, Columnist
Markets Are Starting to Play a Haunting 2007 Tune
Some old financial melodies from 2007-2008 are getting a replay.
Man, could you change the channel?
Photographer: Justin Sullivan/Getty Images
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Markets coverage over the last few days has been like playing “Financial Markets’ Greatest Hits – 2007-08.” Last week brought a huge momentum reversal and factor meltdown, just as the quants suffered in the summer of 2007. This week brought an epic spike in repo market rates in a replay of events that prompted the New York Fed to intervene twice back then for the first time in a decade.