External Demand, Global Means Global

By |2019-04-04T17:00:23-05:00April 4th, 2019|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The Reserve Bank of India (RBI) cut its benchmark money rate for the second straight meeting. Reducing its repo rate by 25 bps, down to 6%, the central bank once gripped by political turmoil has certainly shifted gears. Former Governor Urjit Patel was essentially removed (he resigned) in December after feuding with the federal government [...]

Curve Crazy Again; Or, The ‘Dovish’ Turn Falls Apart, the Culprit Revealed

By |2019-03-12T16:10:06-05:00March 12th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Everyone went dovish after what happened in December. Convention assumes that central bankers take their cues from the NYSE. I don’t think that’s what shook everyone up, though. Curves, ladies and gentlemen. The bond market revolted and the stock market showed serious signs of catching its contagion. Since the mainstream had been expecting a booming [...]


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