Whose Tightening Is It Anyway?
I suppose it’s only fair. After all, they started it. Earlier in the year, Federal Reserve officials including Chairman Jay Powell suggested it was all Trump’s fault. The abrupt difficulties presented by the dollar were, [...]
Spreading Spreads (and JPY)
What is it that’s different in August? If there was some relative calm in global markets in June and July it certainly disappeared this month. The dollar shot higher and global liquidity indications began sinking [...]
The Conspicuous Consistency of Curves
It’s not that curves are flattening. It’s where they are. There’s really no mystery surrounding any of this. The “conundrum” arrives only when starting from the orthodox perspective; the one derived from Economists even though [...]
TIC in June 2018: The Questionable Collateral Aftermath of May 29
There isn’t really any doubt what happened on May 29. It was a global collateral call. Bonds all over Earth were hugely bid, especially paper in Germany and America – the pristine of the pristine. [...]
The Wage Test
In August 2014, then-Federal Reserve Chairman Janet Yellen described the wage dilemma in some detail. She was still relatively new to the job at that time, and there was pressure on her from among the [...]
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