I find it fascinating that the stock market is still so fixated on stimulus (more quantitative easing), which says a lot about the nature of the global economy. Stocks posted a pretty strong rally yesterday after the European Central Bank (ECB) hinted at increasing their QE program. Then, this morning, the futures were driven even…
What China’s Currency Devaluation Means for Markets
Risk assets across the board are trading lower today after China devalued their currency, the renminbi (or “yuan” as it’s referred to in international context), overnight by 1.9%. China currently maintains a peg to the US dollar in order to keep the exchange rate in a very tight band. They do this by intervening each…