Federal Reserve/Monetary Policy

Eurodollar University’s Making Sense; Episode 98, Part 1: LABOR SHORTAGE!!!!

By Jeffrey P. Snider|2021-09-08T19:51:46-04:00September 8th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

98.1 America's Labor Shortage (doesn't exist?) ———Ep 98.1 Summary———A lousy labor market report for August is being blamed on a "labor shortage". Also, 'lazy Americans' and 'the delta'. But the real problem is that businesses will not pay a market-clearing wage to hire the workers they need. Why not? Because the economy is lousy. ———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 [...]

The Eurodollar’s Nose

By Jeffrey P. Snider|2021-09-08T19:47:16-04:00September 8th, 2021|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

What an intriguingly odd month September 2017 turned out to be. To start with, Reflation #3 only seemed to be gaining strength. The full throat behind Inflation Hysteria #1 was still ahead, as was its related personage the BOND ROUT!!!! And yet, early in that late summer month a sudden eruption; actually several. On September 5, T-bills. A day later [...]

Turning The LABOR SHORTAGE Up to 11

By Jeffrey P. Snider|2021-09-08T17:53:40-04:00September 8th, 2021|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

In Massachusetts, the Federal Reserve’s First District, restaurateurs have struggled mightily to find workers. As part of the central bank’s Beige Book, one contact of the Boston leadership said the industry was “facing the worst labor shortage he has seen in 35 years of experience.” In response to such a major threat, these firms become truly creative to try to [...]

Unsentimental About Fast-Fading Sentiment

By Jeffrey P. Snider|2021-09-07T19:58:20-04:00September 7th, 2021|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

By the summer of 2018, there were already any number of economic warning signs over globally synchronized growth fading fast. Many if not most of them market-based, of course, but not all. In the realm of sentiment, for example, the Germans in particular had put their finger on the pulse of the global economy and found it suspiciously feeble, economic [...]

What’s Real Behind Commodities

By Jeffrey P. Snider|2021-09-07T18:08:01-04:00September 7th, 2021|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Inflation is sustained monetary debasement – money printing, if you prefer – that wrecks consumer prices. It is the other of the evil monetary diseases, the one which is far more visible therefore visceral to the consumers pounded by spiraling costs of bare living. Yet, it is the lesser evil by comparison to deflation which insidiously destroys the labor market [...]

Weekly Market Pulse: Windshield Investing
Weekly Market Pulse: Windshield Investing

Weekly Market Pulse: Windshield Investing

By Joseph Y. Calhoun III|2021-09-07T07:01:12-04:00September 6th, 2021|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks|

The economic slowdown we've been writing about for months officially arrived last Friday in the form of a particularly weak employment report. The number of new jobs created last month - or at least the WAG the BLS makes at such things on a monthly basis - was a mere 235,000 or roughly a cool half-million less than expected by [...]

Just In Time For Labor Day: It’s Not Payrolls Missing The Mark By Such A Wide Margin

By Jeffrey P. Snider|2021-09-03T18:02:37-04:00September 3rd, 2021|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

It was a highly curious change in the shape of the labor force. Beginning October 2015 and lasting until March 2016, for six months Americans came flooding back into the labor market. Or, so they said. When the BLS’s various surveyors working on the Current Population Survey (known as the Household Survey) came calling for answers each month, all of [...]

China, Australia, and The European Way Into Reverse Repo

By Jeffrey P. Snider|2021-09-01T20:19:50-04:00September 1st, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

We are going to start here with Europe before heading to Australia and then getting to China – and then currency. Why the ECB? It is going through the same pangs of dissatisfaction as its cousin the Federal Reserve had last summer. Like the Fed in 2020, Europe’s central bank in 2021 has climbed to the end of its grand [...]

Eurodollar University’s Making Sense; Episode 97: No Tapering Our Tantrum

By Jeffrey P. Snider|2021-09-01T17:35:36-04:00September 1st, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

97.0 Taper (but no) Tantrum! Why not? ———Ep 97.0 Summary———Jay Powell announced his central bank is satisfied (enough) with the economy's direction. Thus, the Fed will soon be 'tapering'; lessening the 'monetary stimulus'. What did bond-money markets say? Did they have a tantrum? No, because they don't believe what Jay believes. ———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 [...]

Yes And No Taper To Labor (and inflation)

By Jeffrey P. Snider|2021-09-01T17:37:08-04:00September 1st, 2021|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

It doesn’t really make much sense, does it? If you stop and think about it for more than a quick second, this notion of a labor shortage doesn’t get past the smell test. The economy overall is, we hear, booming. Really booming. And it’s booming in a way that has the labor market healing far faster than thought not long [...]

Weekly Market Pulse: Windshield Investing

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