• [WEBCAST] Raoul Pal & Neil Howe: A Sobering U.S. Economic Reality Check

    Prepare your portfolio for “big picture” paradigm shifts with Real Vision co-founder Raoul Pal and Demography analyst Neil Howe. Watch the replay from this webcast.

Editor's Note: Below is a brief excerpt from today's Early Look written by U.S. Macro analyst Christian Drake. Click here to learn more about the Early Look. 

The post-crisis policy regime is one characterized by forward guidance acting as volatility warden with the express purpose of cultivating a self-optimizing, low vol, long carry dynamic to drive asset market reflation...

With rates and cross-asset vol collapsing, spreads re-approaching all-time tights, implied volatility discounts beginning to pile up across equity benchmarks and the speculative net short position in the VIX again approaching record levels, the sentiment vigilantes have re-organized and are again set to march on the complacency wall.

CHART OF THE DAY: A Fed Fortified Wall of Complacency - CoD VIX CFTC

CHART OF THE DAY: A Fed Fortified Wall of Complacency - early look