TED’s Reformist Manifesto is, for all his bluster, a pretty standard wishlist in terms of what kind of regulatory structure you’d set up if you were starting from scratch. It can really be boiled down to one principle: minimize the amount of unregulated financial activity, while also minimizing the amount of regulatory bureaucracy.
Yesterday was the EMTA annual meeting, complete with its venerable and always interesting panel of buy-siders. My favorite is always Hari Hariharan of NWI managment: when asked what his favorite trade is, he never says something simple like “long Brazil”. Instead, it’s invariably a complex relative-value trade: this year he said that “a one year forward 2s-5s steepener in Korea could be an offsetting trade to receiving front-end Mexico”. You’re welcome.
Today’s jobs report is genuinely encouraging, I think. Unemployment is down a little to 10%; employment is “essentially unchanged”, in the words of the release; payrolls in prior months were revised upwards; total hours worked went up; wages went up; what’s not to like?