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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Inflation Hysteria 2: Because…Reasons
Lots more QE (and other “money printing”) in 2020, therefore the foregone mainstream conclusion that inflation is right here in front of us. It has to be, right? No fighting the flood myth.
Science Of Sentiment: Zooming Expectations Wonder
The European bloc would borrow from the markets as a single unit rather than individual nationalities. Funds will then get disbursed to the hardest-hit regions most of them as grants rather than loans.
A Second JOLTS
Quite a lot of people believe today that the Fed flooded the world with dollars and liquidity. Most if not all of the same people think that the federal government has been “stimulating” in a way that would make FDR blush.
More Uncovered, The Monster Belying Monster Jobs Numbers
If all we get from Payroll Friday is a general sense of the labor market, and it is, then that general sense has definitely changed from when the rebound was a blank canvas.
Shoe V Arning
Both imports into the US and exports out of the country were up in June from May, but, as you can see, again there’s a huge difference between a positive number and a rebound; let alone the V-people’s recovery.
Purchasing Managers Indigestion
There’s already doubt given how the two major series supposedly measuring the same thing seemingly can’t agree. If the rebound was truly robust, it would show up unambiguously everywhere.
Buckets And Tookits, Empty Each
What the Fed’s toolkit lacks is effective money in it, but more than that it’s terribly short on reality and rational thinking. The bucket’s been leaking for a long time and sprung a big new one five months ago.
What’s In The Same Number? China’s Part In The (Euro)Dollar Story
According to the People’s Bank of China (PBOC), the balance of foreign assets reported on its balance sheet for the month of June 2020 was RMB 21,833.26 billion. At the end of the prior month, May, the balance was, get this, RMB 21,833.33 billion.
Accusing The Accused Of Excusing The Mountain Of Evidence
We’ve been led to believe that the utterly simple is too dense and esoteric for our limited intelligence to handle. Better, then, to leave it to our betters.
Momentum Lost? Private Income Corroborates Possibility Presented By Claims
Entering 2020, before COVID, private income derived from all sources had slowed to the lowest rate since 2010. A.ccording to the latest annual revisions 2019, was more recessionary than previously thought especially in the middle and toward the end.
Those Three Weeks Of Hysteria
The Fed Chairman needs you to believe that his institution performed splendidly, even to the point of saving the world yet again.
It Was Bad. The End. (Not Quite)
It’s not like this economic collapse snuck up on anyone, nor did its scale and depth. We’ve all known from the very beginning what the deal was going to be.
That’s Probably Why Only Half A “V”
Why only half a “V?” If the latest PMI’s are anywhere close to accurate, and they don’t have to be all that close, then the production side of the economy may have stalled out somewhere nearer the trough of this contraction.
OMG The Dollar!
The way you hear it nowadays, the dollar just can’t catch a break. If it’s not a load of “V’s” indicated by some obscure data point, then it is Jay Powell who is clearly gunning for the US currency.
The Fastball Behind Strike 3
For a brief few weeks, reopening euphoria gripped the bond market. Well, not the bond market exactly, it was limited to the commentary surrounding a minor back up in nominal yields. Really, not much.
Strike 1: Gold; Strike 2: Dollar; Strike 3: Inflation Expectations
Nothing has changed since March – except reopening and a little crack of optimism. That’s the other side currently balancing Treasury yields.
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