A couple of minor technical problems called “business” and “life” have now intruded on my increasingly bogged down publication schedule that, in the interest...
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Posts Tagged ‘ Circumstances ’
Lockhart Says Fed Shouldn’t Rule Out New QE Amid European Risks – Bloomberg
Lockhart Says Fed Shouldn't Rule Out New QE Amid European RisksBloombergFederal Reserve Bank of Atlanta President Dennis Lockhart said policy makers need to retain the option of starting a new round of bond buying to spur the US expansion as it fac...
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Did JP Morgan Fiddle While Risk Burned? – Wall Street Journal (blog)
Did JP Morgan Fiddle While Risk Burned?Wall Street Journal (blog)That is a big question still hanging over JP Morgan Chase's more than $2 billion trading loss. Also important, though, is the corollary: Who didn't know what and why? Clues to bot...
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Survival of the Stupidest
Is stupidity rising? Are we witnessing an alarming proliferation of irrationality and an exuberance of ignorance?
Stupidity seems a concern to a growing group of scholars. Last month alone two arXiv papers (here and here) appeared that both refer t...
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TBAC Report Shows Why We Are Doomed
So the debt ceiling thing is “solved” but that may have been the least of the market’s problems. If my numbers are correct, the Treasury will need to raise money in the coming week that it hasn’t told the market about yet. My swaguesstimate last week was that they would need $96 billion of...
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Action Consistent With A Top
The timing is right for a 13 week cycle high and the market is doing what you would expect under the circumstances.
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Fed Gets To Skate On Thin Ice In April
Both banks and foreign central banks (FCBs) have normal buying cycles, and this week’s evidence suggests that both are just past the peak of those cycles. In addition, because of Japan’s predicament, FCB buying is for the foreseeable future likely to be well below the necessary levels to keep levitating stocks. Add to that...
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The Texas Omen
NYT columnist Paul Krugman looks at "The Texas Miracle" and finds that it isn't really a miracle after all...
These are tough times for state governments. Huge deficits loom almost everywhere, from California to New York, from New Jersey to Texas. ...
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Bears Losing Battles But Winning the War? Professional Edition
It’s amazing to me that the market got $14.6 billion in cash from the Fed today and it only went up 3 points. Maybe the bears are losing battles but winning the war. I mean, there’s NO new Treasury supply this week. The SPX should have been up 30 p...
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Bears Losing Battles But Winning the War? Professional Edition
It’s amazing to me that the market got $14.6 billion in cash from the Fed today and it only went up 3 points. Maybe the bears are losing battles but winning the war. I mean, there’s NO new Treasury supply this week. The SPX should have been up 30 points, not 3, under the...
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They’re Goin’ Crazy – Professional Edition Fed Report
The Fed went crazy this week. It went crazy. In addition to buying $27 billion in Treasuries and GSE paper on top of $56 billion in Treasury paydowns, the Fed also settled $119 billion in previously committed MBS purchases. Under the circumstances it’s understandable that the stock market rallied. It’s surprising that it didn’t...
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Hank and Ben’s Excellent Short Term Gift – Professional Edition
The market got a huge gift from the US Treasury this week in the form of a $23 billion debt paydown. That cash put a bid under stocks and exacerbated the panic into Treasuries. The Treasury faces $40 billion in CMB expirations next week, and so far, there’s no announcement that they will be...
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Everything but the Kitchen Sink
On Tuesday I wrote a defense of the Citigroup deal which you can read here. I feel that under the circumstances this was a shrewd arrangement.
Unfortunately it now appears that they could not let well enough alone. It seems that with little fanfare the US central bank in your face announced a large scale...
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