Federal Reserve/Monetary Policy

Eurodollar University’s Making Sense; Episode 90: Value and Valuing Inflation

By |2021-07-28T17:24:49-04:00July 28th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

90.0: What is that thing's Value today?———Ep 90.0 Summary———Professor Sam Williamson, economic historian, explains how the value of commodities, projects and income/wealth should be properly measured across time (AND IT IS NOT WITH A CPI INDEX!). Otherwise, like a recent NY Times article, your worth may be off by a factor of 20!!!! ———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——— [...]

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Tapering The Truth

By |2021-07-28T17:13:38-04:00July 28th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Ceremony and ritual are not just important concepts for priming and keeping faith, they are absolute essentials. There’s a reason why cult leaders make themselves appear - at every instance - indispensable while at the same time keeping their masses busy with nonsense. Can’t ever permit thinking too much lest the house of cards crash downward at the first slight [...]

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Bills Down, RRP Up

By |2021-07-27T19:58:24-04:00July 27th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The Federal Reserve has done us a solid favor by opening wide its RRP window. Quite by accident, obviously, these policymakers hardly useful monetary stewards, we now have another indication, and a more direct one (though still indirect overall), relating on the surface two seemingly very different factors. The correlation found there between T-bills and that has increased the visibility [...]

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The Radically Not Inflationary ‘Shock’ Of Chinese Cracking Down

By |2021-07-27T17:04:17-04:00July 27th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

We’ve spent months in US Treasury bill yields for a (very good) reason. There’s brewing trouble out there, and it’s not just caught the attention of overeager indirects bidding in UST bill auctions. The premium for those instruments is a nod toward growing collateral scarcity, a deflationary potential that is almost certainly a big part, probably the key part, behind [...]

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Golden Collateral Checking

By |2021-07-26T19:22:05-04:00July 26th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Searching for clues or even small collateral indications, you can’t leave out the gold market. We’ve been on the lookout for scarcity primarily via the T-bill market, and that’s a good place to start, yet looking back to last March the relationship between bills and bullion was uniquely strong. It’s therefore a persuasive pattern if or when it turns up [...]

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Behind The Inflation Curtain (Europe)

By |2021-07-26T18:18:58-04:00July 26th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

When the ECB’s leadership presented their first QE to the assembled media on March 5, 2015, there was a lot of the usual corporate-speak. It sure wasn’t fedspeak, the purposefully obfuscating wordsmithing of the kind made infamous by Alan Greenspan. No, on this occasion, to the contrary, Mario Draghi, the ECB’s President, wanted to be perfectly clear in what he [...]

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Weekly Market Pulse: Buy The Dip, If You Can

By |2021-07-26T08:08:49-04:00July 25th, 2021|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks|

If you were waiting for a correction in stock prices to put some money to work, you got your chance last week. The Dow Jones Industrial Average was down nearly 1000 points at the low Monday and closed down 725, a loss of a little over 2%. The S&P 500 did a little better but closed down 1.5%. It looked [...]

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Eurodollar University’s Making Sense; Episode 89, Part 3: Bitcoin’s El Salvador Conundrum Easily Untangled By Realizing the Real Dollar Situation

By |2021-07-23T19:39:59-04:00July 23rd, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

89.3 The Real Reason El Salvador went Crypto———Ep 89.3 Summary———El Salvador announced its crypto intentions seemingly out of the blue. But a closer look reveals the nation had run dangerously short of (euro)dollars in early 2021. It went to the IMF for a bailout. Now it heads to the crypto world for one. Just like people did in the 14th-century. [...]

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Maybe Interesting, Perhaps Somewhat Useful Other TIC Nuggets

By |2021-07-23T19:21:49-04:00July 23rd, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

I’m just going to post some brief comments on other parts of the TIC data. The major takeaway from the May 2021 update is what I wrote earlier, how what these figures show is both entirely consistent with what will be to most people a surprisingly long history as well as completely misconstrued in mainstream conversations (what few may take [...]

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