U.S. continues to race ahead of the EU27 in the total counts of COVID19 cases and deaths:U.S. is now significantly divergent to the EU27 in death rates per capita, both in terms of the actual rates and the rates of growth:Notably, the EU appears to hav…
It’s one of those things I wish I had more time to thoroughly investigate. What can these Germans possibly be thinking? While the ZEW sentiment indicator actually came back down a bit in July 2020 from its 2005-style perch in June, the ZEW for all of Europe actually went further upward. Either that means Christine […]
In sharp contrast to the sentimental deference towards central bank stimulus exhibited by Germany’s ZEW, for example, similar Japanese surveys are starting to describe potential trouble developing. Like Germany, Japan is a bellwether country and a pretty reliable indicator of global economy performance. Both of these places had solidly indicated the globally synchronized downturn long […]
This is the key dynamic of the economy going forward: defaults on debt, declining wealth as assets are relentlessly repriced lower and sharp declines in income due to layoffs and debt defaults.The economy is like an elephant surrounded by blindfolded e…
Term and Type: 19-Year 10-Month Bond
Interest Rate: 1.125%
High Yield: 1.059%
Total Tendered: $43,275,746,400
Total Accepted: $18,931,875,600
Fed QE: $2.401B TIPS Purchase 2020-07-22
Monetary policy can be implemented through outright purchases or sales of securities, which permanently changes the size of the Federal Reserve’s System Open Market Account (SOMA) portfolio.
Stonks reporting season is rolling on. And so far, things are predictably gloomy:Yeeks! But wait, by sector:Seven out of eight sectors are reporting lower net profit margins than 5 year average, with Utilities being the only sector reporting above aver…
To hear it told nowadays, you’d think that gold’s amazing run began when Jay Powell started cranking out bank reserves. Those telling the story equate those bank reserves to effective money printing, so it conforms to the conventional myth about gold’s relationship to the money supply (whatever that is). Throw in a federal government, every […]
What they don’t understand is inequality is America’s Monster Id: the more you try to suppress it, the more powerful it becomes.The word privilege is much bandied about now. I’ve been writing about privilege for many years, and ended up …