Ovvero: Pararsi un po' il cul* in questo pazzo pazzo mondo di carte filigranate, iperfinanza globalizzata e picco delle risorse

lunedì 2 novembre 2015

Durden (BoA): Ci sono ora 20 TRILIONI di Dollari di Bond in giro per il mondo che "pagano" un MENO 1% o piu'


.. here are some shocking statistics on how we got there, and which we all take for granted, courtesy of BofA:
  • There have been 606 global rate cuts since LEH
  • $12.4 trillion of central bank asset purchases (QE) since Bear Stearns
  • The Fed is operating a zero rate policy for the longest period ever (even exceeding the WW2 Aug’37-Sep’42 zero rate period)
  • European central banks operating negative rate policies (Swiss policy rate currently -0.75%; Sweden’s policy rate currently -0.35
  • Just this month, the PBoC cut rates, the ECB confirmed QE2, Sweden announced additional QE, and the BoJ promised additional easing if necessary "without hesitation"
  • $6.3 trillion global government bonds currently yielding <0%
  • $20.0 trillion global government bonds currently yielding <1%
But wait, there's more in describing what BofA says is the most immense and long-lasting monetary stimulus, i.e., bubble,  in history:
  • For every 1 job created in the US this decade, US corporations have spent $296,000 on stock buybacks
  • An investment of $100 in a portfolio of global stocks & bonds (60:40) since the onset of QE1 would now be worth $205; in contrast, a wage of $100 has risen to just $114 over the same period
  • US prime (“CBD”) office real estate has appreciated 168% this decade; in contrast, the value of US residential property across America has risen just 16% (see Chart 5)
(...) 

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