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Trussonomics is deeply stupid. But there seems to be a lot of hyperventilating going on. No, it won't cause a global crisis — for God's sake, Britain is only 3.2% of world GDP. And while British markets are a mess, we're a long way from 1976. Get a grip.
— Paul Krugman (@paulkrugman) September 28, 2022
Geeky
winpty is an incredibly handy utility to use if you want to use bash with windows. Basically, it allows programs that are expecting a windows cli (powershell or cmd) to run under bash.
I have no idea how it does it, or really the difference between how these two ‘terminals’ differ in terms of reading from stdin, but it is just magic.
One thing I use it for all the time is to run unison under git bash. Unison is a fantastic file synchronization program, written in OCaml (no, I don’t know what that is either). It works a dream as is open source, so you can check it’s bug free, assuming you want to learn an obscure new functional language (JK).
I’m starting to use sed. It’s really annoying that there are so many dialects of regular expressions. Anyway, it’s a handy utility, and the manual is well written. Having the source code for this blog and most of my written material in pure text format (markdown) is so useful when a bulk change needs to be made.
Wrap
The Druck speaks:
- expects a US recession in 2023, maybe “something really bad”,
- hard landing is base case by end of 2023,
- crypto could have a renaissance if individuals lose faith in fiat currency.
Ken Griffin (Citadel) and some Fed presidents spoke. Griffin was upbeat about the stock market and Treasuries. I guess he is talking his book. It’s hard to make Citadel be net short. Bostic (Fed) said Nov hike will be 75bp, then 50bp in Dec.
The fallout from the ‘mini-budget’ in the UK continues:
- huge gilt buying, at long end, by BoE, in ‘QE’ style intervention, massive rally in gilts and gilt futures. I can’t see it holding, but the BoJ have managed it for decades,
- the pound strengthened a bit, presumably because of the BoE intervention, but creating a lot of money surely isn’t a good thing.
Commodities were strong. Oil up a couple of pc.
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