annual Wealth creation study is live now. One of the most anticipated financial event in a year.

The excellent ECB Financial Stability Review, https://t.co/k8HcqpryDF illustrates well the 2 main risks I see for the EA economy next year: possible insufficient fiscal stimulus and weakening of bank credit supply. The FSR mentions “a slightly tighter fiscal stance" in 2021 1/

The FSR correct statement “fiscal tightening at a time when output gaps are still projected to be negative could exacerbate the current economic situation.”, caused some stir and many comments in social media. The same regarding the accompanying chart 2/

The FSR uses the Commission forecasts showing a slight increase of the cyclically-adjusted primary budget balance from -3.2% this year to -2.9% in 2021. 0.3% is a small change not comparable with the mistake of 2012/13 when it went from -0.6% in 2011 to +0.5 & +1.4 in 2012/13 3/

I think the primary balance will end-up higher than those forecasts because families and firms will continue to need a lot of support in the first half of the year. Moreover, growth in 2021 is dependent on public expenditure as other demand components will not be very buoyant. 4/

As the FSR says: “A premature withdrawal of policy support and a protracted pandemic could prolong the recession and have permanent scarring effects.” Besides extending income transfers to families and firms, more public investment is indispensable for a robust recovery 5/

Thread: Central Pivot Range (CPR)

CPR is another popular tool. Three lines are plotted on the chart when we plot CPR.

The three lines are: CPR, TC and BC.

Let’s understand the calculation.

You may recall that I explained the calculation of Pivot levels in an earlier thread. CPR stands for Central Pivot Range. It is always a center line of the three lines that gets plotted in the chart.

CPR is a Pivot price. Pivot is average of HLC as explained in the prev thread.

We also discussed about Mid-range of the session. Mid-range is average of High and low price of the session.

The mid-range of the bar is known as BC in the CPR calculation. BC stands for Bottom central pivot.

Pivot level captures the relationship of the closing price to the range of the session.

Pivot price above mid-price = bullish pivot
Pivot price below mid-price = bearish pivot

So, CPR line is Pivot and BC line is Mid-range.

What is the difference between both?
Mid-range is average of High and Low.

Pivot is average of High, Low and Close.
What will make the difference between the two?

Close.

1/ A thread on $APY @apyfinance. I believe this could become a major DeFi bluechip, and I’ve been waiting since the 10th Feb for the price to settle before posting this! But it just won’t. So I’ll post it now, but please go slowly if you buy it. It just did a 5x in 2 days!

2/ So the APY platform is a yield farming aggregator that uses a single pool of liquidity and automatic rebalances the portfolio among different strategies to optimise risk adjusted yield revenues. It is basically like having an automated fund manager managing your portfolio.

3/ Today, if for example, you have funds in a yearn vault and you realise another vault launched with better returns, it can cost 100’s of dollars in ETH fees to switch between them. For anyone not investing huge amounts, this makes switching strategies completely unpractical.

4/On APY, with a single deposit, users funds will be spread across multiple yield farming strategies and automatically rebalance over time to optimise risk-adjusted returns. So users won’t need to keep track & switch between strategies (+pay for fees!) to optimise yield over time

5/ The genius step here is that the $APY algorithm will track not only the strategies % yields, but also risk scores taking into account financial, liquidity or smart contract risks, so funds will be re-allocated over time in order to maximise yield but also manage risk.

@BylineTimes
1. The £22 billion Test and Trace system had a ‘relatively small’ effect on the R-number, a new evaluation from the Department of Health and Social Care has found.
2. EXCLUSIVE Firm Chaired by Government Procurement Advisor Awarded £38 Million Contract –