by Michael J. Howell12. October 2015 10:52In a darkening replay of 2007/08, there is an escalating lack of ‘liquidity’ across global markets. The echo of the Lehman Crisis can be heard in Figure 1, since Eurodollar balances are similarly being pulled back to US banks. Does this warn of funding problems? Bond investors’ most-talked-of fear is a lack of ‘price and size’. Perhaps, because they sit at the front of the feeding-chain, bond markets are more sensitive to a bigger problem concerning the drying up of the World’s flows of money and credit?
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