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Category Archives: Monetary Policy
The Fed on Food Stamps
Wow! The food stamp program is now equivalent to 14 percent of all U.S. grocery store sales. Though the Fed indirectly finances the food stamp program with its purchase of treasury securities — $45 billion per month starting in January … Continue reading
Chart of the Day: Operation Twisted Yield Curve
Interesting chart from Bloomberg on how the Fed’s treasury holdings have changed under operation twist, or more formally, the Maturity Extension Program and Reinvestment Policy. After the end of the month no more selling of the short end to buy … Continue reading
Posted in Bonds, Chart of the Day, Economics, Monetary Policy
Tagged Federal Reserve, FOMC, Operation Twist
1 Comment
Cue FED
Here’s some interesting data the Fed is surely looking at. The monetary base has been flat lining since the end of QE2 — i.e., the balance sheet growth of the Federal Reserve has not been above long-term growth. May explain … Continue reading
Ballooning of Central Bank Balance Sheets
Interesting data and charts from the IMF on the ballooning of central bank balance sheets. Since August 2007, the Fed’s balance sheet has increased by 221 percent, mainly through the purchase of government bonds and mortgage backed securities, with the … Continue reading
Congrats, Mr. President. Let’s Get to Work!
Congratulations to the President on his reelection. Time to move on and get to work. First up is a short-term strategy to avoid the fiscal cliff. Next is appointing a new Secretary of Treasury to replace Tim Geithner. Short list … Continue reading
Posted in Monetary Policy, Policy, Politics
Tagged Erskine Bowles, Jacob Lew, Larry Fink, reelection, Tim Geithner, Treasury Secretary
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Hugh Hendry and David Einhorn at the Buttonwood Gathering
Spend some time over the weekend listening to Hugh Hendry and David Einhorn, who were participating in the Economist’s Buttonwood Gathering this week. Nice to hear from some non-cheerleaders. Smart and provocative. Hendry is very bearish on the creditor nations … Continue reading
Posted in Monetary Policy, Whales
Tagged Buttonwood Gathering, China, David Einhorn, Federal Reserve, Hugh Hendry, Japan
1 Comment
ReutersVideo: Impact of QE3 one week later…
(click here if video is not observable)
BoJ Ups Asset Purchase Program
QE everywhere! Nikkei and dollar/yen rocking. (click here if table is not observable)
Quote of the Day: Train Surfing QE∞
We are all train surfers now! David Kotok of Cumberland Advisors couldn’t express our dilemma more perfectly. Let me be very clear. I disagree with this Fed policy move. It was not my first choice. I think the Fed is … Continue reading
Posted in Monetary Policy
Tagged Cumberland Advisors, David Kotok, QE infinity, Train Surfing
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QE3 Will Complicate Global Food Crisis
There is no doubt in our minds that some of the QE3 liquidity will leak into agricultural commodities. In addition, a portfolio reallocation will take place as investors look to protect their purchasing power through buying finite “things.” This will … Continue reading
Posted in Commodities, Demographics, Geopolitical, Inflation/Deflation, Monetary Policy, Video
Tagged Fareed Zakaria, Global Food Crisis, QE3
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Global Macro Monitor 