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In a culture shift aimed to improve fairness in the state’s judicial system, California’s highest court is set to start streaming oral arguments online, according to the Associated Press. This development is also partly a response to a significant reduction in funds to California’s courts. Transparency in an Unfair System Tani Cantil-Sakauye, the Chief Justice […]Read More

Well, it’s happened again, only a little earlier than usual. Key sections the 2017 U.S. News and World Report Law School Rankings have been released, apparently due to some staff miscommunication, Above the Law Reports. Considered how obsessed people are about the Top 100 law school ranks, we just couldn’t leave this one alone. Here’s […]Read More

If your firm is a TEFRA partnership — and most partnerships are — your tax game could be in for a change. Without much fanfare, new partnership audit rules were passed last December as appropriations riders. And though they don’t go into effect until 2018, lawyers should understand their implications today — because if you’re […]

The Minister of State for Petroleum Resources, Ibe Kachikwu has been invited to appear before Senate over the unbundling of the Nigerian National Petroleum Corporation (NNPC). The senate said the minister was invited to appear before the Senate Joint committees on Petroleum Resources (Upstream, Downstream and Gas), to explain the Federal Government’s action. According to […]

Well, the emperor has real clothes – for one more day.  The depo rate was cut, PSPP was expanded, LTRO 2.whatever was launched and, perhaps most critically, IG corporate debt was officially made eligible for ECB QE as Draghi “leans” Kuroda. Here’s “Super” Mario’s presser, which incidentally may be the last time a prominent DM central […]Read More

Initial jobless claims tumbles to 259k (from a revised 277k) near 43 year lows, leaving the smoother 4-week average lower at 267.5k. What we find “odd” about this seasonally-adjusted data is that the employment components of both the Manufacturing and Services ISM data has completely collapsed in the last few months. So what sector of […]

The spread between the 30Y US Treasury yield and 2Y has plunged by 7.5bps this morning (as 2Y sells off and 30Y rallies post-Draghi) to 175bps. This is the flattest curve since Dec 2008 lows (at 172bps) which can only bode poorly for financials… 30Y bonds are bid (juicy yield compared to Europe) and 2Y […]

Ever since the start of ECB’s QE, one of the biggest concerns has been how will the ECB continue monetizing €60 billion in debt in a market that is increasingly illiquid and running out of collateral. Moments ago we got the answer when the ECB not only went even deeper into negative rates territory, cutting […]

Within an hour of unleashing the yuuge bazooka, Draghi blew it by failing Central Planning 101: *DRAGHI DOESN’T ANTICIPATE MORE RATE CUTS BASED ON CURRENT VIEW As we tweeted – you never close an open-ended monetary stimulus package… EURUSD has entirely retraced the plunge and Dow futures are tumbling back to reality… From hero to […]

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Well, the people wanted a “bazooka-sized” surprise from Draghi, and they got it. Moments ago the ECB announced not only a 10 bps cut to the deposit rate expected pushing it to -40%, but also announced a 5 bp rate cut to the refinance (pushing it to 0.00%) and the marginal lending rate (now at […]

Three months ago, when the ECB released its latest quarterly inflation expectations, we mocked that “there is a bit of a hockeystick” going from 2015 to 2016, when HICP inflation was expected to soar from 0.1% to 1.0%. We said the following: “in March 2014, the ECB predicted 2016 year end inflation would be 1.5%. […]Read More