Currencies

It’s Starting To Dawn On People There Is No Global Economic Dawn Lit By China

By Jeffrey P. Snider|2022-06-21T20:04:45-04:00June 21st, 2022|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Xi Jinping’s earlier “stimulus” promises had originally stimulated the Keynesian-addled imaginations of Western observers and Economists. Hearing only that single word, they didn’t appear much interested in any of its details. Like how Emperors facing increasingly grave difficulties historically tend to stimulate their own capacity for remaining Emperor above everything else.For a very brief moment, as Shanghai reopened, there were [...]

The Everything Data’s (Z1) Verdict: Not Inflation, Only More Of The Same
The Everything Data’s (Z1) Verdict: Not Inflation, Only More Of The Same

The Everything Data’s (Z1) Verdict: Not Inflation, Only More Of The Same

By Jeffrey P. Snider|2022-06-21T18:58:14-04:00June 21st, 2022|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The only thing that changed was the CPI. What distinguishes 2021-22 from the prior post-crisis period 2007-20 is merely the performance of whatever consumer price index. This latter has been called inflation, yet the data conclusively support the market verdict pricing how it never was.What data? The "everything" data, the most comprehensive financial and monetary compendium yet available: The Financial [...]

Weekly Market Pulse (VIDEO)

By Marcelo Perez|2022-06-21T13:22:51-04:00June 21st, 2022|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks|

Alhambra CEO Joe Calhoun gives his Mid-Year 2022 update on the financial markets; what's happened, surprises, and anomalies.

Everything Hitting The Global (eurodollar) Wall
Everything Hitting The Global (eurodollar) Wall

Everything Hitting The Global (eurodollar) Wall

By Jeffrey P. Snider|2022-06-20T20:10:41-04:00June 20th, 2022|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Over the weekend, Bitcoin tumbled again. Reaching an ultra-ugly low of $17,641 (before retracing back above $20k), even the self-styled premier digital “store of value” has thrown in the towel. As I wrote last week, winter isn’t coming it is here.One crucial reason why, the Japan’s Ministry of Finance reported last week how imports into that country during the tumultuous [...]

Market Pulse: Mid-Year Update
Market Pulse: Mid-Year Update

Market Pulse: Mid-Year Update

By Joseph Y. Calhoun III|2022-06-20T19:27:59-04:00June 20th, 2022|Alhambra Portfolios, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks|

Note: This update is longer than usual but I felt a comprehensive review was necessary. The Federal Reserve panicked last week and spooked investors into the worst week for stocks since the onset of COVID in March 2020. The S&P 500 is now firmly in bear market territory but that is a fraction of the pain in stocks and other [...]

Sorry Chairman Powell, Even FRBNY Now Has To Forecast Serious and Seriously Rising Recession Risk

By Jeffrey P. Snider|2022-06-19T02:04:26-04:00June 19th, 2022|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

At his last press conference, Federal Reserve Chairman Jay Powell made a bunch of unsubstantiated claims, none of which were called out or even questioned by the assembled reporters. These rituals are designed to project authority not conduct inquiry, and this one was perhaps the best representation of that intent.Powell’s job is to put the current predicament in the best [...]

Angry April TIC Zeroed In On China’s CNY and Japan’s JPY

By Jeffrey P. Snider|2022-06-19T00:25:19-04:00June 19th, 2022|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

If the March gasoline/oil spike hit a weak global economy really hard and caused what more and more looks like a recessionary shock, a(n un)healthy part of it was the acceleration of Euro$ #5 concurrently rippling through the global reserve system. This much was apparent right from the start, with financial markets gone haywire three months ago (mid-March seasonal bottleneck), [...]

Complete Catalog of Chaos and Carnage

By Jeffrey P. Snider|2022-06-16T19:41:28-04:00June 16th, 2022|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Wow, what an incredible day across the entire marketplace. And by incredible I mean nothing good at all. Predictable, though. All the warning signs and warned-about fragilities playing out as expected, escalation up and down each curve or equity index. To start with, I still don’t really know where the bills are right now! That it is even a question [...]

China Opens Up And Not Much Else

By Jeffrey P. Snider|2022-06-15T20:13:50-04:00June 15th, 2022|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Neither Jay Powell nor Janet Yellen see recession risk. They’re coverage, though, ends at the US boundary, each thoroughly trained on the wrong idea the US economy is an island. While it isn’t and it has its own very visible recession problems right now, properly speaking globally there’s no bigger recession risk-ignition than over on the other side of the [...]

A Triple Dose of the Real Fed

By Jeffrey P. Snider|2022-06-15T19:46:36-04:00June 15th, 2022|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Today was a wonder to behold, Jay Powell performing at his absolutely most Volcker-esque. The biggest single-meeting rate hike since ’94, a triple-dipper 75 bps, all because the Fed thinks the US economy most threatened by inflation. Total seventies vibes. That’s not what invoked the myth, though. Instead, it was how just like his ancient predecessor, the current Fed Chairman [...]

The Everything Data’s (Z1) Verdict: Not Inflation, Only More Of The Same

Everything Hitting The Global (eurodollar) Wall

Market Pulse: Mid-Year Update

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