As you might imagine, inflation was the hot topic of conversation during the December 2014 FOMC meeting. Having opened up the transcripts for that year to the public last month, we are once more treated to the background behind this theater of the absurd. The final few months of 2014 were when everything came together. […]
We’ve talked about the year 2000 comparison (Party like it’s 1999). In 2020 markets went onto a similar structural tear just having rammed relentlessly higher. In 2000 markets famously topped in March […]
Every once in a while the truth shines through and we got a few doses of it today. Recently critics who suggested that the Fed’s QE policies artificially elevate asset prices were […]
CUSIP: 912796TQ2Term and Type: 56-Day BillCMB: YesHigh Rate: 1.555%Investment Rate: 1.585%Price: $99.758111Allotted at High: 93.30%Total Tendered: $103,462,739,000Total Accepted: $30,000,009,000Auction Date: 02/11/2020Issue Date: 02/13/2020Maturity Dat…
Kah PLOWY! That’s what they used to say in the funnies when I was a kid. Many of you reading this have no clue what…
Gold remains rangebound, but it’s building up to something big, probably after April.
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.
Ending the limited quarantine and falsely proclaiming China safe for visitors and business travelers will only re-introduce the virus to workplaces and infect foreigners.China faces an inescapably fatal dilemma: to save its economy from collapse, …
The world has a big dollar problem on its hands. That’s not a statement which will surprise any of you who have been readers here for any length of time. Nor would it amaze you if I also said the world has a massive shadow dollar shortage. The kind of dollars more attuned to bank […]
Everyone who lived through the Global Financial Crisis (GFC) remembers the Emergency Economic Stabilization Act of 2008, if not the name itself. The law had authorized TARP (among other things). It was passed during the messiest part of the panic, being signed into law on October 3, 2008. You can always tell what is not […]