Jeffrey P. Snider, Author at Alhambra Investments

Eurodollar University’s Making Sense; Episode 88, Part 2: Reversal of Fortunes, and Global Interest Rates from Japan to Germany and a Bunch In Between
Eurodollar University’s Making Sense; Episode 88, Part 2: Reversal of Fortunes, and Global Interest Rates from Japan to Germany and a Bunch In Between

Eurodollar University’s Making Sense; Episode 88, Part 2: Reversal of Fortunes, and Global Interest Rates from Japan to Germany and a Bunch In Between

By Jeffrey P. Snider|2021-07-15T19:30:14-04:00July 15th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

88.2 Germany's Economy Wobbles - Are We Next? ———Ep 88.2 Summary———The yields on German sovereign bonds began to tumble in May - now we know why. German Factory Orders and Industrial Production delivered lousy results that month. Germany is an export power so these negatives say a lot about the global customer - that's us. ———See It——— Twitter: https://twitter.com/JeffSnider_AIPTwitter: https://twitter.com/EmilKalinowskiAlhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisLArt: https://davidparkins.com/ [...]

Not The Chinese Numbers Anyone Was Hoping For

By Jeffrey P. Snider|2021-07-15T19:26:37-04:00July 15th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

These are not the numbers to put anyone’s (rational) mind at ease. China’s data dump wasn’t terrible, but it didn’t need to be in order to amplify concerns about the state of the global economy. What the inflationary case required of the Chinese government instead was unambiguous, inarguable acceleration more consistent with the idea its economy is somehow performing up [...]

Powell Admits RRP and Collateral Scarcity, Still Unaware Of What It Means

By Jeffrey P. Snider|2021-07-14T19:42:38-04:00July 14th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

I find it very uncomfortable to be in such agreement with monetary policy officials like Jay Powell. He and I both look at the inflation data, for example, and have come to the same conclusion that these consumer, producer, and commodity price deviations won’t last; though we arrive at our same view coming from very different use of analysis.Today, the [...]

Eurodollar University’s Making Sense; Episode 88, Part 1: What Eurodollar Curve Quirks Say About Inflation and the Future
Eurodollar University’s Making Sense; Episode 88, Part 1: What Eurodollar Curve Quirks Say About Inflation and the Future

Eurodollar University’s Making Sense; Episode 88, Part 1: What Eurodollar Curve Quirks Say About Inflation and the Future

By Jeffrey P. Snider|2021-07-14T17:25:39-04:00July 14th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

88.1 Uh Oh! The Eurodollar Has Inverted (Again) ———Ep 88.1 Summary———When the US Treasury yield curve inverts it is a warning that recession is on the horizon. What about when the Eurodollar Futures yield curve rolls over on its back? Not good news either. Would you believe that there's a kink in the curve now? Would you believe it's not [...]

And Now Three Huge PPIs Which Still Don’t Matter One Bit In Bond Market

By Jeffrey P. Snider|2021-07-14T17:20:02-04:00July 14th, 2021|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

And just like that, snap of the fingers, it’s gone. Without a “bad” Treasury auction, there was no stopping the bond market today from retracing all of yesterday’s (modest) selloff and then some. This despite the huge CPI estimates released before the prior session’s trading, and now PPI figures that are equally if not more obscene. The BLS reports today [...]

Third CPI In A Row, Yet All Eyes On That 30s Auction

By Jeffrey P. Snider|2021-07-13T20:07:06-04:00July 13th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Three in a row, huge CPI gains. According to the BLS, headline consumer price inflation surged 5.39% (unadjusted) year-over-year during June 2021. This was another month at the highest since July 2008 (the last transitory inflationary episode). The core CPI rate gained 4.47% last month over June last year, the biggest since November 1991. More impressive (or worrisome, depending upon [...]

Bitcoin, El Salvador, And…The Eurodollar’s Ghost
Bitcoin, El Salvador, And…The Eurodollar’s Ghost

Bitcoin, El Salvador, And…The Eurodollar’s Ghost

By Jeffrey P. Snider|2021-07-13T17:31:20-04:00July 13th, 2021|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The Salvadoran colón is still technically legal tender in El Salvador. The country’s government under President Francisco Flores had passed the Law of Monetary Integration in 2000, taking effect on January 1, 2001. This legalization of the US dollar for domestic circulation didn’t specifically remove the colón from common purchases or prohibit its use; the country’s Central Reserve Bank just [...]

A Whole Lot of Synchronized

By Jeffrey P. Snider|2021-07-12T17:26:32-04:00July 12th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Another day, another alarming piece of data delivered from China. Anyone looking for where the PBOC’s “surprise” RRR cut late last week is coming from, the Chinese car market provides yet another pretty stunning and consistent example. Together with other recent datapoints, as well as uniformly falling global bond yields, it’s more evidence for the growing very possibilities of a [...]

RRP No Collateral Coincidences As Bills Quirk, Too

By Jeffrey P. Snider|2021-07-09T19:50:23-04:00July 9th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

So much going on this week in the bond market, it actually overshadowed the ridiculous noise coming from the Fed’s reverse repo. Some maybe too many want to make a huge deal out of this RRP if only because the numbers associated with it have gotten so big. To end Q2 2021, financial counterparties “lent” just about $1 trillion to [...]

How Do You Spell Escalating? C-H-I-N-A-R-R-R

By Jeffrey P. Snider|2021-07-09T16:48:15-04:00July 9th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

There are three letters you never want to see hit the Chinese news. Actually, it’s the same letter just repeated three times. If the People’s Bank of China (PBOC), the country’s central bank and top bank regulator, ever decides to reduce or cut their RRR you know things are getting serious. And not in a good way.This, of course, won’t [...]

About Jeffrey P. Snider

Eurodollar University’s Making Sense; Episode 88, Part 2: Reversal of Fortunes, and Global Interest Rates from Japan to Germany and a Bunch In Between

Eurodollar University’s Making Sense; Episode 88, Part 1: What Eurodollar Curve Quirks Say About Inflation and the Future

Bitcoin, El Salvador, And…The Eurodollar’s Ghost

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