海外研报

30yr yields show muni investors’ bull market conviction

Market has entered an election mode and corrected an unwelcome May/June 2s10s Treasury flattening. Benign June CPI report added support to an ongoing bullish trend

The Yen’s Mysterious Weakness — A Search for Answers (Fishman/Kanter)

The strikingly close relationship between USD/JPY and real rate differentials overthe past few years has come into question in recent weeks. While there havebeen prior periods of dislocation, none have looked as persistent and prominent

China: O&A on the third plenum

WVhy is the third plenum getting so muchmnarKetatentlolThe Chinese economy is facing myriad headwinds. Some are cyclical, some are deep-seated structural problemswhich can only be addressed by structural reforms.