The Fed has done the deed. It will begin the process of “normalizing” its balance sheet in October, just as their proxies had clearly told…
The evidence suggests that ECB machinations have had no effect, other than to give the banks a bonus for doing nothing other than passing money…
US macro liquidity growth continued in August, but stock prices remain at a record overbought reading versus liquidity. Here’s why that really matters right now,…
There has been no material change in the Fed balance sheet over the past month. But one is coming, and it will be one of…
Household and corporate deposits have shown marked growth in Europe in recent months. It could be a sign of repatriation of capital from the US.…
US macro liquidity has grown slowly over the past year, decelerating in recent months. The current growth rate is just over 2%. Meanwhile, stock price…
The Fed’s balance sheet and US banking indicators remain in the calm before the storm. Or to borrow another cliché, we’re waiting for the other…
We keep seeing reports that economic growth is breaking out in Europe. Wall Street in recent months has been touting “undervalued” European equities. Undervalued compared…
US macro liquidity has grown slowly over the past year. Meanwhile, stock price inflation has surged, setting up a large divergence versus liquidity. It suggests…
The Fed’s announcement that it will soon begin to shrink its balance sheet is the most important step the Fed has taken with monetary policy…