Greetings,
United States: The speed of the Federal Reserve’s securities purchases has been unprecedented. The chart below compares the current quantitative easing (QE) trajectory to previous programs.
Will the Fed’s balance sheet reach $9 trillion?
According to BofA Global Research, the Fed will fully fund the massive 2020 deficit. It’s the US version of Abenomics.
Eurozone: Here is a forecast for the ECB’s (Eurosystem) balance sheet and asset purchases (from Pictet Wealth Management).
Equities: Share buyback activity, which was a significant driver of returns, is expected to slow sharply.
Credit: Primary collateralized loan obligation (CLO) markets in the US ground to a halt in mid-March with no new-issue, reset, or refi deals pricing. The first two weeks of the month hit the lowest volume reading in three years, according to S&P.
Global Developments: TD Securities expects a firmer US dollar over the next month or so, similar to what occurred in 2008.
Food for Thought: A poll on Democratic VP performance in the general election:
Edited by Daniel Moskovits
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