foreign reserves

TIC: The Calm (June) Before the Storm (August)

By |2019-08-16T12:29:24-04:00August 16th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

As far as recent times may be concerned, June 2019 wasn’t that bad of a month. Compared to some this year, it was downright uninteresting. Starting with the UST market, there was a plunge in yields (bad sign for global dollar shortage) in the second half of April and throughout May. June saw more steady [...]

Clocking What Isn’t Chinese Stimulus

By |2019-06-17T16:39:46-04:00June 17th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

One of the very few central pillars supporting the hopes for a second half rebound was China’s “stimulus.” Since we’ve been conditioned to just accept whatever a central bank does as equal to it, throughout the last thirteen months since the first RRR cut was initiated that one as well as the four which followed [...]

Chinese Treasuries and FOMC Policies, The Big Number That Just Turned Against Jay Powell

By |2019-05-08T16:38:30-04:00May 8th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

In a period when weird and unusual are commonplace, it was one of the more noteworthy and interesting outliers. Late in August 2010, a media report attributed to Hong Kong’s Ming Pao news agency suggested Zhou Xiaochuan was on the run. Supposedly, the Governor for the People’s Bank of China, the country’s central bank, was [...]

China, Brazil, Nightmare Swaps, and More About December (and what it may mean)

By |2019-01-23T12:32:21-05:00January 23rd, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Central bankers will often tell you exactly what you want to know, at least when it comes to their intentions. You can first begin by reading Milton Friedman and Anna Schwartz’s 1963 monetary bible A Monetary History. It’s all in there. From it, central banks all over the world have devised technical schemes intended to [...]