This Thursday the serial dissappointers at the ECB have set the stage for some aggressive action. We have heard noises about targeted long-term LTROs, a cessation of sterilization from SMP purchases, lower refi rates, and negative deposit rates. So far the market has...
The movie "Words and Pictures", starring Clive Owen and Juliette Binoche, is a must see! The acting and directing are first rate. And while I do not want to spoil the movie for anyone who has yet to see it, I do want to bring the plot line into a discussion today on...
Its amazing what passes for amazing these days! The US fixed income markets have been mesmerized by a 50bps move in 10yr notes. Yes, it appears somehow that a 50bps drop, from 3.00% to 2.50%, over the first 5 months of 2014 is somehow worthy of great excitement!!! To...
I wonder what the haters will latch onto next. The list of things to fret about in 2014 has been seemingly endless - Russian aggression, US underemployment, cold weather, soft Q1 data, Chinese credit, demographics, inequality, entitlements, tapering, credit bubbles...
Way back in the Greenspan era, there was a term which was often used to describe imprecise FedSpeak - it was called "purposeful obfuscation". Alan Greenspan perfected this art of confusion over his 18+ year tenure as Chairman. When asked by layman lawmakers about...
Back in February, just around Valentine's Day, I issued a short poetic summary of my views on our newly anointed Fed Chair. It went like this: Roses are red Violets are blue Janet's a dove Buy more spoo That was right around the time of our first "spoo dip" in 2014....
Back in February, just around Valentine's Day, I issued a short poetic summary of my views on our newly anointed Fed Chair. It went like this: Roses are red Violets are blue Janet's a dove Buy more spoo That was right around the time of our first "spoo dip" in 2014. Not too long after […]
