hkma

The Quarks and Quirks of CNY’s Big Drop

By |2018-07-25T13:04:08+00:00July 25th, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

In 1962, physicist Wolfgang Panofsky finally obtained funding from the Atomic Energy Commission. As a faculty member at Stanford University he wanted the federal government to fund his monster. Dubbed Project M, for monster, Dr. Panofsky was seeking a method for scientists to obtain evidence for what was really going on inside the atom. The [...]

It’s The Track Record That Is Unaccounted-for Risk

By |2018-04-25T19:46:51+00:00April 25th, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

No one seems able to account for the rise in LIBOR-OIS. I think it’s a vain effort, and focuses on the wrong segments, but nonetheless there is considerable uncertainty which always casts suspicions into the shadows. That is important.  A few weeks ago, all the big bank analysts were alight with their theories. They couldn’t [...]

Hong Kong, China, And The Nightmare of Forex Piles

By |2018-04-13T19:35:35+00:00April 13th, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Very early on in the turn, I mean very early, you could already tell there were substantial problems underneath. By the time CNY started lower, against all expectations, there had already been serious signs of trouble in China for months by then. In that initial seemingly minor drop in early 2014, the PBOC’s actions belied a [...]