Is Anyone Really Surprised DB’s Problems Had Nothing To Do With The DoJ Fine?
You need only go back a little less than two years for an example. In later 2016, Deutsche Bank was a huge problem everyone was discussing if only because they couldn’t avoid it. Despite “reflation” [...]
Ptolemy Strikes Again
Perhaps it is revenge for 2015’s residual seasonality breakout. Or maybe it is just being celebrated as delicious irony. Did the BEA just take revenge on the Fed? In early 2015, first the Philadelphia branch [...]
Profits, Bubbles, And Labor That’s Missing But Not Unexplained
You’ve heard all the ridiculous explanations for the labor market’s big deficiency. When not attempting to characterize payrolls as strong, Economists have tried to explain the participation problem through opioids and Baby Boomers. According to [...]
Such Fragility, Not Italy
It’s not quite yet on the level of October 15, 2014, but it’s not really that far off, either. What made the prior episode three and a half years ago unique was the condensed timeframe, [...]
ECB’s Turn For A Disappointing Account
Earlier this week the FOMC published the minutes of its April policy meeting, disappointing “dovish” in them which more properly suggests skepticism about the state of economic affairs. Yesterday, it was the ECB’s turn. Releasing [...]
This Is A Really Strange Development (UPDATED)
Last week, I reported on a sharp drop in repo fails for the week of May 9. The decline was so much that FRBNY indicated there were essentially no fails during those five trading sessions. [...]
Reframing Doves And Hawks
When the minutes of the March 2018 FOMC meeting were released on April 11, St. Louis Fed President James Bullard, a non-voting alternate member, immediately objected to one statement contained with them. According to Bullard’s [...]
Stay In Touch