I missed it: did anyone ask Chairman Jay Powell how in the world he’s going to be able to create this “hot” inflation he already needs to balance out a decade without it (meaning: recovery and growth) in order to satisfy this newfangled average inflation target? And though he makes it sound like it’s a new thing, especially adding the [...]
The issue of inflation targeting has once again come to the forefront, though for reasons and in a way policymakers had never anticipated. That speaks volumes already. The recent introduction of this (flexible) average inflation targeting is merely the latest tweak to a process that’s already more than thirty years old. Not exactly new thinking. While the US Federal Reserve [...]
———WHERE——— AlhambraTube: https://bit.ly/2Xp3roy Apple: https://apple.co/3czMcWN iHeart: https://ihr.fm/31jq7cI Castro: https://bit.ly/30DMYza TuneIn: http://tun.in/pjT2Z Google: https://bit.ly/3e2Z48M Spotify: https://spoti.fi/3arP8mY Breaker: https://bit.ly/2CpHAFO Castbox: https://bit.ly/3fJR5xQ Podbean: https://bit.ly/2QpaDgh Stitcher: https://bit.ly/2C1M1GB Overcast: https://bit.ly/2YyDsLa PocketCast: https://pca.st/encarkdt SoundCloud: https://bit.ly/3l0yFfK PodcastAddict: https://bit.ly/2V39Xjr ———WHO——— Twitter: https://twitter.com/JeffSnider_AIP Twitter: https://twitter.com/EmilKalinowski Art: https://davidparkins.com/ Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, owner of many red (hardcover) books. Artwork by stylograph sammurai, David Parkins. Podcast intro/outro is "STHLM-Tokyo" by Ooyy and Smartface at Epidemic Sound. [...]
Crude oil futures continue to be more than a buck in contango in the most liquid part of the WTI curve out to three months. One of the more important anti-reflation indications, especially given the situation on energy’s supply side, hardly anyone cares about this glaring contradiction given this latest very minor sell-off in the bond market’s long end.That means [...]
The BLS’s payroll report draws most of the mainstream attention, with the exception of the unemployment rate (especially these days). The government designates the former as the Current Employment Statistics (CES) series, and it intends to measure factors like payrolls (obviously), wages, and earnings from the perspective of the employers, or establishments. The Establishment Survey.Its cousin is called the Household [...]
Survivor’s euphoria, but then what? Reopening momentum, though would that be enough on its own? More of a concern, the uptrend was heavily infused by government intervention. How much was organic, how much wastefully artificial (in the sense of “stimulus”; as economic aid, it was necessary)? So many questions, so much to try and sort out as we enter the [...]
As one of Africa’s largest copper producers, it seemed like a no-brainer. Financial firms across the Western world, pension funds from the US or banks in Europe, they lined up for a bit of additional yield. This was 2012, still global recovery on the horizon – at least that’s what “they” all kept saying. Zambia did what everyone does, the [...]
It’s always something. There’s forever some mystery factor standing in the way. On the topic of inflation, for years it was one “transitory” issue after another. The media, on behalf of the central bankers it holds up as a technocratic ideal, would report these at face value. The more obvious explanation, the argument with all the evidence, just couldn’t be [...]
Back in early June 2018, the Brazilian real was in free-fall (again). Never bothering to explain why or what was happening, the country’s top central banker just gathered the media together in front of him confident in how what he’d say to its members would be reported as fact. As it was. Not just by Brazil’s press, either. Even if [...]
Mario Draghi was a very polarizing figure for him to be atop a central bank that has no natural constituency. Sure, there is a European Central Bank but there remain National Central Banks which had retained their own powers and influence following the monetary union. Draghi’s approach rubbed critics the wrong way, a growing legion of them, a lot of [...]
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