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Hotter-than-expected August CPI and quarterly options/derivatives expiration made for a toxic mix. “Core” CPI was reported up 0.6% for the month (7% annualized!), double estimates.
Risk off had attained powerful momentum globally back in July. De-risking/deleveraging dynamics were increasingly fomenting illiquidity, contagion and instability across global markets.
The late-nineties U.S. “tech” Bubble was financed, at the margin, by high-yield debt (telecom, in particular), speculative hedge fund levered finance, and GSE liquidity. Read more.
Surging consumer inflation may have been the catalyst, but the unfolding crisis has been decades in the making. Click here to read more.
The yen is a whisker away from sliding to the lowest in about 24 years as investors ramp up short bets on Japan’s beleaguered currency.