In this report, I cover the early market action from London on Tuesday, October 9th, 2018. I look briefly at the precious metals, the stock market, the dollar, the bond markets, and the oil price.
Today the focus of my report is the bond market and how it is of vital importance to the health of the overall financial system. I show that the bond market, even though it gets less press coverage than the stock market, is the biggest capital market in the United States and the world.
I also show how the since the Crisis of 2008 the regulators worldwide by trying to avert another crisis have actually probably planted the seeds of the next one by imposing a great burden on financial market companies with compliance costs that have resulted in the culling of financial firms' frontline employees like brokers, traders and dealers. This has resulted in "armies with too many generals and officers and not enough troops on the frontline.
My conclusion is that even though the stock market is very important and gets a lot of headlines the next crisis is most probably brewing from within the bond markets.
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