Tag Archives: Monetary Policy

Excess Reserves Declining

Posted on January 7, 2013 by macromon

Keep this one on your radar.   Excess reserves of depository institutions are beginning to decline,  down $183 billion, or 11.3 percent,  from their peak in November 2011 This is where much of the Fed’s money printing or balance sheet … Continue reading →

Posted in Monetary Policy | Tagged , , , | 12 Comments

Bank of Japan Eases

Posted on December 19, 2012 by macromon

Bank of Japan announced this morning it would increase its Asset Purchase Program by 10 trillion yen, from 91 trillion to 101 trillion yen. They split evenly, buying 5 trillion in T-Bills and 5 trillion in JGBs.  The Bank released … Continue reading →

Posted in Japan, Monetary Policy | Tagged , , | 3 Comments

What’s Up With Gold?

Posted on December 17, 2012 by macromon

The Fed expanding its balance sheet by over $1 trillion next year and the Bank of Japan expected to embark on massive quantitative easing and gold can’t catch a bid.  WTF? Mark Dow over at Behavior Macro has the best … Continue reading →

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Cue FED

Posted on December 11, 2012 by macromon

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 →

Posted in Gold, Monetary Policy | Tagged , , , | 2 Comments

The Market’s “Jerry Maguire” Moment

Posted on August 30, 2012 by macromon

How can we pass on posting one of the funniest scenes in movie history,  which is an almost perfect allegory of where markets stand today? We will let you decide if Ben Bernanke or Mario Draghi is the real Jerry … Continue reading →

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

ECB’s Draghi Statement on 25 bps Rate Cut

Posted on July 5, 2012 by macromon

Looks like gold was looking for a little more than 25 bps, especially after strong initial claims, ADP, and the big move in the dollar. (click here if video is not observable)

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Dude, Where Is Food and Crude?

Posted on May 28, 2012 by macromon

Now these are the tax cuts we like!   Especially because the big flop in food prices directly benefits the poor (x/ farmers) more than anyone else. Thus far, these are relative price shifts and and not a sign of general … Continue reading →

Posted in Crude Oil, Food Prices, Monetary Policy | Tagged , , , | Leave a comment

CNBC Interviews Jim Grant

Posted on March 29, 2012 by macromon

In case you missed this fascinating interview with Jim Grant. He plans to open the “Office of Unintended Consequences” when he is appointed Fed Chairman. The money quote, “All of us investors live and work in kind of a hall … Continue reading →

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Euro banks tap LTRO2

Posted on February 29, 2012 by macromon

(click here if video is not observable)

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Gold Rebounds as Bernanke Confirms Easy Money

Posted on February 7, 2012 by macromon

In his testimony at the Senate Budget committee this morning,   Fed Chairman Ben Bernanke,  resisted the temptation to day trade monetary policy on the back of Friday’s good employment data.   Our sense is the global printing press’ and zero interest … Continue reading →

Posted in Black Swan Watch, Gold, Monetary Policy, PIIGS, Sovereign Debt, Sovereign Risk | Tagged , , , | Leave a comment