Death of Inflation Trading
Despite all the fireworks in the treasury market at the end of May, the gripping stasis in inflation trading remained undeterred by the round trip. We have passed into the eleventh consecutive month of...
View ArticleNo Hiding From Credit Now
Yesterday, in the wake of some intense credit market drama, St. Louis Fed President James Bullard acknowledged the obvious. Quoted in the Wall Street Journal, Bullard showed just how upside down these...
View ArticleTrying A Little Too Hard
Apparently St. Louis Fed President James Bullard is aiming toward the myth of the FOMC as “data dependent.” It wasn’t all that long ago that he suggested a pause in rate “normalization” as credit...
View ArticleCrisis Comparisons In Credit Grow Louder
“Dollar” credit markets are completely unconvinced by the Establishment Survey that economic growth is at hand. Not only has this bearish/tightening trend been in place for over a year, uninterrupted...
View ArticleNo ‘Dollar’ Resolution
The growing sense of an economic cliff is based on three major factors, all of them in massive markets as opposed to manipulated and ill-suited statistics. The most obvious are oil prices and the UST...
View ArticleStarting The Year In Deeper Uncertainty
The rash of “unexpected” declines in PMI’s this morning in the US, of all places, seems to have abraded at least somewhat the pervasive belief in the American “decoupling.” As I have said before, I...
View ArticleDistinguishing Curves
While the more interesting action has shifted to funding markets, the treasury curve remains at least relevant to the analysis of all those ebbs and flows. For the most part, the yield curve in UST has...
View ArticleDeath of Inflation Trading
Despite all the fireworks in the treasury market at the end of May, the gripping stasis in inflation trading remained undeterred by the round trip. We have passed into the eleventh consecutive month of...
View ArticleNo Hiding From Credit Now
Yesterday, in the wake of some intense credit market drama, St. Louis Fed President James Bullard acknowledged the obvious. Quoted in the Wall Street Journal, Bullard showed just how upside down these...
View ArticleTrying A Little Too Hard
Apparently St. Louis Fed President James Bullard is aiming toward the myth of the FOMC as “data dependent.” It wasn’t all that long ago that he suggested a pause in rate “normalization” as credit...
View ArticleCrisis Comparisons In Credit Grow Louder
“Dollar” credit markets are completely unconvinced by the Establishment Survey that economic growth is at hand. Not only has this bearish/tightening trend been in place for over a year, uninterrupted...
View ArticleNo ‘Dollar’ Resolution
The growing sense of an economic cliff is based on three major factors, all of them in massive markets as opposed to manipulated and ill-suited statistics. The most obvious are oil prices and the UST...
View ArticleStarting The Year In Deeper Uncertainty
The rash of “unexpected” declines in PMI’s this morning in the US, of all places, seems to have abraded at least somewhat the pervasive belief in the American “decoupling.” As I have said before, I...
View ArticleDistinguishing Curves
While the more interesting action has shifted to funding markets, the treasury curve remains at least relevant to the analysis of all those ebbs and flows. For the most part, the yield curve in UST has...
View Article
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