49.1 The Eurodollar World Tour: AUS, JPN, USA & GER
What are monetary technocrats / financiers doing to save the world economy? We review: yield curve control in Australia (and Japan!), American regulators tip-toeing away from a once-favored LIBOR alternative, and the ecstatic economic expectations of German financiers.


Twitter: https://twitter.com/JeffSnider_AIP
Twitter: https://twitter.com/EmilKalinowski
Art: https://davidparkins.com/

Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski. Art by the King of the North, David Parkins.


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00:05 Yield curve control has been here for years and may be coming to a central bank near you!
01:02 Why did Dallas Fed President R. Fischer question why the Fed was buying US Treasuries?
03:23 How is WW2-era yield curve control different from modern yield curve control?
05:31 The Reserve Bank of Australia implemented yield curve control in 2020 to popular acclaim.
07:41 But the market, buying bonds, was performing the yield curve control for the RBA!
09:26 Some believe that by controlling the short-term rates, they control long-term as well.
10:53 The US has no YCC. Australia has YCC. Yet the yield curve is behaving the same in both!
12:52 The Bank of Japan has already tried YCC, well before Australia, to immeasurable effect.
14:07 Why is the US Treasury commenting about the secured overnight financing rate now?
18:07 US regulators are now equivocating on the importance of SOFR.
21:07 The Office of the Comptroller of the Currency is scared of market disruption by SOFR
24:38 What do the latest LIBOR rates tell us about the monetary system?
26:02 What do the latest Eurodollar futures (rates) tell us about the monetary system?
29:06 What do the IFO and GfK surveys of German business and consumers tell us?
31:22 What does the ZEW survey of German financiers tell us about economic expectations?


With YCC About To Come Back Up, A Look At It Down Under: https://bit.ly/3dvApMW
Already Tried: https://bit.ly/2ZwP9CP
Insufferable SOFR, Suffering: https://bit.ly/3aAgla2
Episode 34 All About SOFR: https://youtu.be/LH1wDUG-dEI
Reflation Patients, ‘Another’ Six Months: https://bit.ly/3pByiJF
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7