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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free Access/MBS/CREDIT: Nomura's George Goncalves......>
US TSYS: /MBS/CREDIT: Nomura's George Goncalves said further on 2018 "Grey
Swans" about "Shock 10: Credit: stealth leverage pops?" that "after years of
accommodative policy, we think the risk is that leverage has built up in the
system and as the Fed drains liquidity via the B/S and higher rates, the
potential imbalance that may have been up could be exposed. So does US credit
pop in 2018?"
- He adds that "policymakers are always fighting the last war and in many ways,
that has been a good thing because from a variety metrics, the US banking system
is now more sound.
- "Years of re-stocking the capital base, lower overall leverage (versus other
periods) and less reliance on short-term funding no longer put banks in the
cross-hairs. Granted if there was a severe enough recession or sharp repricing
in financial assets, US banks would be affected. However, the stress tests
suggest the majority would come out ok," he said.
- "Where is the leverage? It lurks in various forms; let's call it stealth
leverage," he added.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.