The first part explains how the debt trade helped move the stock market move up. Basically margin debt has only gone up since the lock downs have started. At the same time we had the lowest economic expansion.
There was an interesting discussion about Wells Fargo for the bond market. Apparently Yellen placed a ban on Wells Fargo to buy more assets but now they are trying to remove it so that the banks can absorb more treasuries. I wonder what effect this 4th engine to absorb treasuries affects the prices.
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