Jeffrey P. Snider | TalkMarkets | Page 140
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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The Global Burden
Bundesrepublik Deutscheland Finanzagentur GmbH was created on Sept 19, 2000, in order to manage the German government’s short run liquidity needs. GFA took over the task after three separate agencies that had previously shared responsibility for it.
Who Carries The Burden Of Proof?
The idea that interest rates have nowhere to go but up is very much like saying the bond market has it all wrong.
Wholesale Sales And Inventory Revisions Don’t Change Much
Like calculated inflation rates, wholesale sales are for now marginally determined by energy price comparisons as well as calendar effects.
It Was And Still Is The Wrong Horse To Bet
If the unemployment rate does not indicate full employment, as it surely does not, then there must continue to be considerable slack in the labor market.
Ultra-Loose Terminology, Not Policy
What we can say for sure is that monetary policy contains no money, and that central bankers don’t yet realize it even though it is their job to. Ultra-loose realistically applies only to the terminology used to describe radical discrepancy.
We Need To Define The ‘Shadows’, And All Parts Of Them; Or, ‘Rising Dollar’ Kills Another Recovery Narrative
JP Morgan’s CEO Jamie Dimon caused a stir yesterday with his 45-page annual letter to shareholders. The phrase that gained him so much widespread attention was, “there is something wrong with the US.”
Translating Bonds And ‘Dollars’
Bond yields are not a reflection of monetary policy directly, but rather what monetary policy actually means outside of all the rhetoric.
A Most Unaware Hurrah
The 10-year swap spread is again zero; hurrah for it. To suggest it, or the others like it, heralds an end to the “dollar” issue is to help ensure instead the still unsolved “dollar” issue will last for at the very least one more monetary cycle.
February US Trade Disappoints
The oversized base effects of oil prices could not in February 2017 push up overall US imports. The United States purchased, according to the Census Bureau, 71% more crude oil from global markets this February than in February 2016.
A Second Confidence Experiment
The ISM Manufacturing Index declined slightly for March 2017, pulling back by 0.5 points after registering a multi-year high in February.
Rational Auto Theory
It isn’t recession but far worse; another angle by which the vise of depression slowly but persistently squeezes the avenue for what little opportunity might still remain in this economy.
What Is Old Is New Again
What markets have been conditioned to over the past decade is how monetary policy models are just as invalid as they were during the 1970’s.
Systemic Depression Is A Clear Choice
Continued impoverishment is a communal choice, not a destiny. But whether we realize it or not, we have so far chosen Japan, including the visible contours of our own demographics that accompany the choice.
Incomes Always Deviate Negative
Income is the true basis for sustainable and sufficient growth, and without the debt supplementation of the last decade, the decrepit root for the 21st-century eurodollar economy is revealed for that (permanent) state.
The Power Of Oil
All that oil prices are reflecting, a good representation of the economy as a whole. Though they were up about 80% during February, WTI like the US and the global economy was still at that level down considerably from just a few years before.
Ending The Fed’s Drug Problem
Gross Domestic Product was revised slightly higher for Q4 2016, which is to say it wasn’t meaningfully different. At 2.05842%, real GDP projects output growing for one quarter close to its projected potential, a less than desirable result.
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