Next Tuesday evening in Chicago we are going to host another Global Macro Speaker Series event. This time I will be moderating a discussion with Sergio Rebelo and Marty Eichenbaum. Both are professors from the Kellogg school at Northwestern University. We have a few...
As spoos move within inches of the April 2010 highs, and are now less than 14% off their all-time highs, I thought it would be a useful time to provide some retrospective thoughts on just how much the US is NOT like Japan. The Federal Reserve’s policy of financial...
By now most of us are sick of reading (and writing) about Greece. Yes it’s a big deal. Yes there will be market dislocations. Yes there will be contagion effects to other sovereigns. And yes, the Greeks will never pay back what was lent to them. Timing remains...
Whether it’s the monthly investment outlook, or the occasional op-ed piece, Bill Gross is always a must read. And even if one doesn't necessarily agree, the colorful market metaphors are sure to entertain. His piece in the FT yesterday, entitled "Zero-based money...
The current make-up of the Greek legislature is 44% Pasok, 33% New Democracy, 8% KKE, 6% LOAS and 5% SYRIZA. Then there are a few percentage points dedicated to many smaller irrelevant parties. The current coalition that is working with Papademos to strike a deal with...
Financial repression and reflation are working. The Fed has made it painful to hold short term nominal risk free assets and cash USDs. They have implored us all to take risk in the hopes that it will generate real returns and real growth. And while the jury is still...
Today in NYC we are hosting our inaugural Jefferies Global Macro Event. I'm looking forward to seeing many of you later today. The featured panelist/speaker will be Marty Feldstein. These are the questions that will frame our discussion. It should be a very...
Two excerpts from tonight's speech are below - not so nice reading for FNCL6s and money center commercial bank stocks!! 1. ".....responsible homeowners shouldn't have to sit and wait for the housing market to hit bottom to get some relief. That's why I'm sending this...
Last week, in a commentary entitled “Banklords, Deadweight Losses and the Bernanke Risk Reversal”, we touched on the idea that 2012 will not just see the traditional execution of the “Bernanke Put”, but it will usher in a new era of “Bernanke Call” execution. Recall...
So the 2006 transcripts from the FOMC meetings are out. We do not have Bluebooks or Greenbooks yet, so it’s tough sledding through some of the commentary, but there is still plenty to chew on. Of course, Jan 2006 was Greenspan’s last meeting so if anyone wants to see...
So the 2006 transcripts from the FOMC meetings are out. We do not have Bluebooks or Greenbooks yet, so it’s tough sledding through some of the commentary, but there is still plenty to chew on. Of course, Jan 2006 was Greenspan’s last meeting so if anyone wants to see the peaks of a bubble in […]
