The Fed needs to tackle the US Shadow Banking system as a matter of urgency.

The Fed had to intervene in the Repo markets last week for the first time in a decade, causing half the market to wonder why this happened and the other half to wonder what the Repo Market actually was.

A few days away meant a bit slow in the update on Won’t Work, but news that Adam Neuman has stepped down as CEO yesterday and that he had extracted over $700m in share sales and loans before the (now postponed) IPO just adds to this slow motion car crash of a story.

The Fed cut rates again this week as expected, moving policy making even further away from economic models

Hearing that something between 60 and 70% of Hong Kong hospitality staff are currently on unpaid leave and yet when trying to take advantage of low occupancy by booking a stay-cation in one of the tourist hotels on Kowloon side, where occupancy is said to be in single digit percentages, the prices remain remarkably sticky.