Federal Reserve/Monetary Policy

Eurodollar University’s Making Sense; Episode 46; Part 3: Bill’s Reading On Reflation, And Other Charted Potpourri
Eurodollar University’s Making Sense; Episode 46; Part 3: Bill’s Reading On Reflation, And Other Charted Potpourri

Eurodollar University’s Making Sense; Episode 46; Part 3: Bill’s Reading On Reflation, And Other Charted Potpourri

By Jeffrey P. Snider|2021-02-18T18:31:43-05:00February 18th, 2021|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

46.3 On the Economic Road to NothingGoodVilleRecent, low consumer price inflation readings combined with falling US Treasury Bill yields are cautionary sign posts that say this reflationary path may not be the road to recovery but a deflationary cul-de-sac. [Emil’s Summary] Having studied monetary policy for several years it was only natural that your podcaster spent considerable time contemplating the essential [...]

Already Tried: イールドカーブコントロール

By Jeffrey P. Snider|2021-02-17T20:10:05-05:00February 17th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The Aussies weren’t the first to drive into the YCC channel. That “honor” belonged instead where it always does: Japan. The Japanese had also pioneered yield curve control just like they had for practically every single element behind post-crisis monetary policy everywhere else around the world. It’s always a safe bet that if some central bank somewhere starts doing something [...]

Eurodollar University’s Making Sense; Episode 46; Part 2: Sin City Roulette, The Endangered Gazelles
Eurodollar University’s Making Sense; Episode 46; Part 2: Sin City Roulette, The Endangered Gazelles

Eurodollar University’s Making Sense; Episode 46; Part 2: Sin City Roulette, The Endangered Gazelles

By Jeffrey P. Snider|2021-02-17T15:33:00-05:00February 17th, 2021|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

46.2 Nevada Solution to Covid Economy: CEO as RulerNevada's tourism economy has been wrecked by the Corona. Governor Sisolak, to encourage investment, is proposing to offer corporations to set up their own local government structures. [Emil’s Summary] Having studied monetary policy for several years it was only natural that your podcaster spent considerable time contemplating the essential elements of fiction. Some [...]

With YCC About To Come Back Up, A Look At It Down Under

By Jeffrey P. Snider|2021-02-16T20:28:36-05:00February 16th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Long end UST yields on the rise with reflation-y factors taking more of a hold, last year’s postponed YCC flirtation is almost certain to be rekindled over the weeks ahead. We’ve been told how it’s really simple, meaning low interest rates are stimulus and this must be maintained without fail. But what’s really been responsible for all the failing?When I [...]

Reflation Patients, ‘Another’ Six Months

By Jeffrey P. Snider|2021-02-16T18:06:03-05:00February 16th, 2021|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The idea behind post-Georgia reflation is that globally fiscal-led “stimulus” will be enough to fix what’s still wrong. The economy broke down, by choice, last year but with sufficient zeroes behind governments spending around the world, from DC to Brussels and a bunch in between, whatever costs and consequences remaining due from 2020 aren’t going to be unmanageable for 2021. [...]

Eurodollar University’s Making Sense; Episode 46; Part 1: Getting Fishy in the CHIPS
Eurodollar University’s Making Sense; Episode 46; Part 1: Getting Fishy in the CHIPS

Eurodollar University’s Making Sense; Episode 46; Part 1: Getting Fishy in the CHIPS

By Jeffrey P. Snider|2021-02-16T15:38:34-05:00February 16th, 2021|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

46.1 Interbank Netting: The Pressure to Get to ZeroPrivate banks fund global economic activity. But how do they move money among themselves? We consider the November 20, 1985 software glitch that shocked the interbank market. Then, a brief history of Fedwire, Telex, SWIFT and CHIPS. Finally, September 2019's repo market freeze. [Emil's Summary] Having studied monetary policy for several years [...]

Forty-Seven Explains Much

By Jeffrey P. Snider|2021-02-12T18:57:36-05:00February 12th, 2021|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

For Jay Powell’s inflation case, the University of Michigan provided it with some badly needed support. Telling the world he “flooded” it with “digital money printing” three-quarters of a year ago, actual inflation rates have instead fallen down to or near historic lows. No biggie, those in Powell’s corner say, just a matter of time before this changes (commodities!), possibly [...]

Insufferable SOFR, Suffering

By Jeffrey P. Snider|2021-02-12T16:52:09-05:00February 12th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Sometimes, the government will tell you a lot when it really doesn’t want to tell you anything. It’s not what they say, but what they don’t. In the case of the Treasury Department, there was a small, seemingly nondescript morsel buried down underneath the rest of its more immediately consequential next-quarter projections. While focused, quite rightly, on the scaling back [...]

Eurodollar University’s Making Sense; Episode 45; Part 2: Reflations Getting Weaker, Less Reflation-y
Eurodollar University’s Making Sense; Episode 45; Part 2: Reflations Getting Weaker, Less Reflation-y

Eurodollar University’s Making Sense; Episode 45; Part 2: Reflations Getting Weaker, Less Reflation-y

By Jeffrey P. Snider|2021-02-10T19:27:32-05:00February 10th, 2021|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

45.2 Examining the Post-Covid Economic ReflationWe look through the lenses of the dollar, Treasury yields, inflation breakevens, swap spreads to see how this Post-Covid reflation compares to the three economic recoveries of the past 13 years: Green Shoots (2009-10), Global Growth (2012-14) and Globally Synchronized Growth (2016-18). ———WHO——— Twitter: https://twitter.com/JeffSnider_AIPTwitter: https://twitter.com/EmilKalinowskiArt: https://davidparkins.com/ Jeff Snider, Head of Global Investment Research for Alhambra Investments with [...]

The Endangered Inflationary Species: Gazelles

By Jeffrey P. Snider|2021-02-10T19:23:52-05:00February 10th, 2021|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Nevada is, by all accounts and accountants, in rough shape. Very rough shape. An economy overly dependent upon a single industry, tourism, in this case, is a disaster waiting to happen should anything happen to that industry. Pandemic restrictions, for instance.Nevadans cannot afford the government spending they “have” without a gaming industry attracting visitors at full throttle. Desperate, the state’s [...]

Eurodollar University’s Making Sense; Episode 46; Part 3: Bill’s Reading On Reflation, And Other Charted Potpourri

Eurodollar University’s Making Sense; Episode 46; Part 2: Sin City Roulette, The Endangered Gazelles

Eurodollar University’s Making Sense; Episode 46; Part 1: Getting Fishy in the CHIPS

Eurodollar University’s Making Sense; Episode 45; Part 2: Reflations Getting Weaker, Less Reflation-y

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