Jeffrey P. Snider | TalkMarkets | Page 176
Chief Investment Strategist
Contributor's Links: Eurodollar University
Jeff is an Investment Strategist and currently runs Eurodollar University. Formerly the Head of Global Investment Research for Alhambra Investment Partners, Jeff spearheaded the investment research efforts while providing close contact to Alhambras client base. Jeff joined Atlantic Capital ...more

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‘Dollar’ Not Sudden ‘Hawkishness’
The media talks about rate hikes as if it was still 2006 and implicit monetary policy is all that is required. Even then it still didn’t work but at least money markets were well-structured to give off the appearance of competence.
Wrongly Resetting The ‘Recession Clock’
The real concern doesn’t, however, relate to recession, it is the fact that after two years there is still an overall negative trend even if unusually shallow by its amplitude. Recession isn’t the worst case.
US Exports’ First Positive Number In Almost Two Years
The possibility has been presented that if the global monetary system can for some significant amount of time appear stable then there might be less contraction pressure. Money matters.
IMF Finally Kills The Recovery (Narrative)
Whatever the long run average of real GDP growth, for instance, it takes into account both recession and recovery to harmonize into what would be a constant trend or potential.
More Balance Sheet Anecdotal Inferences
Since rumors of a much lower DOJ settlement went viral last week, Deutsche Bank (DB) stock has rebounded. From a low of $11.48 last Friday, the stock was trading today above $13.
Third Order Effects: Auto Sales
Auto sales continue along with their “plateau”, being estimated at 17.8 million (SAAR) units sold in September.
There Really Is Nothing Left To The Money Illusion
According to the latest estimates, nominal household spending in Japan fell an enormous 5.1% in August 2016, the second time this year (March) that nominal spending has declined by more than 5%.
The Third Order Of Unraveling 'Bank Shots'
In economics, there is a great deal of thought and debate surrounding first and second order effects. In short, a first order effect is something that is directly caused by some change, while a second order effect is caused by the first order effect.
Global PMI’s ‘Languish’
From the orthodox binary view, PMI’s aren’t making any sense. Convention currently dictates that the economy must be growing, and where not moving unambiguously toward recession.
Some Possible, Theoretical Insight Into 'Something'
Disabling currency rejection has the effect of increasing pressure everywhere because there is no outlet.
Where’s The Money?
The personal savings rate rose slightly in August, though as I have shown before in truth we have no idea what the actual savings rate might be.
Quarter End But Not Quarter End
“Something” in Japan – cross currency basis swaps hit new record low (negative) and related effect on JGB’s.
More Deutsche Bank Attention Means Even Less ‘Dollars’
It seems as if Deutsche Bank is on everyone’s mind, even if nobody knows exactly why. Stocks were down yesterday which is really unremarkable but has become so by the standards of just this year where nothing bad is supposed to be able to intrude.
Searching For 2a7 Comfort In CP And Finding Instead More Confirmation Of The Same ‘Something’
With 2a7 money market reform only a few weeks from its full implementation, there should be by now visible shifts in all the places where such reform will directly impact.
A Realistic Decomposition Of Rates, Or At Least A Realistic Interpretation Of It
In order to try to reconcile the huge discrepancy, Bernanke offered several possibilities, even titling his effort “Why Are Interest Rates So Low?” to further emphasize the difficulty.
Moving Beyond Normal
There is a world of difference between “sluggish” demand and recognizing more than two years of steady contraction.
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