canada

Globally Synchronized…

By |2019-04-25T18:35:57-05:00April 25th, 2019|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The economic sickness is predictably spreading. While unexpected in most of the world which still, somehow, depends on central banking forecasts, it really has been almost inevitable. From the very start, just the utterance of the word “decoupling” was the kiss of death. What that meant in the context of globally synchronized growth, 2017’s repeatedly [...]

Canada Signals Japan For Bond Yields

By |2019-04-24T17:45:02-05:00April 24th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Back in October, late October specifically, the Bank of Canada removed the word “gradual” from its policy statement. Inflation, staff Economists projected, was moving up as was the Canadian economy. It was finally time to become more aggressive. Freed from that one word, BoC officials could opt for a “rate hike” at every meeting. It [...]

Same Planet, Very Different Worlds

By |2019-03-25T17:45:49-05:00March 25th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

This is really getting out of hand. For the fourth day in a row, unofficially, effective federal funds or EFF remains above IOER. At the same, now the 10-year UST yields less. What was last week pretty concerning stuff before the Fed’s capitulation is this week whatever category lies below. This is not a resumption [...]

Canada’s Fallacy Contribution

By |2019-01-23T18:09:55-05:00January 23rd, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

If there is one small silver lining from 2018’s economic performance, it is that Milton Friedman’s interest rate fallacy is being robustly proven yet again. Many Economists will have you believe that low interest rates, short or long, are stimulus. This is a huge mistake. Here’s what Friedman said in December 1997: As the economy [...]

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