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Dienstag, 20. August 2013

The bond market’s fear of Summers

Posted: 19 Aug 2013 03:51 PM PDT
Well done to Matt Phillips for finding this fantastic photo, by Reuters’s very own Kevin Lamarque, of Larry Summers, wearing his trademark mirthless smile, eyeing the chairman of the Federal Reserve as though he were an appetizer at the Four Seasons. The photo is four years old, but it’s germane right now, because, as Phillips says, markets seem to be freaking out that the man on the left is going to replace the man on the right.
Phillips quotes Julia Coronado of BNP Paribas as saying that a Summers nomination “is starting to get actively priced into markets”, while Morgan Stanley also sees Larry worries behind this chart:

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