201410.23
1
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Implications of Funding Market Asymmetry

While this morning’s post was more about longer-term implications of “dollar” changes, there are a couple of observations pertinent to the shorter-term that I think need consideration too. For whatever reason, whether it was, like September 4, 2013, an anticipation of countertrend “dovishness” on the part of the FOMC, the eurodollar market gained a sudden…

201410.23
3
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More Dollar Clarity

There would be a lot more use for the Treasury Dept’s TIC flows and holdings data if it was released closer to real time, but even with that evident staleness about it I think there is a lot of use in how it frames what we see in the dollar and currencies (thus spilling over…

201410.22
2
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Thomistic Metaphysics Very Fittingly Visits Real Wages

In some sense when trying to analyze the difference between an ill-suited measure and that same ill-suited measure seasonally adjusted amounts to Isaac D’Israeli’s critique of Thomistic tendencies toward using otherwise useful brainpower for pointless ends (thus, how many angels can dance on the point of a needle – not the head of a pin…

201410.22
1
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Textbook Demolition

The chatter that continues over Japan’s spiral into (further) economic impoverishment is simply astounding since it is taken as “expert” by the media. A credentialed economist will look at some numbers and simply take them as meaningful, especially if they are the “right” sign in the “right” direction. This is either wholly obtuse or intentionally…

201410.21
2
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China’s Malaise Is Born In The USA

First, the China Manufacturing “Flash” PMI had “markets” exhaling relief since an increase from 50.2 to 50.5 meant, Manufacturing Rebound Relieves Growth Concerns. A week later, however, that PMI increase disappeared as the final PMI for September came in at an even 50.2 instead – which altered the commentary from “rising” manufacturing to “thankfully” steady…

201410.21
1
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Significant Stagnation in Surveys

To add another point to my earlier post on price changes and spending/revenue patterns, Gallup’s various economic polls show what I think are exactly the same problems. In the daily spending poll, the amount of self-reported spending has not really grown going all the way back to February 2013. Twenty months of largely stagnation is…

201410.21
0
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Less Than Burgers

With all of the credit market fireworks that leaked into stocks, the pace of economic reassurance from “authorities” has been rather steady and a bit more emphatic. Despite the attempts at managing perceptions, there has been very little actual success in persuading. In many ways this is like the unfolding ebola drama in that there…

201410.20
0
0

Back to Sleep

The reason I have been characterizing the ECB’s actions since this summer as “desperate” is entirely due to the fact they are simply redoing things and expecting everyone to simply assume they are acting anew. That may not be entirely the case with their obsession with Eonia (more on that below), but narrowing the corridor…

201410.20
1
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Maybe IBM Should’ve Bought The Whole ‘Cloud’ Rather Than Itself

IBM blames the cloud for its dismal results, but the fact is that IBM should own the cloud outright (figuratively, of course). If the business has changed so much in the past few years due to customer shifting, then why wasn’t IBM leading that process? Why are they now actually admitting what amounts to a…

201410.19
4
0

Was That It?

Stocks fell last week for the fourth week in a row and there was the whiff of panic mid-week. Despite that losing streak the S&P 500 is only 6% from its all time high but the pain for the leveraged investing crowd (the misnamed “hedge” funds) appeared to hit a crescendo last week – at…