Archive January 2020

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Week InReview: January 31, 2029

Tweet of the Week

Week InAdvance: January 27, 2020

Tue Jan 28 OECD sustainable development forum in Paris. | Wed Jan 29 CBO director in the House. ESMA board meeting in Paris. FOMC rate decision. | Thu Jan 30 CFTC to consider rules on position limits for derivatives. Basel Committee meeting in Cape Town. | Fri Mar 8 OECD global tax talks in Paris. G20 working group in Riyadh. Britain formally leaves the EU.

Week InReview: January 24, 2020

Many Davoses at Davos
"And then there is the hidden Davos: the private, off-the-record events organized by the World Economic Forum. These secretive invite-only meetings are held under the Chatham House rule, a strict guideline that protects the anonymity of participants in order to facilitate frank discussion. These, along with the equally confidential bilateral meetings held between participants in corridors and hotel lobbies, is the Davos with the potential to usher in great social changes.
"In the hidden Davos opposing social forces, activists and elites, can put their egos and personas aside to speak freely and find common cause for joint action on the global crises that impact us all – from income inequality to climate change. It is here that the argument can be made that elites must stop suppressing protest and instead harness the creative energy of social movements to achieve great changes. The Forum is perhaps the only place on earth where these opportunities for fraternization are possible."
— Bloomberg Opinion

Week InAdvance: January 20, 2020

Mon Jan 20 U.S. equity and bond markets are closed for the Martin Luther King Jr. holiday. | Tue Jan 21 WEF's 50th annual in Davos. | Wed Jan 22 MSRB board meets. | Thu Jan 23 SEC virtual call on small business capital. | Fri Jan 24 SEC Investor Advisory Committee telecon.

Week InReview: January 17, 2020

Sometimes it doesn't pay to state the obvious.
"Well the cat’s out of the bag. The worst kept secret in the financial world is now not only accepted orthodoxy, but finally being discussed openly by, at least some, authorities. Central bank policies are directly driving asset prices and the bubbles therein. It’s what they do. It has been so stunningly obvious that, at this point, it makes a mockery of things to deny it as an ongoing, and essential, part of how their strategy is implemented. Oddly enough, however, it’s a revelation that is, apparently, coming late to many people with a lot of savings and nothing to show for it. And it is an undeniable factor in this January’s price action."
Richard K Breslow, Trader's Notes
— Bloomberg Government

Week InAdvance: January 13, 2020

Mon Jan 13 G20 working group in Riyadh. | Tue Jan 14 SEC's asset management panel. Finra cyber forum in NYC. | Wed Jan 15 FASB & PCAOB in the House.

Week InReview: January 10, 2020

Jan. 9, 1790: 'This Day in Financial History'
"Insider trading gets off to a roaring start as Treasury Secretary Alexander Hamilton submits to Congress his 'Report on the Public Credit,' which proposes buying up distressed bonds to consolidate the national debt. U.S. and state bonds, which had been trading at a fraction of their value, immediately surge in price. In one of the earliest, and most shocking, cases of insider trading on record, several members of Congress hire sailboats and stagecoaches to take them south faster than the news can travel by foot. They can snap up bonds at bargain prices before Southern newspapers spread the news of Hamilton's proposals."
— The Wall Street Journal

Week InAdvance: January 6, 2020

SEC Meets on New NMS Plan | Brexit Debate | CAT Webinar

Week InReview: January 3, 2020

The financial lesson of 2008-2009 that most investors have forgotten
If 2000-2009 was the Lost Decade for investors, 2010-2019 was the Decade of Forgetting. In March 2008, E.S. Browning wrote for The Wall Street Journal that “we may be in another lost decade” for stocks, like the Great Depression and the 1970s. He was right.