The extraordinary $575 billion M2 growth over the past 22 weeks (that receives zero attention) was the second strongest (22-week) monetary expansion in U.S. history, trailing only 2011’s “QE2” period.
Net new Treasury supply is receding to the “new normal,” averaging around $100 billion per month. We know we have a problem when a hundred…
In the Fed’s daily overnight repo operations for October 4 it offered $75 billion in overnight repurchase agreements to Primary Dealers. The dealers took $38.55 billion at an interest rate of 1.8%, to fund the carry of their securities holdings. Here’s what this means.
While the world’s attention was fixated on US$ repo for once, the Bank of Japan held a policy meeting and turned in an even more “dovish” performance.
Before you go all “here he goes again” I’m not calling for a double top, I’m highlighting the risk that markets may have made a double top and that has implications. Let’s […]
Lindsay Williams asked me about today’s market break, and about Donald Trump. As usual, I did not hold back. Content hosted by iono.fm Get more…
The WTO today downgraded its estimates for global trade growth. In April, the international organization had figured the total volume of world merchandise trade would expand by about 2.6% in all of 2019 once the year closed out on the anticipated second half rebound. Everyone took their lumps in H1 and the WTO like central […]
The top pattern looks ominous but the rebound leaves gold’s fate hanging in the balance today. Here’s what to look for. Subscribers, click here to…
With China closed for its National Day Golden Week holiday, the stage was set for Japan to steal the market spotlight. If only briefly. The Bank of Japan announced last night that it had had enough of the JGB curve. The 2s10s very nearly inverted last month and BoJ officials released preliminary plans to steepen […]
We’re in the middle of an existential crisis. We must be. That’s what central bank policies are telling us.