TIC for September: Not Repo But ‘Further Flaws’
The Treasury Department’s TIC for September 2019 finally arrived yesterday. Two months in arrears, it’s often torturous having to wait for the detailed cross border bank figures to show up for particularly noteworthy months. You [...]
The Financial Midpoint Comes Into Focus
Another dovish example to be put on the growing pile of good things? The People’s Bank of China (PBOC) earlier today trimmed one of its many policy rates. The 7-day reverse repo rate will be [...]
Another Perfect Example of the Euro$ Squeeze
Earlier this month, the Statistics Bureau of Japan had reported an enormous surge in household outlays. For the month of September 2019, the Japanese had splurged on everything from big ticket items to regular discretionary [...]
Powell’s Strong Economy Canceled By Powell’s Data
US Industrial Productions continues to more and more resemble the worst of the Euro$ #3, that “manufacturing recession” of four years ago. Back at the end of 2014 and lasting well into 2016, IP was [...]
Retail Sales Make It Two Toward The Second Act
One monthly result does not make a trend. Two? Still not a trend, but edging closer to one and more solid analysis. If making a claim based off the potential for one high frequency result [...]
China’s Xi Free To Continue The Downward Course
Perhaps ominously, there were overcast and hazy conditions in Beijing back on October 1 when China put on its largest display of military force in the nation’s history. To celebrate the Communist’s regime 70 years [...]
How Do You Spell R-E-P-O With C-L-O?
There’s trouble brewing in a particular sector of the corporate bond market. It’s not really new trouble, merely the continuation of doubts and angst that have existed for more than a year already. What’s different [...]
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