Russia’s safety cushion just got bigger - international reserves hit another historic high this week: $620bn (the latest available numbers show 23% in gold)
Thank you @SenJackReed for your question on market structure.
I think the inherent conflicts of payment for order flow and rebates on the stock exchanges may make our markets less efficient and raise the question of whether investors are getting best execution.
Russia’s central bank says a new financial crisis on the scale of the 2008 collapse could happen in less than 18 months if global inflation is not kept in check.
ft.com/content/624b30…
There is a large EM swath where real policy rates (adjusted both by trailing and expected inflation) are way too low, and central banks need to tighten irrespective of the Fed:
An interesting table from Nomura that shows what will happen to EM current accounts in 2023 if fiscal deficits halve and Savings-Investments gets back to pre-COVID average. Colombia, Peru, and South Africa look a bit unnerving:
S&P 500 has hit another all-time high.
Did you know?
During hyperinflation in 2007, Zimbabwe's stock market was the the best performing stock market in the world.
But its currency got destroyed.
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