Surprises

Morgan Stanley's Top 10 Surprises For 2021

While we all could use a year without surprises, it would be a surprise itself if we didn’t get any in 2021. As such, Morgan Stanley’s chief rates strategist Matthew Hornbach discusses 10 scenarios which “would surprise consensus and thus could move global macro markets in meaningful ways.” Below we summarize the 10 surprises and…

BofA Lists “Five Volatility Inducing Surprises” For 2021

While consensus is uniformly, concerningly bullish about 2021, with the average sellside forecast expecting a more than 10% rise in the S&P500 which is now seen as hitting 4,035 in 2021, up from below 3,000 just in May… … the odds of disappointment in a market priced beyond perfection, and at valuations that have never…

ECB Boosts QE By €500BN, Euro Jumps On Lack Of Dovish Surprises

As previewed earlier, the ECB announced that in order to arrest Europe’s economic double dip, it will expand its PEPP (pandemic emergency purchase programme) QE by €500BN (as expected), will extend the duration of the PEPP through March 2022 (it was expected to end 2021); calibrates TLTRO further by adding three more operations in 2021…