banks’ own dollar liabilities

China Reopens With Another Sneeze

If it seemed a bit calmer yesterday in global markets than has become typical, it was likely due to the absence of Chinese influence. China’s markets were closed for the country’s annual Dragon Boat festival, a holiday tradition that supposedly dates back 2,000 years. According to state media, it’s not strictly Chinese any longer. The celebrations have apparently spread all [...]

Is Reflation #3 Over? Some Important Data Is Pointing Toward That Possibility

By Jeffrey P. Snider|2018-06-19T13:28:42-04:00June 19th, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

As a starting point, the TIC data is enormously helpful. Not only does it provide some badly needed level of detail, the series’ focus is right in the area where everything matters. Ostensibly about Treasuries being bought and sold in foreign places, quite by accident the Treasury Department has captured an introductory measure of offshore “dollar” money. What’s truly helpful [...]

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