A Concentrated, Global Easing Cycle; U.S. Repo Stress

PGIM
By September 27, 2019 08:32

A Concentrated, Global Easing Cycle; U.S. Repo Stress

Weekly view from the desk

As we continue assessing global oil market conditions, key factors we’re monitoring include the restoration of the Saudi Aramco facilities’ capacity vs. actual production, the likelihood that a geopolitical risk premium remains embedded in crude prices, and the potential erosion of an estimated (pre-attack) global production surplus of 500k/day by the end of 2020. Given the current production loss, the surplus could be eroded in less than two months.

PGIM
By September 27, 2019 08:32

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"The relentless run in #riskassets over the last five months finally faded a bit in early September, as the S&P 500 fell nearly 8% and the tech-heavy #NASDAQ fell 11%. This year’s returns have been heavily influenced by the …" -> https://www.opiniopro.com/2020/09/northern-trust/an-interesting-fall/

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Various central banks met last week and offered markets the comfort of ongoing stimulus. #ChartoftheWeek plots both historic US interest rates and the market’s implied expectations, forecasting no normalisation. Read more in our #FixedIncome roundup: https://bit.ly/3hVWkLB

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