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The reversal of quantitative tightening has now gone global.
Emerging market central banks are now the most dovish they have been since 2009, Bank of America Merrill Lynch strategists said. Their findings were based on language in various central bank statements.
Since the Federal Reserve's dovish turn in January, other central banks have followed suit, including the European Central Bank, Bank of England and Bank of Japan, with emerging markets now joining the action.
The move away from tightening policy comes as global debt levels have reached more than 300% of the world's GDP and emerging markets have taken on an increasingly unsustainable debt load.
Why it matters: Loosening monetary policy tends to boost economic growth but also weaken local currencies and create asset bubbles. That puts added stress on countries' debts, which for many emerging markets are issued in dollars, euros or renminbi rather than their own currencies.
Payless ShoeSource has filed for bankruptcy protection — and intends to close all of its stores in the U.S. and Puerto Rico — just 2 years after it emerged from its last bankruptcy proceeding, Axios' Courtenay Brown writes.
Why it matters: Payless' second bankruptcy follows a clear trend in the retail sector.
By the numbers: According to an Axios analysis of BankruptcyData research, 8 out of the 10 biggest bankruptcy declarations (by assets) in which the company remained intact were followed by another bankruptcy protection filing.
The big picture: Payless' dance with bankruptcy protection is common for companies in the business of sales. Retailers will often use "bankruptcy to reorganize by shedding debt and closing stores, but often these companies end up with a second bankruptcy soon after," as CNN Business points out.
In a podcast released today by the Brookings Institute where she's currently a Distinguished Fellow in Residence, former Fed Chair Janet Yellen talked about the Fed's recent turn away from tightening monetary policy.
"You know I think even if you look at what's happening now, global economic developments have played a role in encouraging the Federal Reserve to moderate its interest rate stance and take a wait-and-see-approach. And part of that set of developments, global developments, is impacts of monetary tightening that's occurring in the United States.
"I still remember back in 1998, during the Asian financial crisis, Alan Greenspan argued for an interest rate cut in spite of the fact that the U.S. economy was doing very well. And, in justifying it, he said 'it's just not credible that the United States can remain an oasis of prosperity unaffected by a world that is experiencing greatly increased stress.'
"And I think that remains as true today as it was then."
Yellen also defended and elaborated on the carbon tax proposal that's been endorsed by all four of the still-living former Fed chairs, nearly 30 Nobel economists and all but one former chair of the White House's Council of Economic Advisers.
"We would impose a tax on goods entering the country from localities with less ambitious climate change policies or lower carbon taxes. So, this would offset the environmental loss that would come from shifting production to places that generate more greenhouse gas emissions.
"It would also level the playing field competitively, and we think that a set of border tax adjustments would also encourage other countries to come into compliance and join the club of countries imposing carbon taxes."
As iPhone sales have tapered off, Apple has been putting increasing focus on growing its services business, Axios' Sara Fischer writes.
Why it matters: Having started as just cloud storage and extended support contracts, Apple's "services" revenue sector has expanded to include Apple Music and will soon likely expand further to news, video and gaming.
The details: Apple has made an aggressive push into media and entertainment over the past year, which has sparked rumors that it could one day sell a bundled subscription. With that, consumers could potentially pay one fee for an array of entertainment and media services.
The big picture: Apple has pledged that by 2020 its services business will be double that of 2017. However, as this chart shows, hardware in general, and the iPhone in particular, still dominate company-wide revenue.
Bitcoin, left for dead by many investors, has been on a tear of late and is attracting significant interest from speculators.
Why it matters: Traders raised their bullish bets on bitcoin to the highest level in 11 months on Monday, data from cryptocurrency exchange Bitfinex shows, and traders are continuing to pile into the cryptocurrency.
What's next? Yves Lamoureux, president and chief behavioral strategist of research firm Lamoureux & Co., tells Axios his models show the rally in Bitcoin is going to grow tenfold. He points to the Fed's dovish turn late last year that will eventually lead the U.S. central bank to more quantitative easing and an overheated U.S. economy, prompting major flows into Bitcoin.
Further, Lamoureux says, "the Fed is slowly eroding its credibility," leading to more upside for assets like cryptocurrencies.
Lamoureux called for a rally in Bitcoin to $25,000 per coin in February 2017 when it was trading at around $950.
Yes, but: The cryptocurrency peaked in December 2017 at just under $20,000, short of Lamoureux's prediction. Bitcoin bulls (many of whom held large amounts of the cryptocurrency) also have made a number of outlandish predictions in the past, from Tyler Winklevoss' $100,000 a coin prediction to John McAfee's $1 million.
Still: Bitcoin is trading at its highest in more than 5 weeks at $3,911.
History: Robert Smith is a former chemical engineer and investment banker who has an estimated net worth of $5 billion. In 2000, Smith founded Vista Equity Partners, a private equity and venture capital firm that now boasts more than $43 billion in total capital commitments.
Vista owns more than 50 software companies and has 65,000 employees worldwide, making it the fourth largest enterprise software company after Microsoft, Oracle and SAP. It has posted annualized returns of 22% since inception.
In January 2015, Vista Equity Partners was named the best performing private equity firm for the previous ten years, by HEC-Dow Jones. Smith was named Private Equity International's 2016 Game Changer of the Year.
Preqin, a consulting firm that tracks private equity, reports that Vista's third fund returned $2.46 for every dollar invested, better than every other big fund raised between 2006 and 2010, some of the most profitable years for private equity.
Smith is the first African-American to sign the Giving Pledge, a commitment to contribute the majority of his wealth to philanthropic causes.
He is a fourth generation Coloradan, who hails from the greatest city on earth, Denver.