Jeffrey P. Snider | TalkMarkets | Page 4
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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T-bills Targeted Target
T-bill rates have been so low, the 4-week so far down under RRP and IOER, and then going lower, the problem of tight collateral supply and redistribution has itself become the baseline case.
Looking Back At Chaotic March Through TIC
March ended up being a pretty wild ride. Looking back on it using the updated TIC data for that volatile month, it shows the usual behavior consistent with a Euro$ #5 hitting its next step.
Shipping Around Retail ‘Inflation’
Consumers are paying a lot more and getting a little less than last year, furthermore, this has come at the expense of spending on services that you don’t see in retail sales (but do elsewhere like GDP).
Crude Contradictions Therefore Uncertainty And Big Volatility
What’s keeping oil up, even if in a more volatile fashion, is the fact that for flagging demand the supply still isn’t keeping up.
Synchronizing Chinese Prices And Consequences
It isn’t just the vast difference between Chinese consumer prices and those in the US or Europe, China’s CPI has been categorically distinct from China’s PPI, too.
Peak Inflation, Not What You Think
Has “inflation” peaked? For one month, it might seem this way.
Eurobonds Behind Euro$ #5’s Collateral Case
History repeats because everyone listens to the Fed.
Industrial Synchronized Demand
Are the industrial commodities starting to get a whiff of demand-side rejection? Short-run trends suggest that this could be the case.
Neither Confusing Nor Surprising: Q1’s Worst Productivity Ever
With a negative GDP number, productivity wasn’t going to be good no matter what. But, as it turned out, it was the worst…ever.
Far From Stellar, Employment Likely Went Negative In April
It appears as if most reactions to today’s April 2022 payroll were quite positive, maybe enthusiastic when they should not have been.
All The Dead Horses, And All Powell’s Men, Can’t Make Sense Of Europe – Again
It is all really about Euro$ #5 sadly rounding into form.
Who’s Playing Puppet Master, And Who Is Master Of Puppets
While the Fed and its rate hikes don’t control the dollar, the Fed has in the past absolutely responded to the conditions a higher dollar value has represented by tucking tail and running.
Collateral Shortage…From A Fed Perspective
It’s never just one thing or another. Take, for example, collateral scarcity. By itself, it’s already a problem but it may not be enough to bring the whole system to reverse.
China Then Europe Then…
It may be that European policymakers have learned a lesson from that experience which, obviously, their ultra-hawkish compatriots in the U.S. clearly have not.
What Really ‘Raises’ The Rising ‘Dollar’
The Fed has to be raising rates in relation to other central banks; interest rate differentials. A relatively more “hawkish” US policy therefore the wind in the sails of a “strong” dollar exchange regime.
Do I Owe Christine Lagarde An Apology?
After helming one serious debacle after another, Christine Lagarde – unlike most in her position – may have learned a thing or two about being too quick to call it a day.
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