Commodities

Eurodollar University’s Making Sense; Episode 82, Part 2: How Last March Proved Beyond Any Doubt The Federal Reserve Is Not a Central Bank

By |2021-06-21T19:21:28-04:00June 21st, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

82.2 The Federal Reserve is NOT a Central Bank Pt. 2 ———Ep 82.2 Summary——— In March 2020 long-term US Treasury yields shot higher - why? Aren't these safe assets? Did the 'Treasury market break'? No. Yields shot higher due to illiquidity. And liquidity is JOB #1 of a central bank. So... here's looking at you Federal Reserve. ———See It———– Twitter: https://twitter.com/JeffSnider_AIPTwitter: https://twitter.com/EmilKalinowskiAlhambra [...]

Weekly Market Pulse: Never Mind

By |2021-06-21T08:12:02-04:00June 20th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks|

I thought of Gilda Radner this past week. Actually, I thought of a character she created on the original Saturday Night Live, Emily Litella, who was a regular on the Weekend Update segment. She'd start to rant about something topical, getting it completely wrong at which point Jane Curtin or Chevy Chase would explain it to her and she'd respond. [...]

Eurodollar University’s Making Sense; Episode 82, Part 1: Federal Reserve Is Not A Central Bank

By |2021-06-18T18:55:49-04:00June 18th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

82.1 The Federal Reserve is NOT a Central Bank Pt. 1———Ep 82.1 Summary———What should a central bank be? What does one do? Is what the Fed does 'central banking'? What did Ben Bernanke promise in 2002 that the Fed would never do again -- learning the lesson of the 1930s -- and how did he break his promise less than [...]

Eurodollar University’s Making Sense; Episode 81, Part 2: A New(ish) Measure Of Collateral Shadow Money (How Repo Really Works)

By |2021-06-17T19:13:40-04:00June 17th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

81.2 Introducing a NEW Measure of Shadow Money Pt. 2———Ep 81.2 Summary———Within the US Triparty Repo environment, utilizing data from the Federal Reserve Bank of New York, we observe that three dollar shortages between 2010-20 appeared as a stagnation and/or contraction in observations per repurchase agreement transaction. ———See It———– Twitter: https://twitter.com/JeffSnider_AIPTwitter: https://twitter.com/EmilKalinowskiAlhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisLArt: https://davidparkins.com/ ———Hear It——— Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr ———Ep 81.2 Topics——— 00:45 Introducing [...]

Eurodollar University’s Making Sense; Episode 81, Part 1: A New(ish) Measure Of Collateral Shadow Money (How Repo Really Works)

By |2021-06-16T19:38:24-04:00June 16th, 2021|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

81.1 Introducing a NEW Measure of Shadow Money Pt. 1———Ep 81.1 Summary———A new measure of the monetary order will be unveiled at the end of this two-part episode. But first, a discussion of uncertainty, incomplete pictures, relativity, perspective and the limits of human knowledge. Also, bank reserves and repurchase agreements. ———See It———– Twitter: https://twitter.com/JeffSnider_AIPTwitter: https://twitter.com/EmilKalinowskiAlhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisLArt: https://davidparkins.com/ ———Hear It——— Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr ———Ep 81.1 [...]

Copper Corroding PPI

By |2021-06-15T16:50:20-04:00June 15th, 2021|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Yesterday, lumber. Today, copper. The “doctor” has been in reverse for better than two months now, with trading in the current session pounding the commodity to a new multi-month low. Down almost $0.19 for the day, an unusual and eye-opening loss, this brings the cumulative decline to 9.2% since the peak way back on May 11.Is this just another modest [...]

Weekly Market Pulse: Who’s The Boss?

By |2021-06-14T08:26:10-04:00June 13th, 2021|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

I told you last week that there were strange things going on in the labor market but I had no idea how much of an understatement that really was. Much of last week's economic focus was on the inflation report but I think the JOLTS report may turn out to be more significant. Inflation was indeed pretty hot year over [...]

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