Q2 Preview

We could see extremely interesting price action this quarter.  There are a number of catalysts we had been anticipating in Q2.  Let’s look for opportunities in the next week or two in the following areas: [...]

By | April 1st, 2018|Categories: Economy|

The Fed’s Overshoot

One of my former colleagues at JPM was a rocket scientist – literally.  We once discussed how for some corrective system models, you can have a situation where you overshoot before eventually settling to the [...]

By | March 25th, 2018|Categories: FOMC|

Fed Meeting Thoughts

There are so many wacky things going on with Eurodollar futures, from libor blowing out to Kong buying EDZ8-Z9 in unprecedented sizes, that it’s hard to get a good handle on what is going on [...]

By | March 18th, 2018|Categories: FOMC|

Normalization Timing

The two big stories this year are: (1) Libor increasing and (2) Kong buying EDZ8-Z9.  These two factors have had a negative impact on the back of the whites.  Kong has also had a negative [...]

By | March 11th, 2018|Categories: Positioning|

White (Pack) Normalization

How things can change in a week!  A number of the things I mentioned last week are starting to normalize.  Apparently, I don’t live in Bizzaro World after all! The libor fixing stabilized. It’s only [...]

By | March 4th, 2018|Categories: Positioning|

White (Pack) Noise

There are a bunch of strange things going on in the front of the curve (next 12 months).  It’s been a really long time since I’ve seen so many unusual cross-currents go through at the [...]

By | February 25th, 2018|Categories: Positioning|