Category Archives: Monetary Policy

What Are Bond Yields & Breakevens Telling Us?

#CKStrong    Carol K.’s ANC broke above 1200 today.  Absolute Neutrophil Count (ANC ) measures a type of white blood cell that kill and digest bacteria and fungi to help the body fight infections and heal wounds. At a time … Continue reading

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Why This QE Is Different In One Chart

Robin Hood traders don’t bother reading. The latest round of central bank balance sheet expansion, which will reaccelerate soon as Biden’s COVID bill is passed, needs some context. By the way, we did some rough approximations late last night and … Continue reading

Posted in Monetary Policy | Tagged | 3 Comments

US Facing Mounting Debt Amid Global Pandemic – ABC

Good interview with Professor Barry Eichengreen of UC Berkeley, a good friend of GMM, and odds on favorite to be a Nobel laureate one day.   We agree with him that now is not the time to worry about the public … Continue reading

Posted in Debt, Monetary Policy, Uncategorized | Tagged , | 1 Comment

Markets Have Jumped The Shark

Welcome to the Twilight Zone.    Nothing seems real anymore — not the economy, not the markets, not the politics — and it is increasingly difficult to distinguish the difference between what is and what isn’t.  It truly feels the economy, … Continue reading

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Posted in Monetary Policy, Uncategorized | Tagged , | 18 Comments

The Last Central Banker With Balls

[Balls as in courage and bravery.  Exemplified in the quote,  “Margaret Thatcher was Ronald Reagan with balls.”  Don’t get all PC on us now!] As a graduate student, I interviewed at the Federal Reserve Board in the Eccles Building on … Continue reading

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Are Central Banks Ready To Break Their Codependency?

Breaking our radio silence as we couldn’t help ourselves after reading former NY Fed President William Dudley’s piece imploring the Fed to stop enabling Trump’s  trade war. It sounds like central bankers are starting to realize they are, and have been, … Continue reading

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Maybe 25 bps

This should be baked in, and even a bit disappointing, but, like my Australian Shepherd, markets like to run.  Though hard to predict for how long. Since our May meeting, however, these crosscurrents have reemerged, creating greater uncertainty. Apparent progress … Continue reading

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Predictions Market On Fed Nominees

Prediction markets not pricing the confirmation of Stephen Moore and Herman Cain to the Federal Reserve Board.  Stay tuned.  

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BFTP: The Biggest Risk At The Fed

BFTP = Blast From The Past It’s now been more than a year since this post.   We can’t take a victory lap on such nonsense but we will say, “we told you so.”   The consequences are gonna be … Continue reading

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QOTD: More On Moore

QOTD = Quote of the Day Memo to Senate: Just Say No …today the president nominates Stephen Moore to be a Fed governor. Steve is a perfectly amiable guy, but he does not have the intellectual gravitas for this important … Continue reading

Posted in Economics, Fed, Monetary Policy, Uncategorized | Tagged , | 2 Comments