China Sets Yuan Fix At Weakest Since 2008

Zero Hedge | May 24, 2020 at 2:00 AM

Just hours after China’s Foreign Minister Wang Yi warned that “some” in America were pushing relations to a “new Cold War”, Beijing made it clear how it intends to retaliate in this new paradigm: by doing the one thing that infuriates Trump more than anything, devaluing its currency.

The Fed Is Now The Proud Owner Of Bankrupt Hertz Bonds

Zero Hedge | May 24, 2020 at 2:00 AM

The day the S&P dropped to its cycle low of 2,237 –  the Fed stunned capital markets when it announced it would purchase investment grade corporate bonds, traversing a Rubicon into secondary market intervention that not even  Ben Bernanke had dared to cross.