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The ‘Dollar’ Run Hits The Corporate Bubble

By |2015-08-14T15:17:31-04:00August 14th, 2015|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

By the behavior of the Chinese yuan itself, given the financial size here, we can readily assume that any “dollar” problem that is clearly causing the PBOC’s actions are sizable. Currencies throughout Asia are being roiled not unlike 1997 and oil prices sunk to a new “recovery” low. While that all suggests far away turmoil relevant only to those foreign [...]

Implications of Funding Market Asymmetry

By |2014-10-23T12:47:47-04:00October 23rd, 2014|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

While this morning’s post was more about longer-term implications of “dollar” changes, there are a couple of observations pertinent to the shorter-term that I think need consideration too. For whatever reason, whether it was, like September 4, 2013, an anticipation of countertrend “dovishness” on the part of the FOMC, the eurodollar market gained a sudden appreciation of the economic downside [...]

Yellen’s Preferred Approach to Bubbles, A Joy To Behold

By |2014-10-03T11:22:52-04:00October 3rd, 2014|Bonds, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

In looking at the “portfolio effect” of monetary policy, monetarists always see benefits without costs. The one exception in recent years has been Jeremy Stein of the FOMC, who is no longer a member. It was his statement in February 2013 about “reach for yield” that seems to have set off something odd in the policy apparatus. Some of that [...]

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