This Is A Really Strange Development (UPDATED)
Last week, I reported on a sharp drop in repo fails for the week of May 9. The decline was so much that FRBNY indicated there were essentially no fails during those five trading sessions. [...]
Reframing Doves And Hawks
When the minutes of the March 2018 FOMC meeting were released on April 11, St. Louis Fed President James Bullard, a non-voting alternate member, immediately objected to one statement contained with them. According to Bullard’s [...]
Laboring Unnecessarily Over Housing Imbalances
There are three major housing related data series published each and every month. The first is on construction of new units, the intersection of real estate and the macro economy compiled by the Census Bureau. [...]
COT Black: Diverging Like ’13?
During the week of February 21, 2017, Money Managers (MGR) in the WTI futures market went all the way for higher oil prices. The CFTC Commitment of Traders (COT) report showed a then-record 405k net [...]
It’s Not The Minutes, It’s The Months and Years
It’s the kind of thing you’re supposed to overlook and not think too deeply about. Recall the basis of inflation hysteria: the economy was poised to take off and do so convincingly; that plus the [...]
The Currency of PMI’s
Today is PMI day. Markit Economics released the flash results from several of its key surveys. Included is manufacturing in Japan (lower), as well as composites (manufacturing plus services) for the United States and Europe. [...]
Eurodollar University: Way Beyond Bank Reserves
The Crash of ’87 was a big deal, though not in the way most people remember. It was a stock market event, obviously, and those are the terms under which it has been understood. That’s [...]
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