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бързоооооо бързо лапат еврейките от бомбата . не се отказва к.................... еврейски ама и аз не се отказвам . хяхяхяхяхяхяхяхяяяяяяяяяяяяяяяяяяяя
Argentina and Turkey are very vulnerable because their balance sheets are very exposed to the US dollar. Any sign that global liquidity is tightening is a problem. The bottom line, to quote Warren Buffett, is that when the tide flows back you can see who is swimming naked. The tide is pulling back and it’s revealing the countries with problems that were overlooked when liquidity was abundant.
While real yields rose to start the year, largely reflecting the effects of expansionary fiscal policy in the US, they are generally in the range they’ve been in for the past five years. Thus, even though nominal yields have risen, there has not yet been a sufficiently meaningful tightening of financial conditions resulting from higher rates to believe a US recession or a major drawdown in equity markets is imminent. Exhibit 5 shows how recent major bear markets in equities tend to require a convergence between real GDP and real yields. Higher oil prices are not likely to drive the former much lower nor the latter much higher. In short, while we do see further potential downside to bonds from higher oil prices via higher breakevens, we do not see it as a meaningful threat to global equities.
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