Stocks

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 [...]

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 [...]

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 [...]

150.3 Warning Indicator Blinks Red on PBOC Balance Sheet ———Ep 150.3 Summary———What kind of foreign assets do you own PBOC? Well, we are adding a lot of "other" right now. "Other"? Yes, "other". What is that? Don't worry about it. What do you mean, 'Don't worry about it.'? Just know that we're adding it, whatever it is - it's good. ———Sponsor———Macropiece [...]

150.2 History Lesson: Inflation vs. Bond Yields vs. CPI———Ep 150.1 Summary———We review the 1950s, 1960s, 1970s, 2000s and 2010s to study how bond yields reacted to persistent and pervasive monetary expansion, stagnation and contraction as well as how bond markets handled transitory consumer price shocks due to supply/demand imbalances. ———Sponsor———Macropiece Theater with Alistair Cooke (i.e. Emil Kalinowski) reading the latest [...]

150.1 Huge 1950s CPI-Surge was Transitory, Not Inflation ———Ep 150.1 Summary———An early-1950s US consumer buying-binge sent the Consumer Price Index soaring. Inflation!? No. It was a transitory supply/demand imbalance brought on by (geo)political factors. The bond market knew it and didn't overreact. And what about the Federal Reserve? They overreacted. ———Sponsor———Macropiece Theater with Alistair Cooke (i.e. Emil Kalinowski) reading the latest [...]