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Central Bank Beatlemania

Excitement over the recent moves in USD/JPY are reminiscent of a kind of central banking Beatlemania, a sort of mop-top monetary BOJ and PBOC playing the roles of Paul and John.

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Revolution

There was only really one big surprise last year: volatility. Or rather, the entire lack of it. The VIX index printed its lowest level ever. And the low volatility was persistent.

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Wishing you…

A Very Blonde Christmas!

Before you go off for your festive glüg, we could talk about the Catalonia election result. We could say that it reinforces the battle that Prime Minister Rajoy faces at the national level.

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