Weekly Market Pulse: Never Mind

By |2021-06-21T08:12:02-04:00June 20th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks|

I thought of Gilda Radner this past week. Actually, I thought of a character she created on the original Saturday Night Live, Emily Litella, who was a regular on the Weekend Update segment. She'd start to rant about something topical, getting it completely wrong at which point Jane Curtin or Chevy Chase would explain it to her and she'd respond. [...]

Eurodollar University’s Making Sense; Episode 82, Part 1: Federal Reserve Is Not A Central Bank

By |2021-06-18T18:55:49-04:00June 18th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

82.1 The Federal Reserve is NOT a Central Bank Pt. 1———Ep 82.1 Summary———What should a central bank be? What does one do? Is what the Fed does 'central banking'? What did Ben Bernanke promise in 2002 that the Fed would never do again -- learning the lesson of the 1930s -- and how did he break his promise less than [...]

Eurodollar University’s Making Sense; Episode 81, Part 2: A New(ish) Measure Of Collateral Shadow Money (How Repo Really Works)

By |2021-06-17T19:13:40-04:00June 17th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

81.2 Introducing a NEW Measure of Shadow Money Pt. 2———Ep 81.2 Summary———Within the US Triparty Repo environment, utilizing data from the Federal Reserve Bank of New York, we observe that three dollar shortages between 2010-20 appeared as a stagnation and/or contraction in observations per repurchase agreement transaction. ———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/ ———Hear It——— Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr ———Ep 81.2 Topics——— 00:45 Introducing [...]

Eurodollar University’s Making Sense; Episode 81, Part 1: A New(ish) Measure Of Collateral Shadow Money (How Repo Really Works)

By |2021-06-16T19:38:24-04:00June 16th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

81.1 Introducing a NEW Measure of Shadow Money Pt. 1———Ep 81.1 Summary———A new measure of the monetary order will be unveiled at the end of this two-part episode. But first, a discussion of uncertainty, incomplete pictures, relativity, perspective and the limits of human knowledge. Also, bank reserves and repurchase agreements. ———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/ ———Hear It——— Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr ———Ep 81.1 [...]

Weekly Market Pulse: Who’s The Boss?

By |2021-06-14T08:26:10-04:00June 13th, 2021|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

I told you last week that there were strange things going on in the labor market but I had no idea how much of an understatement that really was. Much of last week's economic focus was on the inflation report but I think the JOLTS report may turn out to be more significant. Inflation was indeed pretty hot year over [...]

Weekly Market Pulse: Where’s That Confounded Boom?

By |2021-06-01T07:01:47-04:00May 31st, 2021|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Markets, Real Estate, Stocks|

The US economy is still stuck in the stall it's been in since early spring. Sometime in mid-March everything just seems to have gone into suspended animation. Interest rates and the copper/gold ratio stopped rising. Real interest rates (TIPS) stopped rising. The US dollar started falling. But nothing has fallen so far as to warrant concern about a double-dip recession. [...]

Eurodollar University’s Making Sense; Episode 77, Part 2: The QE Fantasy Unwinds, The Truth About Bank Reserves (and repo)

By |2021-05-27T18:42:42-04:00May 27th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

77.2 So, Not Money Printing———Ep 77.2 Summary——— QE has been uniformly aligned with the idea of money printing because it sounds like it and there is a central bank doing it. We have to take central bankers' word that there is a pot of bank reserves at the other end of the QE rainbow. While that part is true, bank [...]

Eurodollar University’s Making Sense; Episode 77, Part 1: INFLATION, INFLATation, INFLation, INflation, inflation

By |2021-05-26T15:12:11-04:00May 26th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

77.1 Which Was Bigger, April CPI or Reaction To It?———Ep 77.1 Summary——— Finding ourselves in uncomfortable agreement with Jay Powell and many mainstream Economists who have been utterly wrong about inflation rising for too many years to count, this doesn't discount at least their more grounded view as to inflation not rising based on conditions right now. There's every reason [...]

Weekly Market Pulse: The Crypto Distraction

By |2021-05-24T07:28:03-04:00May 23rd, 2021|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Markets, Real Estate, Stocks|

It was hard not to hear about cryptocurrencies last week what with the bear market and all. Actually, you can make the case that bitcoin has had two bear markets since mid-April. There was a 27% decline followed by a 27% rally, followed by last week's rout. From its intraday peak in April to its intraday low last week, bitcoin [...]

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