Balance-Sheet Recession

Quick China stimulus update

In our prior research note, we established that China is experiencing a consumer-driven residential property balance sheet recession. Here is the conclusion we reached: China’s National Development and Reform Commission managed to unveil pretty much no details on the make of their stimulus aside from some 100bn yuan ($15bn) in additional spending for 2025, which […]

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Fed and China go big or go home

Fed goes for 50bps and China gives you money to buy domestic stonks… So what’s the trade a week later? Rates trades and hedges set up from the Fed’s first (Big-Mac) cut. In line with market expectations but against economist consensus (yours-truly included), the Fed decided to skip the hors-d’œuvre and go for the plat

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