An open letter to Bill Dudley
What I was writing to tell you is that the Fed is technically insolvent.
Political risk in America
Even if Alexandria Ocasio-Cortez winds up losing the 2020 presidential election, one tax-related shock looms unavoidable. A survey of deeply discounted opportunities in a bond market not exactly overflowing with bargains.
You could almost say – we’ll say it – that the tribulations of the American restaurant industry are a mirror to the 2019 state of the Union. A parable of ultra-low interest rates and put-upon franchisees.
If all goes according to plan, the post-Libor transition will be the money market’s own version of the anticlimactic, year-2000 computer-clock changeover, Y2K.
After opening up the taps to businesses in December, bankers are having second thoughts.
