Author Archives: macromon

The New FX Model: PMI Differentials?

Posted on October 2, 2018 by macromon

One of Australia’s finest, and best market analyst, Greg McKenna, and more important, our good friend, posits a new exchange rate determination model:  PMI differentials. We cut our teeth as a young economist on Anne Krueger‘s book,  Exchange Rate Determination. … Continue reading →

Posted in Capital Flows, Exchange Rates, Uncategorized | Tagged , , , , | 4 Comments

The Menu Of Quant Trading And Investing Strategies

Posted on October 2, 2018 by macromon

Excellent synopsis from Bloomberg’s,  Your Guide to the Many Flavors of Quant Investing, of the various quant trading and investment strategies. Factor investing You like Indian food and Thai food, so maybe you like all spicy foods. HOW IT’S DONE: … Continue reading →

Posted in Qunat Strategies, Uncategorized | Tagged , | Leave a comment

Crude Reality For Emerging Markets

Posted on October 2, 2018 by macromon

This chart comes to us via the “Polish Swish,” known for his nuttin’ but net baseline jumper.  It illustrates the local pain of rising oil prices in a few selected emerging markets. Crude oil is priced in dollars, and countries … Continue reading →

Posted in Crude Oil, Currency, Emerging Markets, Uncategorized | Tagged , , | 6 Comments

Kiril Sokoloff Interviews Stan Druckenmiller

Posted on October 1, 2018 by macromon

Investment visionary Kiril Sokoloff is embarking on a series of exceptional interviews from his personal contacts for Real Vision. In the second episode of his series, he sits down with a revered titan of the investment world: Stanley F. Druckenmiller. … Continue reading →

Posted in Video, Whales | Tagged , , , | 1 Comment

Get Shorty, Got Shorty, Still Shorty In 10-Year Notes

Posted on October 1, 2018 by macromon

Interesting chart from Bloomberg on the growing record short position by specs in 10-year note futures.  Surprisingly,  there has been no meaningful squeeze in the 10-year during 2018, even with the massive equity volatility shock in early February. In fact,  … Continue reading →

Posted in Bonds, Sovereign Debt, Uncategorized | Tagged | 6 Comments

NAFTA Gets The Shafta

Posted on October 1, 2018 by macromon

Scratch NAFTA and welcome in the United States-Mexico-Canada Agreement. The Best Deal In History Once again, sure to be spun as the “greatest trade deal in the history of the world,”  by both sides, for that matter,  but will not … Continue reading →

Posted in Trade War, Uncategorized | 4 Comments

German 10-year At 47 bps As Inflation Prints 2.3 Percent

Posted on September 30, 2018 by macromon

Really efficient markets, no?   The Germans  ECB loves a real 10-year negative carry. This is absurd and tantamount to confiscating the savings of hard working Germans.  Only going to add to the country’s already rising political tensions. As Holger notes, … Continue reading →

Posted in Bonds, Germany, Interest Rates, Sovereign Debt, Uncategorized | Tagged , | 5 Comments

Month In Review – September

Posted on September 30, 2018 by macromon

Summary Q3 saw major carnage in the emerging markets with Argentina, Turkey, and India’s currency taking major hits Big blowout in 10-year yields, though Turkish bonds rallied came in over 350 bps in September The S&P was flat up 0.50 percent … Continue reading →

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Protecting Workers Without Tariffs | Robert Shiller

Posted on September 30, 2018 by macromon

Published on Sep 24, 2018 Why do so many Americans support the US-initiated trade war that Donald Trump is pursuing? The most likely reason stems from the job insecurity that free trade often creates, which is why governments must find … Continue reading →

Posted in Economics, Trade War | Tagged , | 1 Comment

Sector ETF Performance – September 28

Posted on September 30, 2018 by macromon
Posted in Sector ETF Peformance, Uncategorized | Tagged | Leave a comment