157.3 Will the Next Fed Chair be a Theoretical Grammarist?

———Ep 157.3 Summary———
The last time the Federal Reserve tapered its QE program the central bank spent HOURS and HOURS and HOURS and HOURS on determining which adjective to us. Adverbs. Dangling participles, onomatopoeia, clauses, subject and object. What was NOT discussed? Money. Credit. Collateral.


Macropiece Theater with Emil Kalinowski (a/k/a Alistair Cooke, a/k/a Alistair Cookie) reading the latest essays, blog posts, speeches and excerpts from economics, geopolitics and more. Interesting people write interesting things, why not listen and hear what they have to say? You could do worse things with your time (i.e. Bloomberg, CNBC, et cetera). Recent readings include thoughts from: Adam Smith, Arthur Schopenhauer, Bank for International Settlements, George Friedman, J.P. Koning, Jean-Paul Sartre, Karl Marx, Liberty Street Economics, Lyn Alden, Maroon Macro, Matt Stoeller, Michael Pettis, Myrmikan, Perry Mehrling, Robert Breedlove, Rohan Grey, Velina Tchakarova and yes, even Jeff Snider.

———See It———

Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL

———Hear It———

Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Reason: https://bit.ly/3lt5NiH
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr

———Ep 157.3 Topics———

00:00 Intro: What can we learn from the 2013-Taper and how it applies to the 2021-Taper?
00:37 The Federal Reserve tapered in 2009, 2010 and 2013. Yet we only talk about 2013.
02:18 Why did the bond market not ‘tantrum’ / celebrate the end of QE in 2009-10 like in 2013?
04:04 What discussions did the Federal Open Market Committee have with the 2013-taper?
07:01 Was James Bullard concerned about money supply/demand or manipulation of confidence?
08:55 Was Charles L. Evans concerned with market operations or psychological operations?
13:30 Was Jeremy C. Stein concerned with printing money or propaganda media.
15:21 Was William C. Dudley raising the topic of Eurodollar Futures as a warning for the Fed?
18:46 Presently, what is the Eurodollar Futures curve telling us?

———Ep 157.3 References———

What Does Taper Look Like From The Inside? Not At All What You’d Think: https://bit.ly/3C77qYf
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7


Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins, lipstick lampoonist. Podcast intro/outro is “Moonshiner’s Turn” by Martin Landström found at Epidemic Sound.

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

Art: https://davidparkins.com/