SNB Rejects Vollgeld and Questions ‘Reserves for All’
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Author: Dirk Niepelt
Categories: Dirk Niepelt, SNB
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In the NZZ, Peter Fischer reports that SNB president Thomas Jordan rejects the Vollgeld initiative and stops short of endorsing the ‘reserves for all’ proposal.
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FX Daily, January 17: Dollar Stabilizes After Marginal New Lows
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Author: Marc Chandler
Categories: FX Trends
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After a shallow bounce in Asia and Europe yesterday, the dollar slipped lower in North American yesterday. Asia was happy to extend those dollar losses, and the greenback was pushed to marginal new lower in Asia, but has come back in the European session. The next result is a choppy but flattish consolidation compared with last week's closing prices.
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Great Graphic: Treasury Holdings
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Author: Marc Chandler
Categories: FX Trends
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The combination of a falling dollar and rising US interest rates has sparked a concern never far from the surface about the foreign demand for US Treasuries. Moreover, as the Fed's balance sheet shrinks, investors will have to step up their purchases.
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Punch-Drunk Investors & Extinct Bears, Part 1
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Author: Pater Tenebrarum
Categories: Debt and the Fallacies of Paper Money
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We didn’t really plan on writing about investor sentiment again so soon, but last week a few articles in the financial press caught our eye and after reviewing the data, we thought it would be a good idea to post a brief update. When positioning and sentiment reach levels that were never seen before after the market has gone through a blow-off move for more than a year, it may well be that it means something for once.
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Retail Sales, Consumer Sentiment, And The Aftermath Of Hurricanes
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Author: Jeffrey P. Snider
Categories: The United States
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Consumer confidence has been sky-high for some time now, with the major indices tracking various definitions of it at or just near highs not seen since the dot-com era. Economists place a lot of emphasis on confidence in all its forms, including that of consumers, and there is good reason for them to do so; or there was in the past.
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The Dea(r)th of Economic Momentum
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Author: Jeffrey P. Snider
Categories: China
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For the fourth quarter as a whole, Chinese exports rose by just less than 10% year-over-year. That’s the highest quarterly rate in more than three years, up from 6.3% and 6.0% in Q2 2017 and Q3, respectively. That acceleration is, predictably, being celebrated as a meaningful leap in global economic fortunes. Instead, it highlights China’s grand predicament, one that country just cannot seem to escape.
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