PPI Goods = -1.5% PPI Services = 2.1% PPI FD = .9% PPI translation to the consumer: PPI FD Personal Consumption = 1.04% PPI FD Personal Consumption less Food and Energy = 2.2% PPI FD Personal Consumption less Food, Energy and Trade Services = 2.9% PPI FD Personal Consumption less Food, Energy and Distributive Services = 3.4% We continue to [...]
The major categories provided within the TIC estimates are a breakdown between private “flows” and those from official sources, such as foreign government and central bank accounts (as much as is known). In terms of those larger segments, there wasn’t really much of note in the update for November. There is some indication that foreign central banks might have become [...]
It seems everyone was short the franc (CHF) as a matter of taking monetarism at face value. In other words, it amounted to believing the central party line about the economy and normalcy despite the fact that markets have been increasingly pessimistic about it all and actively and aggressively betting against it. Goldman Sachs is just one of many: In [...]
It almost seems to be a case of traders seeing exactly what they want to see instead of believing their “lying eyes.” Money rates in China have declined in the past few days as speculation abounds that the PBOC reduced the interest rate on its rollovers of the second part of the Medium Term Lending Facility (MLF). The PBOC had [...]
It was bound to happen as the monetary affairs throughout the world “tighten.” The Swiss National Bank (SNB) had tied its fate, with good reason, to that of broader Europe but made the assumption that the ECB could accomplish both economic and financial goals. In 2011, that meant pegging the franc to the euro and using the SNB’s balance sheet [...]
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