Weekly Market Pulse (VIDEO)
Alhambra CEO Joe Calhoun discusses the hazards of financial news, over-speculation in the market, the prudent person investment rule & reports on retail sales, industrial production, and the housing market index.
Eurodollar University Episode 157, Part 3: Let’s Go Inside A Taper Where You’d Think It’s About Money (but you’d be very, very wrong)
157.3 Will the Next Fed Chair be a Theoretical Grammarist?———Ep 157.3 Summary———The last time the Federal Reserve tapered its QE program the central bank spent HOURS and HOURS and HOURS and HOURS on determining which adjective to us. Adverbs. Dangling participles, onomatopoeia, clauses, subject and object. What was NOT discussed? Money. Credit. Collateral. ———Sponsor——— Macropiece Theater with Emil Kalinowski (a/k/a [...]
Hawks Don’t Become Doves, The Landmine Turns Them Chicken
At first, it was taken as a sign of relief, of strength and the return of good fortune. So many massive ships each overloaded with containers stacked skyward above their beams were headed to the West Coast, the ports there couldn’t handle the traffic. The boats, and the massive cargoes they carried, themselves packed into a sort of wondrously fascinating [...]
Eurodollar University Episode 157, Part 2: Is It Time To Start Thinking About (bond) Landmines?
157.2 The US Treasury Bond Market "Landmine" is Primed———Ep 157.2 Summary———The "landmine" has been part of each of the four global/regional dollar squeezes of the past 14 years (2007-09, 2011-12, 2014-16, 2018-20). The "landmine" is when US Treasury Bond yields decline precipitously and signal that economic potential has been seriously maimed. Where are we in 2021? ———Sponsor——— Macropiece Theater with [...]
No, The Fed Does *Not* Rig The Bond Market And It Only Takes Five Seconds To Debunk This Myth
The bond market’s verdict has already been rendered. In fact, the judgment was made even before this year’s CPIs surged to the highest they’d been in a long time. The most consistently accurate and only historically validated source for sorting and signaling inflation, low yields aren’t just skeptical in being low they are unequivocal in remaining steadfastly ultra-low.For those who [...]
TIC: Consistent, Coherent, Corroborated, Inflation Never Had A Chance
The TIC data is great, it’s fantastic and wonderful if by comparison to the utterly slim pickings available elsewhere – which is practically nil. Compared to what I’d really like to know, the series leaves a ton out there. This is understandable if still unforgivable; on the one hand, the Treasury International Capital report itself predates the eurodollar system by [...]
Eurodollar University’s Episode 157, Part 1: Just Why CPI to the Sky
157.1 Consumer Prices Surge Worldwide in October - Why? ———Ep 157.1 Summary———Around the world data shows consumer prices are accelerating like we haven't seen in years, even decades. Why? Is it because politicians are wantonly giving away money? Are gluttonous central bankers printing cash? Is it a supply/demand imbalance? Is this the 1970s Great Inflation? ———Sponsor——— Macropiece Theater with Emil Kalinowski [...]
Clear Production Suppression, But Why?
Christmas came early for retailers already experiencing a boom year. This, however, creates a bit of conundrum given that producers have suffered rather than flourished despite such great fortune at the top of the supply chain. In whichever location you look at, production has been at best questionable.Why?Theories abound. The mainstream is filled with those like what’s been reported as [...]
Christmas Comes (too?) Early
It began all the way back during the summer. Vice President Kamala Harris was in Singapore in August hosting a gathering of business leaders. Supply issues naturally came up, and the VP warned: The stories that we are now hearing about the caution that if you want to have Christmas toys for your children it might be the time to [...]
Is M2 The Money Behind Inflation? If Not, What Is (Or Isn’t)?
Milton Friedman was touring India, and while there he shocked his audience by stating, “Inflation is always and everywhere a monetary phenomenon.” This was 1963, and the audacity of that statement is today understated. Back then, Keynes didn’t just rule there was hardly any opposition to such accepted orthodox dogma.Arguing from firmly empirical rather than theoretical grounds, Friedman’s effort was [...]
Stay In Touch