I don't think the yen story is complicated. Japan don't want the yen to slip slide away, but they don't want it to cascade thirty big figures either on a biblical stop hunt, so perhaps 'ineffectual' intervention is the desired outcome here?
Five Minute Macro
@fiveminutemacro.bsky.social
Macro trader. I used to be disgusted, now I try to be amused.
The most diabolical part of this whole lurid story.
This or about a dozen strong alternatives. Elmore Leonard is criminally underfilmed.
Tuffy@smtuffy.bsky.social · 2w agoShare a book you'd love to see adapted into a movie
I continue to not understand why anyone cares about auditing this guy's fairly fantastical claims. After a while, it just seems a bit weird. www.ft.com/content/5c48...
Gary Stevenson may have been Citi’s most profitable trader… in developed market foreign exchange
My testy exchange outside a London pub with a self-proclaimed currency trading legend
ft.com
Mystified how anyone buys this crap. If you want to convince yourself to buy the equity because of totally made up scifi scenarios, fine, it's a moonshot, you do you, but the bonds?! www.ft.com/content/3a02...
SpaceX bond yields rocket towards junk
Won’t someone think of the bondholders?
ft.com
Went for a sea swim first thing this morning, and I regret to inform you all the insufferable dickheads were right. (no Dryrobe, thanks for asking...)
This piece is pissing me off. Real 'man proposes, but Pimco disposes (of their Gilt holdings)' vibes. Pull your necks in.
Ian Smith@iankmsmith.ft.com · last mo.Op-ed on gilts from bond giant Pimco’s Peder Beck-Friis. Bond markets “do not meaningfully distinguish between types of spending” Plans 3 or 4 years ahead “often… prove too optimistic” Redefining debt “rarely persuades investors” as.ft.com/r/ccc9b1fc-3...
There are so many inadvertent gems in this Softbank presentation, it's difficult to pick favourites. group.softbank/media/Projec...
Can we point to a single time in history where this has worked out well for all concerned?
Bill is getting dragged for this, but, as Elon has amply demonstrated, having stockholders who are complete morons is truly the largest moat there is in business.
e.w. niedermeyer@niedermeyer.online · 2mo agook, I'm taking a fucking nap
The way to think about the SpaceX IPO is that it's like the 1990's Russian privatisations, but in reverse.
Henry Blodget was thrown in prison for far less than this.
Chinese stocks tend to trade on low valuations cos everyone in Chinese markets is either a sharp or a mark. It's pure dog eat dog and the dogs know what they're getting into. Trump and Elon ripping out the wiring from the US system of market infrastructure is...not a long-term positive development.
Everyone agrees that Osborne-era austerity was a disaster, but we're now sagely ushering in Austerity 2.0, which is just like Austerity 1.0 with the added bonus that every burp and flutter in the bond market will catalyse an orgy of handwringing. Cheers, Liz; gilt market's crying.
James Austin@jamesdaustin.bsky.social · 2mo agoAnother one for you @katie0martin.ft.com
Of all the things that won't happen, this isn't going to happen the most, but credit for getting an FT write-up, I guess. Say what you like about Neom; at least MBS controls vast resources and, more importantly, doesn't have to deal with the English planning system. www.ft.com/content/e50f...
‘Bonkers’: the audacious plan for a 1mn-person city near Cambridge
Shiv Malik, a former journalist, conceived his vision of timber skyscrapers after chronicling how young people were struggling
ft.com
This is going to be the white collar crime of the century by orders of magnitude.
Imagine having an invincible season and not even qualifying for Champions League!
I'm not a fan of 'x country is fundamentally broken' drive-by macro narratives, but sometimes you do have to give it to the haters.
This is an insane way to run a country, my God. Elect who you want, and then the onus is on them to keep the markets onside. Filtering candidates by who is a priori acceptable to the bond markets is a recipe for the austerity, muddle and stasis that got us to this point. www.ft.com/content/3e1c...
Who do gilt investors want to lead Britain?
Andy Burnham seen as biggest risk to UK government bonds
ft.com
'We have to keep our lame duck leader in place to appease the bond market' is, I'm afraid, the kind of tepid, focus grouped, don't rock the boat do-nothingness that has led Labour to this juncture in the first place.
Restaurant. I mean, I know how to spell it, but something deep inside me wants to discuss it every single time.
Merriam-Webster@merriam-webster.com · 3mo agoWhat word is your spelling nemesis? This is a safe space.