Back in April 2013, when looking at the dynamics of global treasury supply and demand (and just before the TBAC started complaining loudly about a wholesale shortage of quality collateral), we made the simple observation that between the (pre-tapering) Fed and the BOJ...

You know things have got a little too strange when the largest government bond market in the world saw no futures trades in the morning session last night.

It was always clear that consumer spending would drop in the wake of the recent sales tax hike in Japan, as some of the spending was dragged forward by consumers trying to beat the deadline.

Except for the UK’s FSTE 100, all of the leading global indexes in our sample closed the week modestly higher due to a combination of technical factors, anticipated stimulus, and economic data that was mixed but good enough to allow the upward momentum to continue.

Attached presentation provides a quick overview of some post-cricis actions and challenges faced by the three major central banks: the BOJ, the Fed, and the ECB.