Eurodollar University’s Making Sense; Episode 82, Part 2: How Last March Proved Beyond Any Doubt The Federal Reserve Is Not a Central Bank
82.2 The Federal Reserve is NOT a Central Bank Pt. 2 ———Ep 82.2 Summary——— In March 2020 long-term US Treasury yields shot higher - why? Aren't these safe assets? Did the 'Treasury market break'? No. [...]
Indirect *Bill* Bidders Aren’t Who You Think, Helping Explain the Anti-Reflation Behind Reverse Repo
Following this morning’s Treasury bill auctions, each of the last three for the three shortest maturities (4-week, 8-week, 13-week) have each priced to yield less than the new reverse repo “floor” rate set by the [...]
Weekly Market Pulse: Never Mind
I thought of Gilda Radner this past week. Actually, I thought of a character she created on the original Saturday Night Live, Emily Litella, who was a regular on the Weekend Update segment. She'd start [...]
Eurodollar University’s Making Sense; Episode 82, Part 1: Federal Reserve Is Not A Central Bank
82.1 The Federal Reserve is NOT a Central Bank Pt. 1———Ep 82.1 Summary———What should a central bank be? What does one do? Is what the Fed does 'central banking'? What did Ben Bernanke promise in [...]
Curve Shape Shifting, In The Wake of Dots
Consumer prices in Japan fell again in May, according to that country’s Ministry of Finance. The headline CPI was 0.1% less last month than it had been in the same month during 2020. Though it [...]
Jamie Dimon (Still) Hates Bonds Because Inflation; Other Banks Apparently Love Bonds Because There’s No Credit To Inflation
JP Morgan’s Jamie Dimon hasn’t produced an enviable track record opining on inflationary potential. He’s forever deeply entrenched in the inflation camp, and because he sits atop the corporate structure of one of the world’s [...]
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