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JPM on FX/rates | STIs | Wilson psychodrama

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“There are three ways to make a living in this business: be first, be smarter, or cheat.”

This market is as cruel to the shorts as watching a cat kill a mouse: The cat first mauls the mouse to disorient it and puts it in its mouth. Then, it drops it down to play around, giving it hope by letting it escape. The cat repeats this a few times until it eventually goes for...

 

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JPM on FX/rates | STIs | Wilson psychodrama

JP Morgan analysts quantify the expected impact of the backlog of US Treasury and T-Bill issuance on markets. The maths and Game Theory behind