Jeffrey P. Snider Blog | Talkmarkets | Page 1
Chief Investment Strategist at Alhambra Investment Partners LLC
Contributor's Links: Alhambra Investment Partners

As Head of Global Investment Research for Alhambra Investment Partners, Jeff spearheads the investment research efforts while providing close contact to Alhambra’s client base.
Jeff joined Atlantic Capital Management, Inc., in Buffalo, NY, as an intern while completing studies at ... more

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China’s Back
The Washington Post began this week by noting how the US economy seems to have lost its purported zip just when it needed that vitality the most.
What Is The Fed’s New Fima? The Potential For A Shadow Shadow Run Is Very Real
Foreign officials. US Treasuries. Smooth functioning of financial markets. Temporary exchange in lieu of sale. International currency. What the hell is going on here?
(No) Dollars And (No) Sense: Eighty Argentinas
India like many emerging market countries around the world holds an enormous stockpile of foreign exchange reserves.
Vital Lessons Still Not Learned: Be Careful About GFC2
It’s one of those crisis-level-of-illiquidity things that if you heard about it in normal times it would make you shake your head in disbelief.
No Further Comment Necessary At This Point
If Jay Powell doesn’t mention collateral, no one else does even though it’s the whole ballgame right now.
It’s Not About Jobless Claims Today, It’s About What Will Hamper Job Growth In A Few Months
The dislocation is upon us, but that’s no longer our major concern. Having been left no chance to avoid one, the only issue now is how quickly we get out from under it.
Collateral Shortage Goes Global, Hinting At The Way The (Euro)Dollar Reaches Its Eventual End
Government securities have become so scarce that it is driving down repo rates. A collateral shortage that has become so acute, money dealers won’t part with their stock of government securities no matter what the price.
Not Good: Eurodollar Futures Curve Sells Off, At The Front
If the Fed has promised to print an unlimited supply of money, then why are inflation expectations at crisis lows and falling? At the same time, there are still-growing signs of illiquidity and an interbank crackup.
Three Short Run Factors Don’t Make A Long Run Difference
There are three things the markets have going for them right now, and none of them have anything to do with the Federal Reserve.
What If The Economy Wasn’t In A Good Place Entering Its Shutdown?
Many are starting to ask if the damage from shutting down the economy for a prolonged period will end up being worse than the pandemic itself. It’s a legitimate question.
Collateral Shortage > Bond Vigilantism (And It’s Not Even Close)
Faced with severe economic distress and a global market meltdown, they promised that it would be big. Massive fiscal “stimulus”, however, might come at a price.
EC Right On Cue, Low Money Rates Are Not What You Might Think
Central bankers can explore infinity along an X-axis not realizing they live in at least two dimensions with also a Y-axis to consider.
The Solution Is To Stop Being Backward
Forget using Primary Dealers; they are part of the problem, in many ways the biggest problem piece. Forget about lines with other central banks, too. The less central bankers involved the better.
Fire Jay Powell Immediately: The Overwhelming Proof For The Collateral Case
The Federal Reserve conducts reverse repo operations (RRP) daily and has for more than half a decade. These are very different from the “liquidity” operations the central bank has been deploying since last year’s rumble in the repo market.
Stagnation Never Looked So Good: A Peak Ahead
The latest sentiment figures from ZEW as well as IFO are sobering. Taking the former first, it had been quite buoyant last year on the false promises, I believe, of last year’s ECB QE introduction.
Mor(e)on Collateral
The front end of the yield curve is flattened out near enough to zero.
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