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operation twist

Swap Mean

By |2020-06-26T19:28:37-04:00June 26th, 2020|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Little noticed at the time, October 2012 was quite the roller coaster. Most anyone cared about was QE3, the wonderful, awesome flood of liquidity kindly wise-man Chairman Bernanke had restarted for reasons that didn’t seem so important. Did it matter to the public that the repo market went haywire late in that very same month, at the very same time [...]

Three Quarters of a Trillion In Three Weeks, And Bill Yields Are Down Again

By |2020-04-16T18:48:03-04:00April 16th, 2020|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Hold all the congratulations. Jay Powell is, with a huge assist from the financial media, trying to pre-empt what comes next by taking a premature victory lap. The Fed isn’t just your central bank it is your friend. The amount of pure propaganda being put out lately is understandable if still disgusting. March was a good month to include [...]

FX, Repo, And Another ‘Strong’ Labor Market

By |2020-01-23T19:12:22-05:00January 23rd, 2020|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Between the summer of 2011 and February 2012, the unemployment rate experienced its largest half-year drop since the huge recovery that had been taking place in 1984. It was a very welcome sign that the US economy may have avoided becoming entangled in the global funding messes of 2011. Caught flat-footed, as always, Ben Bernanke’s Fed had ended QE2 at [...]

Macro Themes – Don’t Fight the FED

By |2012-08-05T17:09:59-04:00August 5th, 2012|Federal Reserve/Monetary Policy, Markets|

When contemplating the FED, one needs to be aware that monetary policy is not an exact science.  The FED will definitely try to effect policy; but, to a great extent, they are a reactive bunch.  The FED attempts to stay ahead of the curve and anticipate if/when the broader economy needs restraint or accommodation, but there are a few problems.  [...]

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