financial accounts of the united states

Powell Surrenders: I Told You Last Year It Was A Lie; Or, Here’s Almost The Whole Of It

By |2019-06-19T16:27:39-05:00June 19th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Jay Powell has had his mind changed for him. Why? Not even a year ago he was downplaying things like federal funds. The rise in that one anachronistic rate was inconsistent with a healthy financial system poised for the good times that come with serious economic acceleration. Quite the opposite, actually. To dismiss the obvious [...]

Decaying Offshore Money Is A Lot More Than An Offshore Decay

By |2019-03-12T18:45:30-05:00March 12th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

During the first quarter of 2008, as Bear Stearns teetered on the edge of illiquidity, foreign holders of US$ financial assets contributed $9.3 trillion to US credit markets. According to the Fed’s Z1, the Financial Accounts of the United States, it tells us that’s the amount they held in possession from outside the American geographical [...]

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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