Good morning!

Sorry for the late start today.

Personal Note (feel free to skip)

This is irrelevant, but I think it's worth saying that this has been my busiest month, probably ever. The stream of work assignments been extraordinary. Finding a spare 10 minutes has sometimes felt impossible.

I knew that September was going to be like this, several months back, and tried to prepare for it, but it was always going to be hectic, because of the things I had agreed to do.

Thankfully, I have learned my lesson and will not allow my calendar to get so crowded ever again.

Anyway, there are still a few more days and a few more assignments to get through, so I'm still run off my feet. But from next month, I am going to have more time and am going to have to be more careful with my time, too. Thanks for your patience.

FTSE/Interest Rates

Many of you will have noticed that the FTSE is up 350 points, or about 5%, compared to a month ago.

I was thinking about doing some more FTSE trades a few days ago, but the pricing wasn't quite right. If I had pressed the button, I'd be sitting on nice profits already. It turns out that there are BOE bankers who are inclined towards loosening again:

If growth is weak for a while, below potential, spare capacity rises and down the road inflation undershoots.
"Our remit encourages us to steer against that,

His remarks bashed the pound and boosted the FTSE, as you'd expect.

As Peter Schiff would say, Western central bankers are in the monetary equivalent of a "roach motel" (a place where you can check in, but you can't check out). Large parts of our economies and especially our governments are now accustomed to low interest rates, they like low interest rates and they can't imagine suffering high interest rates. Borrowers have more clout than lenders, and going "back to normal" is not something that many people really want to do.

Indeed, low interest rates are "The New Normal". Someone who graduated from university in 2010 has never known anything but low interest rates during their…

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