The one thing I love about currency markets is their inability to be harnessed by policy makers. Decades (even centuries) have been spent designing exchange rate mechanisms, currency unions, accords, agreements and pegs. And of course even more time has been spent...
It was meant to be a time for celebration - a time for high fives and smug smiles. QE is ending. And QE worked. Those around the FOMC table, the ones who fought the good fight, should be out there taking a victory lap. But these victory laps for the good guys -...
While the words "considerable time" were kept in the statement, their relevance was destroyed in the press conference. Here are two key excerpts from Janet's post meeting discussion: "I want to emphasize that there is no mechanical interpretation of what the term...
At the beginning of this year I wrote a piece entitled "Are you ready for the big crash?" I'm sure as that subject line hit the inboxes of the hater community there was immediate rejoicing. Those folks initially thought - "Zervos has finally seen the bearish light and...
Last Thursday we witnessed another baby step in the right direction for ECB policy. Of course it was only back in June when we had our last baby step - the announcement of the TLTRO - but that, like so many other ECB moves during the post crisis period, proved too...
A perfect number for risk assets: • A well over 100k miss on payrolls when you factor in revisions • Durable goods and retail trade were each 30k lower for August vs July • No sign of meaningful wage growth • The U6 rate fell 0.2%, but U3 was unchanged • The lower U6...
A perfect number for risk assets: • A well over 100k miss on payrolls when you factor in revisions • Durable goods and retail trade were each 30k lower for August vs July • No sign of meaningful wage growth • The U6 rate fell 0.2%, but U3 was unchanged • The lower U6 rate, […]
