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The Real Pressure On And Of ‘Inflation’
I think it worth noting one more reason Yellen was out front yesterday. Not only is liquidity suffering still globally but that is having an immensely negative effect on asset prices, especially at the...
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Payroll Reports Sink ‘Dollar’ Further
The doubts about the payroll report were taken as no doubts at all in “dollar” trading. The three indications I gave yesterday in terms of representing liquidity were all pushed farther after the jobs...
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Swap Spreads Implicate Huge ‘Dollar’ Divergence
You wouldn’t know it from stock trading or commodities, but when China reopened after its latest Golden Week holiday there was an obvious effect. Stocks have continued to surge while commodities...
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Seeing A Paradigm Shift Out of Meandering Prices
Written Monday Oct 26 If China and Europe provided any boost to mainline sentiment last week, everyone looks to Japan this week for perhaps disappointment, though there isn’t any good reason why....
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The Quick Burn of Balance Sheet Capacity Is the Recovery’s Mangled End
While the stock market had one of its best months in years, it was, like the jobs report, uncorroborated by almost everything else. The junk bond bubble, in particular, stands in sharp and stark...
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Dealers Are Still Hoarding
With the state of the “dollar” being what it is, including the devastating darkening afforded by negative swap spreads everywhere, it isn’t exactly surprising to find that primary dealers continue to...
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Self-Reinforcing
Last week’s survey data around the world was a bit more mixed than anyone would have liked, an obvious statement that yet deserves the emphasis. Europe, for instance, remains mired in a fog of...
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A Year In Junk
The most important outbreak or story of 2015 had to have been the junk bond reversal. It combined all the major elements of what investors and economic agents are both fearing and, at one point in the...
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Blatant Warning, Not Casual Dismissal
For everything that has gone wrong over the past year or so, there was and is a benign interpretation to accompany each negative factor. Oil prices were “transitory”, longer run inflation expectations...
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