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Apr 20 • 4 tweets • 2 min read
No they aren’t. They are pretty much flat.. up a bit.. DQs are still the lowest in 50 Years at $JPM
$JPM 30 Day+ Auto & Home DQs Plunging…. Cards up +5bps to 1.09%

NCOs are at 1.37%… & they are reserved at 6.73%… You can drive a truck through that spread… Reserves get burned down before the P&L impact.

$XLF #Reflation ImageImage
Same deal with $BAC DQs… Image
Ally Auto DQs are Down. 👇
$XLF #Reflation Image

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More from @gamesblazer06

PlungeProtectionTeam Profile picture
Apr 22
$LQD Spanked -14% YTD

Scorned & abused by $ZROZ

Time for redemption getting closer?
IG Index trading at +119bps…
IG US Bank Index trading at +122bps… gets the benefit of Regionals that are still super tight… a good sign for Credit..if there was a Recession there’s no way Credit wouldn’t be punting Regionals…..
IG Banks would be way inside the IG Index if not for heavy Money Center GSIB TLAC Supply for the last really 12 months…this overhang might actually be coming to an end or at least slow down based on a few things:

1) SLR related Supply for HoldCo is needed less actually coz QT
Read 4 tweets
PlungeProtectionTeam Profile picture
Apr 22
DOW almost -1,000 today
$HYG looking like +10bps
Fin Subs only +6bps
$COIN not in Fin Subs… got Jack hammered 3 5/8s trading 78 1/4 - 9 1/4
Total bag of nails
Read 4 tweets
PlungeProtectionTeam Profile picture
Apr 19
“Bank of America CEO says consumer spending is healthy despite roaring inflation” @CNBC cnbc.com/2022/04/19/ban…
“Don’t fight the U.S. consumer. They are a very strong force and you can see them very healthy. Their loan balances are down, they have plenty of borrowing capacity and they have plenty of spending capacity.”

- Brian Moynihan, CEO $BAC

$XLF #Reflation
@Stimpyz1 Don’t be that dude… the one that gets run over by the US Consumer. 🇺🇸
Read 4 tweets
PlungeProtectionTeam Profile picture
Mar 24
10Y3M +10bps this a.m. to 1.87%

The #ConsensusRecession
Any minute now. LOL
March S&P Global US Services PMI

2002:
March: 58.5
Feb: 56.5
Jan: 51.2

#GrowthAccelerating
$XLF #Reflation
The Intelligentsia tell us that the US Economy is “Slowing” it’s really weird coz it’s actually “Accelerating”

Is the 10Y3M “Steepening” by +40bps YTD missing something? @barryknapp

“US Pvt. Sector Expansion Accelerates as Demand Strengthens & Supply Issues Soften.” -Markit Image
Read 8 tweets
PlungeProtectionTeam Profile picture
Mar 12
“The only thing that we learn from history is that we learn nothing from history.”

- Hegel
Hate to break it to some of these Perma Bears… but the Fed hasn’t run out of Bullets to fight inflation… they can continue to Hike rates & slow down QE or even step up RRP cash disbursements that make the Banking system even more ridiculously liquid.
The act of liquifying Banks in a Post Basel III & Gold Plated (including CCAR etc) world.. & creating M2 doesn’t in & of itself create inflation.. the Regulatory framework pushes money out of Banks on Supply side when it meets an optimal demand function. $XLF #Reflation
Read 4 tweets
PlungeProtectionTeam Profile picture
Feb 22
#NotRocketScience
This ain’t gonna play well in Nov ‘22 for Dems.
The calculus was to push Inflation blame game on Russia…. Instead they are gonna get the Alt Left War on American Energy made Putin Richer & Americans Poorer.

Really bad optics…& factually correct. If I was him… I’d quickly come to some Russian resolution..

Like Yesterday.
Read 5 tweets

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