Currencies

Eurodollar University’s Making Sense; Episode 96, Part 2: Three Key Dollar Data Items To TIC Off

By |2021-08-26T19:49:19-04:00August 26th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

96.2 Reviewing June's TIC Data Raises 3 Concerns ———Ep 96.2 Summary———The US Treasury Department released their Treasury International Capital, one of the keyholes analysts can look through to get a sense what is happening in the eurodollar system. Jeff Snider explains three items that caught his attention. Three concerns. ———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 96.2 Topics——— [...]

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An Eye On GDI May Tell Us Why

By |2021-08-26T19:46:12-04:00August 26th, 2021|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The second estimate for second quarter 2021 GDP didn’t change much, or anything. However, coincident with this “expenditure side” data release the BEA also completed its full preliminary assessments of the “income side.” GDI, in other words.What’s interesting on this other side of the output ledger is something called Net Operating Surplus (NOS). And it is NOS which frustratingly takes [...]

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No Real Coincidence, More-on SOFR

By |2021-08-25T19:26:23-04:00August 25th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Though I’d like to say it was because of some inside connection, or even clairvoyance, it was just random coincidence. I wrote on Monday of the updated sordid details behind SOFR’s unsuitability and largely the rejection of it in favor of keeping LIBOR (or maybe adopting something else). It’s not that the government’s handpicked replacement won’t work, it can’t work. [...]

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Eurodollar University’s Making Sense; Episode 96, Part 1: August 15, 1971, Nixon Didn’t ‘Forget’ To Tell The Fed

By |2021-08-25T18:55:52-04:00August 25th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

96.1 The Fed Didn't Know (or care?) about Nixon's Shock ———Ep 96.1 Summary———What did the Federal Reserve think about gold and the Nixon Shock in 1971? According to the transcripts they didn't think much about gold, neither pre- nor post-announcement. The Fed did not see the move as a release from its 'golden fetters' so as to dominate the monetary [...]

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If Inflation, Why Not Christmas From Mexico?

By |2021-08-25T17:16:28-04:00August 25th, 2021|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The incidences of what’s downright bizarre have curiously become more frequent. Sign of the times. Pick your realm or timetable, there’s so much going wrong while completely disconnected from the “official” description of, or explanation for, whatever. Along these lines, did the US VP just warn America’s children from Singapore that Santa Claus’ legendary trade will be delayed, perhaps canceled?Summer [...]

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Neither Coincidence Nor Nothing: Fedwire Six Months Later

By |2021-08-24T19:46:09-04:00August 24th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

It was one of those little things that really shouldn’t have made any difference whatsoever, an interesting if trivial little nugget left behind for only obsessive scholars to care any about. Late in the morning of February 24, 2021, Fedwire shutdown. The fact a couple hours inactive snowballed into something bigger, we wondered if this would end up being indicative [...]

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They’ve Lost That Loving Feeling

By |2021-08-24T17:56:17-04:00August 24th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The recovery, or reflation, was sort of sailing along until suddenly it wasn’t. At least that was the impression anyone would’ve gotten from pretty much every mainstream source. The reality of the (global) economy’s rebound from last year’s recession was a touch more nuanced, having actually struggled quite a lot between Uncle Sam’s Helicopter #1 and #2; the hadn’t begun [...]

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Behind, Inflation’s Best Days

By |2021-08-23T19:55:58-04:00August 23rd, 2021|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Slowdown, yes, but by how much? The inflation argument has been forced to change yet again after having been put together by expectations for a “red hot” economy to stay red hot for a prolonged period. That’s no longer in the data, as even the most robust of indications – such as sentiment – have clearly cooled off. What’s left, [...]

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SO F-ing Riotous

By |2021-08-23T18:04:15-04:00August 23rd, 2021|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

To go back only to last November, lost amidst the elections and then understandably overwhelmed by vaccine euphoria, the SOFR saga took an expected turn. It was predictable especially given the realities of the situation behind this unforced string of errors. Central bankers and their Economists are, we’re constantly told, the best and brightest, these most capable of monetary stewards [...]

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