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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Do Rising ‘Global’ Growth Concerns Include An Already *Slowing* US Economy?
It’s not just the CFNAI that is heading in that worrisome direction. Labor market data, the Household Survey as well as the employment components in both ISM PMIs.
Yet Another Key Warning Sign, Piece Of Strong Evidence: TIC & The Long Misunderstood History Of Selling Treasuries
Like so many other monetary things, the name itself is misleading though it’s not immediately clear why. The Asian Financial Crisis (or Asian flu) began in Thailand and spread throughout Asia.
EC From China: Dollar, Deflation, And The RRRest
It’s not necessarily a discrepancy so much as maybe looking at the same thing from a different point of view.
Sorry, One More On Bills: Today A Really Good Example Of All The Things We’ve Been Focused On Lately
We have been subjecting you to a seemingly unrelenting focus on Treasury bills’ various follies this year.
Lower Yields And (Fewer) Bills
As Jay Powell has already admitted, “not a lot of T-bills.” Last week, there was even less and it’s going to be that way going forward. 
Inching Closer To Another Warning, This One From Japan
Central bankers nearly everywhere have succumbed to recovery fever. This has been a common occurrence among their cohort ever since the earliest days of the crisis.
Not The Chinese Numbers Anyone Was Hoping For
Like it or not, combined with collateral, the risks continue to tilt more and more toward the downside. Global factors.
Powell Admits RRP And Collateral Scarcity, Still Unaware Of What It Means
I find it very uncomfortable to be in such agreement with Fed Chair Jay Powell. He and I both look at the inflation data, for example, and have come to the same conclusion that these consumer, producer, and commodity price deviations won’t last.
And Now Three Huge PPIs Which Still Don’t Matter One Bit In Bond Market
And just like that, snap of the fingers, it’s gone. Without a “bad” Treasury auction, there was no stopping the bond market yesterday from retracing all of yesterday’s (modest) selloff and then some.
Third CPI In A Row, Yet All Eyes On That 30s Auction
In several of the key component CPI pieces, there’s already a rolling over of sorts only somewhat related to base effects (which are falling off).
Bitcoin, El Salvador, And…The Eurodollar’s Ghost
Price bubbles in digitals have come and gone, and may continue to come and go, so long as the inelastic eurodollar remains the spooky, upsetting always-unseen spectral monetary noises are only going to get louder anyway.
RRP No Collateral Coincidences As Bills Quirk, Too
These things really shouldn’t be happening, certainly not if too much money really was the global monetary system’s biggest problem at the moment. It so isn’t.
How Do You Spell Escalating? C-H-I-N-A-R-R-R
If the People’s Bank of China (PBOC), the country’s central bank and top bank regulator, ever decides to reduce or cut their RRR you know things are getting serious.
Bond Reversal In Japan, But Pay Attention To It In Germany
For a little while earlier this year, the modestly reflationary selloff in bonds around the world was prematurely oversold as some historically significant beginning to a massive, conclusive regime change.
Eurodollar Curve Quirk Trivia, But Not Trivial To Anti-Inflation
Quirks or kinks in the eurodollar futures curve are nothing new, materializing from time to time as much for technical reasons as anything else.
Another Labor Divide
A lot of American workers still quit their jobs in May, just fewer than the huge burst who had during April. We don’t know why, of course, and the BLS JOLTS data isn’t going to tell us.
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