Morning Brew ☕️
Welcome to the Bored Ape Book Club.

Pearson plans to sell their online textbooks as NFTs to profit from secondhand sales. https://t.co/I635jK5ELK
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Special Situations 🌐 Research Newsletter (Jay)
Remember, when it comes to the Fed, good news is bad news...
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Special Situations 🌐 Research Newsletter (Jay)
10-year back to 2.85% from 2.55%
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Special Situations 🌐 Research Newsletter (Jay)
5-year back at almost 3% from 2.63% on 8/1
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Special Situations 🌐 Research Newsletter (Jay)
There is more trading volatility in bonds than an equities! Good opportunities to allocate and generate alpha.
https://t.co/MTVHVfVLir
@SpecialSitsNews Got your newsletter update to scale back the muni / CEF bond gains early this morning Jay. I was thinking about pairing back some of those positions today / tomorrow, but I actually ended up doing it in the first five minutes of trading and timing was lovely. Sold 60%. - Mike
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Rob Briner
"Most organisations run some form of employee engagement survey...but do we 'know' that it makes a difference? Surely, we must if we're willing to spend budget and time on it.

Well, here, Rob Briner considers the evidence that exists to support that..."

https://t.co/psaYSFPZt6
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Special Situations 🌐 Research Newsletter (Jay)
UST declined after hawkish comments from Fed officials made it apparent that policy pivot unlikely

10Y yield pushed above 2.85% as swaps markets showed traders now pricing in 50% chance for 75 bps in Sept. 10-year had slumped toward 2.5% on expectation that hike would be smaller
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Special Situations 🌐 Research Newsletter (Jay)
*FED-RELATED SWAPS SHOW 1-IN-2 ODDS OF 75BP HIKE IN SEPTEMBER
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Morning Brew ☕️
The recalled products include hoverboards, baby rockers, children's watches, and clothes. https://t.co/BVmgREWWe7
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Special Situations 🌐 Research Newsletter (Jay)
QT has been slow since June 15, but we expect it to accelerate in September/October: https://t.co/lqz8wNTf0F
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Special Situations 🌐 Research Newsletter (Jay)
$REV is in bankruptcy...could go to 0, yet people continue to speculate

https://t.co/uqlCsR6QIm https://t.co/uiTYSm3W2v
$REV Revlon is not Hertz. Not necessarily enough asset value to result in anything left for equity. Could be 0. Yet it continues to be pumped. Fed needs to tighten more. A lot of funny stuff continues to go on in the market. Just noticed this one. https://t.co/twUmkk1E9W - Special Situations 🌐 Research Newsletter (Jay)
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Special Situations 🌐 Research Newsletter (Jay)
Interesting SOFR hedge today:
SOFR Options Trade Targets 5.5% Fed Terminal Rate by End-2023 (6k contracts traded)
Dec23 SOFR options expire 12/15/23, with trade targeting 5.5% by that point; open int in 96.50 put as of Tues close was 11.6k, with no open int in the 94.50 strike
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Jim OShaughnessy
"For if these are the legacy practices we’re leaving behind, then I don’t see how it’s not an objective improvement."
~@erikphoel

How prestige outlets like The Guardian get away with copypasta, by @erikphoel https://t.co/1AXSVrCebl
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