Eurodollar University’s Making Sense; Episode 63; Part 3: To (be)Labor This Again

By |2021-04-14T19:41:25-04:00April 14th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

63.3 Why You Should Not Be Happy with 6% Unemployment———Part 3 Summary———America's unemployment rate is a miraculously low 6% - a remarkable achievement. But behind the headlines is the sad fact that labor force participation is awful. ———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 63.3 Topics——— 00:05 The US March 2021 payroll report delivered great headline news, beating [...]

Why *Only* That Specific One?

By |2021-04-14T19:49:23-04:00April 14th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

On February 23, the US Treasury sold off $60 billion and change of 2-year notes (CUSIP 91282CBN0). This particular shorter-term instrument has been in the crosshairs of the reflation trade, lurching in and out of it going back to last October, perhaps even late September. Caught up being the immediate tenor following the bills which have been bid (for “some” [...]

Fragility (脆弱性)

By |2021-04-13T19:16:45-04:00April 13th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

For a short while, with reflation being traded in almost every corner of the global bond market, the Bank of Japan started to get “those” questions again. Almost of the humble brag variety. A few years ago, Japan’s central bank had widened what it considered to be an acceptable trading range for its 2016 QQE addendum of Yield Curve Control [...]

Eurodollar University’s Making Sense; Episode 63; Part 2: Bills Disappeared From Public Mind But Not (Repo) Markets

By |2021-04-13T16:49:35-04:00April 13th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

63.2 Growing Economy? Treasury Bills Don't Believe It!———Part 2 Summary———Economic recovery? Then why aren't US Treasury Securities being OBLITERATED by the combined power of vaccines, fiscal stimulus and monetary easing? Maybe because stimulus is really 'stimulus' and easing is 'easing'. Indeed, US Treasury Bills are being bid and signaling angst. ———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 63.2 [...]

Consumer Price(s) Incalcitrant

By |2021-04-13T16:44:45-04:00April 13th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

While we consider the PPI’s view of inflationary pressures as overstated by simple arithmetic and the math of commodities, there’s no denying that producer prices have risen by a substantial amount. The question, the whole issue, is why. If it is truly because price pressures are building and have grown close to breaking out in systemic fashion, then that would [...]

Eurodollar University’s Making Sense; Episode 63; Part 1: Bernanke Was Not Making Sense, Bonds, Bubbles & Money

By |2021-04-13T16:50:26-04:00April 12th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

63.1 Bernanke's Idea Doesn't Make Any Sense———Part 1 Summary———In the early 2000s, bond markets ignored the Fed. Alan Greenspan called it a "conundrum". Ben Bernanke blamed a "Global Savings Glut". But recent Federal Reserve research notes events since 2008 upend the Bernanke glut and instead suggest economic weakness and financial fear as causal. ———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——— [...]

Weekly Market Pulse: Nothing To See Here. No, Really. Nothing.

By |2021-04-12T07:58:44-04:00April 12th, 2021|Alhambra Research, Bonds, Commodities, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks|

The answer to the question, "What should I do to my portfolio today (this week, this month)? is almost always nothing. Humans, and especially portfolio managers, have a hard time believing that doing nothing is the right response....to anything...or nothing. We are programmed to believe that success comes from doing things, not not doing things. And so, often we look [...]

Scorching, Blistering, Highest In A Decade! Powell’s The Voice of Reason Here?

By |2021-04-09T18:17:50-04:00April 9th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

If there is one thing Economists understand very well, it’s mathematics. This is practically all they do, and all that means much to their discipline. If there’s one thing Economists don’t seem either competent with or interested in, it’s the economy. The math is supposed to match the other’s reality, yet rarely does.There are times, however, when simple calculation is [...]

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