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Jamie Dimon (Still) Hates Bonds Because Inflation; Other Banks Apparently Love Bonds Because There’s No Credit To Inflation

By Jeffrey P. Snider|2021-06-18T16:45:41-04:00June 18th, 2021|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

JP Morgan’s Jamie Dimon hasn’t produced an enviable track record opining on inflationary potential. He’s forever deeply entrenched in the inflation camp, and because he sits atop the corporate structure of one of the world’s biggest and most well-known banks, it does seem reasonable at first how his opinion on monetary matters is taken very seriously – despite repeatedly missing [...]

Trying to Calibrate Fragmentation

By Jeffrey P. Snider|2015-12-29T17:28:48-05:00December 29th, 2015|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Repo rates were once again today above the upper “ceiling” of the FOMC’s intended corridor, marking three consecutive trading days exploring territory not meant to be reserved for secured overnight lending. The MBS GC rate hit 60 bps, surging with agency GC likewise nearing 60 bps. The UST rate fell slightly but remained just above the 50 bps upper limit. [...]

The Recent ‘Dollar’ And The Corporate Bubble

By Jeffrey P. Snider|2015-08-07T11:06:16-04:00August 7th, 2015|Bonds, Economy, Federal Reserve/Monetary Policy, Markets|

Given the outward expression of the “dollar” in various proxies, it is not surprising to see the inward development continue in the same pattern. Interbank rates and estimates are in many cases surging, particularly in the second half of July which matches the acceleration in the outward projections. This direction is nearly uniform, which confirms that the latest “dollar” problems [...]

Good-bye April 15 and Thanks for Nothing But Leftovers

By Jeffrey P. Snider|2015-04-15T17:06:30-04:00April 15th, 2015|Economy, Federal Reserve/Monetary Policy, Markets|

I had hoped that something would have happened by now and that April 15 would follow more closely the October 15 and January 15 events, if only for the sake of experimentation. We don’t really need any additional illiquidity and certainly nothing as globally severe as those, but with function the way it is and everything so stretched and imbalanced [...]

Repo Markets Demand Taper Because of Taper

By Jeffrey P. Snider|2014-02-12T18:46:59-05:00February 12th, 2014|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

It is exceedingly difficult to interpret the data in any other manner. That is bolstered greatly by reality of the post-taper environment, where issuance has declined dramatically. Yet, it was the talk of taper originally that set that decline in motion, echoing the feedback effects of this “extraordinary” monetary intrusion. Since Bernanke’s QE3 promise back in September 2012, repo volumes [...]

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