everything changed as if on a dime, and in recent months the dominant topic has been global coordinated tightening - and in some cases even revisions to central bank mandates and the lowering of inflation targets - perhaps as a result of central banks' realization that monetizing debt by central banks leads to bad outcomes, not to mention global asset bubbles.

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Bizarro World: JGB Yields Slide After BOJ Tapers

Something strange happened on July 24: on that day the Bank of Japan announced it would reduce the size of its purchases of five-to-ten year JGBs from Y500 billion to Y470 billion. However, instead of yields and the yen spiking, as some had expected would happen, they slumped. And, just as unexpectedly, 10Y JGB yields continued to slump over the next month, despite another reduction in the amount of JGB in the 5-10 year bucket that the BOJ would purchase on August when it further reduced the amount to Y440 billion.

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