The Daily Shot Brief – July 9th, 2021




Rates: The US Treasury has been issuing less debt as it taps its cash holdings. The Fed has been mopping up all the new issuance, tightening the supply and sending yields lower.

Source: Reuters Read full article


Credit: The pandemic caused companies to tap their revolving facilities (as revenues dried up), resulting in more funded exposure than banks (and other credit providers) expected. Lenders now just want term loans.

Source: @LPCLoans


Energy: Many shale firms hedged their output and are now selling crude oil well below spot prices (hedges offsetting price gains).

Source: @adam_tooze, @FT Read full article


China: With consumer inflation under control and business activity moderating, the PBoC is considering some targeted easing. The central bank may cut reserve requirements for some banks.

Source: Reuters Read full article
Source: CNBC Read full article


The renminbi’s strength relative to a basket of currencies could also be making the PBoC uneasy.

Source: Bloomberg


Eurozone: The ECB tweaked its policy approach after an extensive review. Here is a summary.

Source: @WSJ Read full article Further reading


Food for Thought: COVID risk by county:

Source: The Act Now Coalition

Edited by Richard Holmes

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