Category Archives: Uncategorized

Sector ETF Performance – October 19

Posted on October 20, 2018 by macromon
Posted in Sector ETF Peformance, Uncategorized | Tagged , | Leave a comment

Global Risk Monitor – October 19

Posted on October 20, 2018 by macromon

 

Posted in Daily Risk Monitor, Uncategorized | Tagged , , , , , | Leave a comment

On This Day In History: The Fed Put Is Born

Posted on October 19, 2018 by macromon

Or, at least, went into labor.     Wow,  three decades and one year today, I was a young economist at the World Bank.  My friend and I, now the chief economist at the FDIC, were graduate students and walked … Continue reading →

Posted in Black Swan Watch, Equities, Uncategorized | Tagged | 35 Comments

Fighting Back 2.0

Posted on October 18, 2018 by macromon

Cruel scene, but love the fight back. Trophy this, D-bags!  You go, Dumbo! NEW: Elephants charge at hunters after they shoot and kill a member of the herd in Namibia.https://t.co/hKkucYMQNn pic.twitter.com/mYG7HE4O7d — Yashar Ali 🐘 (@yashar) October 18, 2018  

Posted in Uncategorized | Leave a comment

Chinese Stocks Have Been Shanghaied

Posted on October 18, 2018 by macromon

Shanghai – term describing a type of kidnapping.  Back in the 17th and 18th century in back alleys behind orphanages and bars there were trap doors that were watched and opened on drunken people or wandering children, then the children or drunks were … Continue reading →

Posted in China, Equities, Uncategorized | Tagged , | 2 Comments

Free Ride Is Over: China & Japan Bailing On Treasuries

Posted on October 17, 2018 by macromon

We had a request to look at the annual change in foreign holdings of U.S. Treasury securities as an addendum to our post from last night. It’s clear the two largest foreign creditors to the United States government are pulling … Continue reading →

Posted in Bonds, Capital Flows, China, Japan, Uncategorized | Tagged , , , | Leave a comment

“The Reign Of The Middle-Aged White Men Is Over”

Posted on October 17, 2018 by macromon

Yikes!  Sounds like a House Of Cards,  Claire…   Just, maybe, it is. It’s dark but so is the real thing currently.   House of Cards is one reason why  NFLX is up in a down tape today — superb original content.  However,  … Continue reading →

Posted in Politics, Uncategorized | Tagged , | Leave a comment

China and Japan Continue To Reduce Treasury Holdings

Posted on October 16, 2018 by macromon

The U.S. Treasury just released the August TIC (Treasury International Capital) data at the market close. The key takeaways: China and Japan, the U.S. government’s two largest foreign creditors, continue to reduce their Treasury holdings, both down $6 billion in … Continue reading →

Posted in Interest Rates, Uncategorized | Tagged , | 1 Comment

Social Security In Deficit = More Public Treasury Borrowing

Posted on October 16, 2018 by macromon

Summary Largely ignored by the markets,  Social Security moved into structural deficit this year Social Security has been running primary deficits since the GFC; that is financing itself by the interest earned on Treasury securities The government will no longer … Continue reading →

Posted in Fiscal Policy, Interest Rates, Uncategorized | Tagged , , , | 3 Comments

FOMC: Hardly Tight, Hardly Loco

Posted on October 15, 2018 by macromon

The data speaks for itself. Real Effective Fed Funds Rate (REFFR) The real effective Fed Funds rate (REFFR), the Federal Reserve’s target rate of overnight commercial bank reserves lending rate less the CPI year-on-year change,  remains negative for the 36th … Continue reading →

Posted in Fed, Interest Rates, Monetary Policy, Uncategorized | Tagged , , | 8 Comments