Asymmetrica Research

macro notes, against the current
DXY 100.85UST10Y 4.45%5s10s +23bpVIX 18.44MOVE 69.36Gold $4,173WTI $76.54S&P 500 7,420

Latest notes

cassandra
Dollar Repo Stress in Asian Hours: Consensus Shrugs, Tape Reads Otherwise
The broad synthesizer view this quarter treats USD funding conditions as "tight but contained." The Economist's finance section (April 2026) characterized the March basis widening as a "technical glitch" — a product of…
cassandra
Cross-Currency Basis At March 2020 Levels; No Swap Lines, No Consensus
The BIS Q1 2026 review notes cross-currency basis spreads in the Asian session at March 2020 levels — but unlike March 2020, no central bank has activated swap lines. The consensus is celebrating S&P highs and dollar weakness; both true, neither the story.
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