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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Tidbits Of Further Warnings: Houston, We (Still) Have A (Repo) Problem
Despite the name, the Fed doesn’t actually intervene in the US$ repo market.
China’s Dollar Problem Puts The Sync In Globally Synchronized Downturn
Because the prevailing theory behind the global slowdown is “trade wars”, most if not all attention is focused on China. While the correct target, everyone is coming it at from the wrong direction.
Benign Neglect Check
A eurodollar is more about the “euro” than the more obvious monetary denomination. Since it began the eurodollar has nothing whatsoever to do with the euro. But those four letters mean absolutely everything as the world’s fate remains tied to them.
The Inflation Check
After constantly running through what the FOMC gets (very) wrong, let’s give them some credit for what they got right - though this will still end up as a backhanded compliment.
Never Attribute To Malice What Is Easily Explained By Those Attributing Anything To Term Premiums
The latest FOMC minutes raised the recession issue, and then term premiums quickly changed the subject. Unfortunately, the subject was changed to swapping T-bill collateral for bank reserves.
From JOLTS Series Shift To Series Of Rate Cuts
It’s practically rote recitation at this point. Powell is more robot than a thinker. The economy, he will keep saying no matter what happens, is favorable particularly because of the strong labor market. Forever strong.
The Scientism Of Trade Wars
According to the IMF, the globally synchronized downturn is because…trade wars.
Head Faking In The Empty Zoo: Powell Expands The Balance Sheet (Again)
Powell announced that the Fed will again make that determination (the Q part of QE) just as it did during the QE period. For a central bank supposedly worried about how the market is starved for liquidity, this is an odd choice.
The Consequences Of ‘Transitory’
Europe’s QE is off to a very rough start. In the bond market and in inflation expectations, the much-ballyhooed relaunch of “accommodation” is conspicuously absent.
Big Trouble In QE Paradise
Maybe it was a sign of things to come, a warning how it wasn’t going to go as planned. Then again, when it comes to quantitative easing there really is no plan. Other than to make it sound like there is one, that’s really the whole idea.
Why The Japanese Are Suddenly Messing With YCC
While the world’s attention was fixated on US$ repo for once, the Bank of Japan held a policy meeting and turned in an even more “dovish” performance.
ISM Spoils The Bond Rout Again
For the second time this week, the ISM managed to burst the bond bear bubble about there being a bond bubble.
The Big Picture Doesn’t Include ‘Trade Wars’
The WTO today downgraded its estimates for global trade growth.
ISM Spoils The Bond Rout
The bond route didn’t last very long, though. At 10 am ET, the Institute of Supply Management (ISM) released the latest calculation for its manufacturing sector PMI. It was pure ugly, the lowest since 2009.
EC The Wholesale Zoo: Where Did All The Animals Go?
It’s not the level of bank reserves. It’s the increasingly empty zoo.
Sizing Up The Cavalry
There’s been an unusual level of honesty coming out of Liberty Street of late. Not total honesty but certainly more than the usual nothing denials and dismissals.
1 to 16 of 2196 Posts
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