Jeffrey Snider is the Head of Global Research at
Jun 18, 2021
The Dots Are On the Move, But So Are the Dot Spoilers
So many dots, so little time. Actually, only a few dots, quite a ton of unearned noise. If we’re talking about dots again then that could only mean doing the same thing and...
Jun 11, 2021
Because Central Bankers Have No Clue What Else To Do
What’s the harm? Even if it doesn’t work well or much at all, this QE stuff can’t hurt. Sure, it’s a lot of noise but that’s really the point;...
Jun 4, 2021
Growing Indications There's More Trouble Ahead
We have seen the enemy, and he is us. Oliver Hazard Perry, of course, had first used the line “we have met the enemy, and he is ours” during the War of 1812 after a...
May 28, 2021
The Fed Is the Perpetual Janitor, Cleaning Up After Itself
There’s just the one Treasury market, isn’t there? The same has been assumed of the money market, too. Singular blocks which operate something like a Medieval...
May 21, 2021
We'll Continue Hearing About a Global Recovery That Isn't Real
We live in a non-linear world, and that means, among other things, rate of change governs everything whether we consciously perceive this or not. Sometimes tampering with the slope...
May 14, 2021
A Half-Baked Attempt To Pull Banking Back In Before It's Too Late
It comes from a central bank, yet is it money? This has taken too many years, but over the last several, interest in, and debate over, what bank reserves are and maybe ought to be...
May 7, 2021
Monetary Wrongness Has Authored a Crypto Response
What if, in order to buy a house, you had to find upwards of fifty different coins weighing 9 kilograms in silver? In lieu of those, a gold coin would suffice but extremely hard to...
Apr 30, 2021
Higher Prices Must Be Engineered to Restrain Dictators
Even before he was elected President, it was said that Franklin Roosevelt was given a clear choice by one of his closest advisors. George F. Warren was an economist who, like Irving...
Apr 23, 2021
A Profound Statement In the Ongoing Saga of Shadow Money
Could low repo haircuts on US Treasury collateral actually be a source of potential danger? That it might be is itself a profound statement in the ongoing saga of shadow money and...
Apr 16, 2021
History Isn't On Your Side If You're Looking for Inflation
Not quite halfway into his one term occupying the White House, President Carter was clearly fed up. Rising into that office ostensibly to accomplish what his hapless predecessor...
Apr 9, 2021
Slight, But Only Slight, Movement In the Understanding of Rates
Always, always the interest rate fallacy. Like last week my examination of Economics tardily discovering interesting and key facts on collateral in the world’s primary monetary...
Mar 26, 2021
Central Banks Don't Do Quantities of Money Because They Can't
Though it wasn’t the first time, and not among the majors, still New Zealand’s Reserve Bank (RBNZ) earlier this week found itself unable to complete a full QE operation....
Mar 19, 2021
One Year Later, the Fed Is 12 Million Jobs Short
It was a Sunday, but no ordinary end to that particular weekend. There was much to be done before the workweek could begin the following morning. At 5 pm in the Eastern time zone of...
Mar 12, 2021
Seeing Interest Rates Counter To What They Actually Are
From the outside, pinned to the glass window pane settled in place long ago by conventional Economics, looking inward at these mechanics created only confusion and unsettling angst....
Mar 5, 2021
There's Precedent for Yellen Demanding a Central Bank Rescue
Would Treasury Secretary Janet Yellen call Federal Reserve Chairman Jay Powell into her decorated, historic office to demand the central bank rescue the Treasury market? If she did,...
Feb 26, 2021
Why Price Alone Does Not Render An Asset Class 'Safe'
What makes “safe” assets perceived in that way isn’t really their price. Most often, the idea relates to the fact that there is a dependable market for its class...
Feb 19, 2021
Beware, There's Another SLF 'Cliff' Coming At the End of Q1
You might not know it, but there’s another SLF “cliff” upcoming at the end of this year’s first quarter. This Supplementary Leverage Ratio seeks to impose...
Feb 12, 2021
There's Much More Going On Than You've Been Led to Believe
Computing power being what it was in the eighties, still the financial system was at the leading edge of technological prowess. Big money involved, huge money, had meant...
Feb 5, 2021
T-Bills Sit at the Base of the Global Money Pyramid
The roaring dot-com era of the late nineties created all kinds of headaches for the Federal Reserve. While its leader, the “maestro” Alan Greenspan, was referring...
Jan 29, 2021
We Keep Hearing How There Are 'Too Many Treasuries'
Busted auction. Hard to imagine today, if for very different reasons, in March 1920 the Treasury Department found itself without enough bids for its overgrown needs. Intending to...
Jan 22, 2021
They Can't See the Dire Economic Situation For What It Really Is
Moved by the visible desolation outside his shabby little doorway which day after day had been practically shoved in his face, Samuel Gompers would go on to become one of the most...
Jan 15, 2021
They Keep Assuring Us Japan Can't Happen Here
He actually meant it to be soothing, a reassuring statement of clear and unequivocal support for a reeling market. This statement, however, was received in the exact opposite way....
Jan 8, 2021
The Mythical Printing Press Belongs Somewhere Outside the Fed
Was it worth saving a single million? There was a time period when such a sum was significant. That time is beyond the memory of anyone alive. In the years since the Great Inflation...
Jan 4, 2021
We're In a Post-Modern Era of Currency-Less Currencies
What does attitude have to do with anything? For a modern Economist or central banker (same thing), it’s everything. Expectations-based monetary policy calls for, and depends...
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