Market & Economic Analysis

"Study the past if you would devine the future." - Confucius

Eurodollar University’s Making Sense; Episode 136, Part 2: The Yield Curve Blasts Cold Water All Over The ‘Red Hot’ Economy

136.2 Sorry, US Treasury Yield Curve Delivers Bad News———Ep 136.2 Summary———The US Treasury yield curve IS NOT inverted and, therefore, is not signaling a recession warning. But IT IS warning that the Federal Reserve's reasoning to "taper" its quantitative easing program (i.e. economic recovery/health) is unfounded. We saw this in 2018. And 2014. And 2005. ———Sponsor———Macropiece Theater with Alistair Cooke [...]

By |2021-10-28T12:48:57-04:00October 28th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|
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Short Run TIPS, LT Flat, Basically Awful Real(ity)

Over the past week and a half, Treasury has rolled out the CMB’s (cash management bills; like Treasury bills, special issues not otherwise part of the regular debt rotation) one after another: $60 billion 40-day on the 19th; $60 billion 27-day on the 20th; and $40 billion 48-day just yesterday. Treasury also snuck $60 billion of 39-day CMB’s into the [...]

By |2021-10-27T20:33:22-04:00October 27th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|
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The Enormously Important Reasons To Revisit The Revisions Already Several Times Revisited

Extraordinary times call for extraordinary commitment. I never set out nor imagined that a quarter century after embarking on what I thought would be a career managing portfolios, researching markets, and picking investments, I’d instead have to spend a good amount of my time in the future taking apart how raw economic data is collected, tabulated, and then disseminated. Yet [...]

By |2021-10-27T18:34:48-04:00October 27th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|
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Eurodollar University’s Making Sense; Episode 136, Part 1: Despite Recent Debt Ceiling T-bill Relief This Whole Year Has Been Unambiguous Dollar Woes

136.1 USA Debt Ceiling Reprieve Saves Chinese, and World?———Ep 136.1 Summary———The 'debate' in the US Congress about the debt 'ceiling' prevented the US Treasury Dept. from issuing UST Bills, the ultimate risk-free asset. This put serious stress on the Chinese currency. Now, with the 'debate' tabled till December, Beijing (and the world) are safe... for now.———Sponsor———Macropiece Theater with Alistair Cooke [...]

By |2021-10-27T12:31:32-04:00October 27th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|
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China’s Central Bank Condition Has Consistently Told You Everything About Global (not) Inflation

For several years now, we’ve been harping constantly and consistently about what’s on the PBOC’s balance sheet; or, really, what conspicuously isn’t in very specific line-item numbers. Briefly, simply, if dollars are being extended into China, as has been claimed over the years, particularly the last few, they’re going to show up on the Chinese central bank’s balance sheet. Specifically, [...]

By |2021-10-26T20:19:39-04:00October 26th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|
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An Anti-Inflation Trio From Three Years Ago

Do the similarities outweigh the differences? We better hope not. There is a lot about 2021 that is shaping up in the same way as 2018 had (with a splash of 2013 thrown in for disgust). Guaranteed inflation, interest rates have nowhere to go but up, and a certified rocking recovery restoring worldwide potential. So said all in the media, [...]

By |2021-10-25T19:26:00-04:00October 25th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|
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What *Seems* Inflation Now Is Something Else Entirely

This is yet another one of those crucial recent developments which should contribute much clarity about the economic situation, yet is exploited in other ways (political) adding only more to the general state of economic confusion. The shelves may be empty in a lot of places around the country, leaving anyone with the impression there just aren’t enough goods. Shortage [...]

By |2021-10-25T17:41:17-04:00October 25th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|
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Weekly Market Pulse: Inflation Scare!

The S&P 500 and Dow Jones Industrial stock averages made new all-time highs last week as bonds sold off, the 10-year Treasury note yield briefly breaking above 1.7% before a pretty good-sized rally Friday brought the yield back to 1.65%. And thus we're right back where we were at the end of March when the 10-year yield hit its high [...]

By |2021-10-25T07:02:26-04:00October 24th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|
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The ‘Maestro’ Is Why Jay Powell Keeps Seeing (inflation) Ghosts

See, this is backward. And while it may seem overly pedantic, getting it right is actually a crucial insight (lack thereof) into pretty much everything. Its purpose is to maintain a different sort of money illusion (the original relates to how workers focus on nominal rather than real levels of compensation). This other money illusion relates to the hidden nature [...]

By |2021-10-22T19:29:19-04:00October 22nd, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|
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