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	<title>Global Macro Investing: Understanding the Big Picture</title>
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	<link>http://macroinvesting.wordpress.com</link>
	<description>I try to make sense of the global financial crisis by considering how the actions and inactions of Central Banks and other policymaker interact with global financial markets. Many of my posts make reference to academic research or current financial market developments including relatively neglected areas of financial reporting such as fixed income markets.</description>
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		<title>Global Macro Investing: Understanding the Big Picture</title>
		<link>http://macroinvesting.wordpress.com</link>
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		<title>US Q2 GDP: How Bad Was It?</title>
		<link>http://macroinvesting.wordpress.com/2009/08/01/us-q2-gdp-how-bad-was-it/</link>
		<comments>http://macroinvesting.wordpress.com/2009/08/01/us-q2-gdp-how-bad-was-it/#comments</comments>
		<pubDate>Sun, 02 Aug 2009 02:31:17 +0000</pubDate>
		<dc:creator>Said Haidar</dc:creator>
				<category><![CDATA[Macro Policy]]></category>

		<guid isPermaLink="false">http://macroinvesting.wordpress.com/?p=151</guid>
		<description><![CDATA[Will we see a double-dip recession? Advanced GDP estimates for the second quarter came in at minus 1% versus consensus estimates of minus 1.5%. While several news stories quoted various business economists declaring the end of the recession, the market reaction told a different story.  Stocks finished higher but just barely and below their pre-open [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=macroinvesting.wordpress.com&amp;blog=7172228&amp;post=151&amp;subd=macroinvesting&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>1</slash:comments>
	
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		<title>The Sound and the Fury of the Bond Market Vigilantes</title>
		<link>http://macroinvesting.wordpress.com/2009/06/09/the-sound-and-the-fury-of-the-bond-market-vigilantes/</link>
		<comments>http://macroinvesting.wordpress.com/2009/06/09/the-sound-and-the-fury-of-the-bond-market-vigilantes/#comments</comments>
		<pubDate>Tue, 09 Jun 2009 15:44:48 +0000</pubDate>
		<dc:creator>Said Haidar</dc:creator>
				<category><![CDATA[Fixed Income]]></category>
		<category><![CDATA[Macro Policy]]></category>
		<category><![CDATA[quantitative easing]]></category>

		<guid isPermaLink="false">http://macroinvesting.wordpress.com/?p=143</guid>
		<description><![CDATA[In Hamlet, Shakespeare wrote “Life is but a tale, told by an idiot, full of sound and fury, signifying nothing.” Would that it were so with the recent bond market sell-off. Instead, we see a move away from the flight-to-safety trade but also increasing inflation expectations, un-sustainable debt levels by the US government and severe distortions of the fixed income market by the Fed’s quantitative easing program. The latter has led to large amounts of convexity-related selling. These unwinds of Fed distortions have further to go, so fasten your seat belt.<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=macroinvesting.wordpress.com&amp;blog=7172228&amp;post=143&amp;subd=macroinvesting&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>1</slash:comments>
	
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		<title>ECB&#8217;s Credit Easing</title>
		<link>http://macroinvesting.wordpress.com/2009/05/08/ecbs-credit-easing/</link>
		<comments>http://macroinvesting.wordpress.com/2009/05/08/ecbs-credit-easing/#comments</comments>
		<pubDate>Fri, 08 May 2009 14:33:20 +0000</pubDate>
		<dc:creator>Said Haidar</dc:creator>
				<category><![CDATA[Fixed Income]]></category>
		<category><![CDATA[Macro Policy]]></category>
		<category><![CDATA[quantitative easing]]></category>

		<guid isPermaLink="false">http://macroinvesting.wordpress.com/?p=138</guid>
		<description><![CDATA[The ECB surprised the market by agreeing to purchase covered bonds. A more careful look, however, indicates that while they may help unfreeze segment of the credit market, there is no additional easing from this step.<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=macroinvesting.wordpress.com&amp;blog=7172228&amp;post=138&amp;subd=macroinvesting&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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		<title>What the Yield Curve is Telling the Fed?</title>
		<link>http://macroinvesting.wordpress.com/2009/05/08/what-the-yield-curve-is-telling-the-fed/</link>
		<comments>http://macroinvesting.wordpress.com/2009/05/08/what-the-yield-curve-is-telling-the-fed/#comments</comments>
		<pubDate>Fri, 08 May 2009 13:52:48 +0000</pubDate>
		<dc:creator>Said Haidar</dc:creator>
				<category><![CDATA[Fixed Income]]></category>
		<category><![CDATA[Macro Policy]]></category>

		<guid isPermaLink="false">http://macroinvesting.wordpress.com/?p=135</guid>
		<description><![CDATA[The Fed should be worried. The recent aggressive steepening of the yield curve has been caused by a combination of both rising real yields and rising inflation expectations. The rate of increase of inflation will keep the Fed restrained, so there is nothing to keep yields from spiking higher with a subsequent steepening of the yield curve.<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=macroinvesting.wordpress.com&amp;blog=7172228&amp;post=135&amp;subd=macroinvesting&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>1</slash:comments>
	
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		<title>Gilts Yields Hit New Highs Even As BOE Expands Quantitative Easing</title>
		<link>http://macroinvesting.wordpress.com/2009/05/08/gilts-yields-hit-new-highs-even-as-boe-expands-to-quantitative-easing/</link>
		<comments>http://macroinvesting.wordpress.com/2009/05/08/gilts-yields-hit-new-highs-even-as-boe-expands-to-quantitative-easing/#comments</comments>
		<pubDate>Fri, 08 May 2009 13:33:02 +0000</pubDate>
		<dc:creator>Said Haidar</dc:creator>
				<category><![CDATA[Fixed Income]]></category>
		<category><![CDATA[Macro Policy]]></category>

		<guid isPermaLink="false">http://macroinvesting.wordpress.com/?p=129</guid>
		<description><![CDATA[he Bank of England yesterday announced that they would increase Gilt purchases by a further 50 bln Sterling on top of the original 75bln Sterling. Despite this Gilt yields rose yesterday to levels that were higher than before the Bank of England's (BOE's) quantitative easing experiment started.<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=macroinvesting.wordpress.com&amp;blog=7172228&amp;post=129&amp;subd=macroinvesting&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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		<title>Moral Hazard, Time Inconsistency and Too Big to Fail</title>
		<link>http://macroinvesting.wordpress.com/2009/05/06/moral-hazard-time-inconsistency-and-too-big-to-fail/</link>
		<comments>http://macroinvesting.wordpress.com/2009/05/06/moral-hazard-time-inconsistency-and-too-big-to-fail/#comments</comments>
		<pubDate>Thu, 07 May 2009 03:54:14 +0000</pubDate>
		<dc:creator>Said Haidar</dc:creator>
				<category><![CDATA[Financials]]></category>
		<category><![CDATA[Macro Policy]]></category>

		<guid isPermaLink="false">http://macroinvesting.wordpress.com/?p=110</guid>
		<description><![CDATA[Walter Bagehot wrote that the role of a central bank in times of a liquidity crisis is to act as a "lender of last resort", freely lending at a penalty rate against good collateral. This sage advice was ignored on several occasions by policy makers during the recent global financial crisis, dramatically worsening the outcome.<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=macroinvesting.wordpress.com&amp;blog=7172228&amp;post=110&amp;subd=macroinvesting&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://macroinvesting.wordpress.com/2009/05/06/moral-hazard-time-inconsistency-and-too-big-to-fail/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
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		<title>Chrysler Bankruptcy: Raising the Cost of Capital for US Issuers?</title>
		<link>http://macroinvesting.wordpress.com/2009/05/01/chrysler-bankruptcy-raising-the-cost-of-capital-for-us-issuers/</link>
		<comments>http://macroinvesting.wordpress.com/2009/05/01/chrysler-bankruptcy-raising-the-cost-of-capital-for-us-issuers/#comments</comments>
		<pubDate>Fri, 01 May 2009 23:46:24 +0000</pubDate>
		<dc:creator>Said Haidar</dc:creator>
				<category><![CDATA[Macro Policy]]></category>

		<guid isPermaLink="false">http://macroinvesting.wordpress.com/?p=84</guid>
		<description><![CDATA[In the future, when bond investors consider buying senior debt, will they demand greater spreads for supplying capital since they can no longer be sure that their priority in the capital structure will be respected?<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=macroinvesting.wordpress.com&amp;blog=7172228&amp;post=84&amp;subd=macroinvesting&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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		<title>Quantitative Easing: Will It Work?</title>
		<link>http://macroinvesting.wordpress.com/2009/04/30/quantitative-easing-will-it-work/</link>
		<comments>http://macroinvesting.wordpress.com/2009/04/30/quantitative-easing-will-it-work/#comments</comments>
		<pubDate>Thu, 30 Apr 2009 19:44:35 +0000</pubDate>
		<dc:creator>Said Haidar</dc:creator>
				<category><![CDATA[Fixed Income]]></category>
		<category><![CDATA[Macro Policy]]></category>

		<guid isPermaLink="false">http://macroinvesting.wordpress.com/?p=68</guid>
		<description><![CDATA[Long-term bond yields around the world have been rising recently. Is this because the "green shoots" of recovery are apparent and  investors are moving to increase exposure to risky assets or  is it possible that despite the very low short-term overnight rates being set by major central banks around the world investors are choking on bond supply?<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=macroinvesting.wordpress.com&amp;blog=7172228&amp;post=68&amp;subd=macroinvesting&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>1</slash:comments>
	
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		<title>German Toxic Debt</title>
		<link>http://macroinvesting.wordpress.com/2009/04/28/german-toxic-debt/</link>
		<comments>http://macroinvesting.wordpress.com/2009/04/28/german-toxic-debt/#comments</comments>
		<pubDate>Tue, 28 Apr 2009 02:13:19 +0000</pubDate>
		<dc:creator>Said Haidar</dc:creator>
				<category><![CDATA[Macro Policy]]></category>
		<category><![CDATA[Financials]]></category>

		<guid isPermaLink="false">http://macroinvesting.wordpress.com/?p=35</guid>
		<description><![CDATA[More than $1 trillion of Bad Debt in German Banking System A leaked report in the Sueddeutsche Zeitung today indicates that there is over $1 trillion of bad debts in the German banking system with the landesbanks looking like they may all be insolvent. Just as has been speculated in Spain, where the Spanish savings [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=macroinvesting.wordpress.com&amp;blog=7172228&amp;post=35&amp;subd=macroinvesting&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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		<title>The FED&#8217;s Stress Tests</title>
		<link>http://macroinvesting.wordpress.com/2009/04/28/the-feds-stress-tests/</link>
		<comments>http://macroinvesting.wordpress.com/2009/04/28/the-feds-stress-tests/#comments</comments>
		<pubDate>Tue, 28 Apr 2009 01:54:42 +0000</pubDate>
		<dc:creator>Said Haidar</dc:creator>
				<category><![CDATA[Fixed Income]]></category>

		<guid isPermaLink="false">http://macroinvesting.wordpress.com/?p=32</guid>
		<description><![CDATA[Stress Tests to Reveal Substantial Increases in Capital? The Fed released its much anticipated paper on the stress tests at the nation&#8217;s 19 largest banks (those with assets of greater than $100 billion) on Friday. What is was not in the paper was at least as interesting as what was in it. In particular, the [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=macroinvesting.wordpress.com&amp;blog=7172228&amp;post=32&amp;subd=macroinvesting&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>1</slash:comments>
	
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