Category Archive: 5.) Alhambra Investments

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If Dollar Is Fixed By Jay’s Flood, Why So Many TIC-ked At Corporates in July?

2020-09-21

When the eurodollar system worked, or at least appeared to, not only did the overflow of real effective (if virtual and confusing) currency “weaken” the US dollar’s exchange value, its enormous excess showed up as more and more foreign holdings of US$ assets.

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27.3 US Retail Sales and Industrial Production in AUG

2020-09-20

by Jeffrey P. Snider

What do the latest figures tell us about the world's most important consumer? Jeff Snider reviews retail sales, industrial production and asks what is it that is missing from our post 2007-08 economy that precludes robust recovery.

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Reopening Inertia, Asian Dollar Style (Still Waiting On The Crash)

2020-09-20

by Jeffrey P. Snider

2020-09-20

Why are there still outstanding dollar swap balances? It is the middle of September, for cryin’ out loud, and the Federal Reserve reports $52.3 billion remains on its books as of yesterday.

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China’s Hole Puzzle

2020-09-16

by Jeffrey P. Snider

2020-09-16

One day short of one year ago, on September 16, 2019, China’s National Bureau of Statistics (NBS) reported its updated monthly estimates for the Big 3 accounts. Industrial Production (IP) is a closely-watched indicator as it is relatively decent proxy for the entire goods economy around the world. Retail Sales in the post-Euro$ #2 context give us a sense of the Chinese economy’s persistent struggle to try to “rebalance” without the pre-2008 boost...

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Inflation Karma

2020-09-15

by Jeffrey P. Snider

2020-09-15

There is no oil in the CPI’s consumer basket, yet oil prices largely determine the rate by which overall consumer prices are increasing (or not). WTI sets the baseline which then becomes the price of motor fuel (gasoline) becoming the energy segment. As energy goes, so do headline CPI measurements.

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Re-recession Not Required

2020-09-12

by Jeffrey P. Snider

2020-09-12

If we are going to see negative nominal Treasury rates, what would guide yields toward such a plunge? It seems like a recession is the ticket, the only way would have to be a major economic downturn. Since we’ve already experienced one in 2020, a big one no less, and are already on our way back up to recovery (some say), then have we seen the lows in rates?Not for nothing, every couple years when we do those (record low yields) that’s what “they”...

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Bottleneck In Japanese

2020-09-09

by Jeffrey P. Snider

2020-09-09

Japan’s yen is backward, at least so far as its trading direction may be concerned. This is all the more confusing especially over the past few months when this rising yen has actually been aiding the dollar crash narrative while in reality moving the opposite way from how the dollar system would be behaving if it was really happening.

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Monthly Market Monitor – August 2020

2020-09-08

by Joseph Y. Calhoun

2020-09-08

Many of the weak dollar trends I noted in June’s update have moderated – even as the dollar has weakened further. US stocks surged over the last month, with growth indices leaving their value counterparts in the dust…again.

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Jeff Snider talks INFLATION, DEFLATION

2020-09-06

by Jeffrey P. Snider

?? Subscribe here for more : ?http://www.youtube.com/channel/UCZIFOCfVxLJexAKnSb2TWXg?sub_confirmation=1 ?? Support! ;) http://www.ko-fi.com/aminray #fed #reserve #trade #economy #dollar #bloomberg #neworldorder #finance #bitcoin Jeff Snider talks INFLATION, DEFLATION

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Eurodollar University’s Making Sense; Episode 24, Part 2: Peering Behind The (Unemployment Rate) Curtain

2020-09-06

by Jeffrey P. Snider

2020-09-06

———WHERE——— AlhambraTube: https://bit.ly/2Xp3roy Apple: https://apple.co/3czMcWN iHeart: https://ihr.fm/31jq7cI Castro: https://bit.ly/30DMYza TuneIn: http://tun.in/pjT2Z Google: https://bit.ly/3e2Z48M Spotify: https://spoti.fi/3arP8mY Castbox: https://bit.ly/3fJR5xQ Breaker: https://bit.ly/2CpHAFO Podbean: https://bit.ly/2QpaDgh Stitcher: https://bit.ly/2C1M1GB Overcast: https://bit.ly/2YyDsLa SoundCloud: https://bit.ly/3l0yFfK...

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Powell Would Ask For His Money Back, If The Fed Did Money

2020-09-05

by Jeffrey P. Snider

2020-09-05

Since the unnecessary destruction brought about by GFC2 in March 2020, there have been two detectable, short run trendline upward moves in nominal Treasury yields. Both were predictably classified across the entire financial media as the guaranteed first steps toward the “inevitable” BOND ROUT!!!!

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Eurodollars & Global Deflation Risk W/ Jeff Snider | Expert View | Real Vision™

2020-09-04

by Jeffrey P. Snider

Is the global economy poised to enter another deflationary cycle? Jeff Snider, head of global research and chief investment strategist at Alhambra Partners, believes that we have never enjoyed a true recovery from the global financial crisis - but instead, have merely bounced between cycles of deflation and reflation. In this piece, Snider unpacks the importance of Eurodollars as a key to understanding where the global economy is headed next....

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Writing Rebound in Italian

2020-09-04

by Jeffrey P. Snider

2020-09-04

As the calendar turned to September, the US Centers for Disease Control and Prevention (CDC) issued new guidelines expanding and extending existing moratoriums previously put in place to stop evictions during the pandemic.

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Jeff Snider talks INFLATION, DEFLATION (RCS Ep75)

2020-09-02

by Jeffrey P. Snider

Interview original date: July 22nd, 2020 Topics: Jeff’s definition of Deflation, Inflation. Monetary Deflation. Consumer behavior and its effect on prices. Production, wages/income, labor market, labor market destruction. UBI, demand, unemployment, supply, spending, savings, credit. 1930s and destruction of deflation, 1800s and deflation then. Did the Long Depression really exist? Gold Standard after the Civil War, fixed money supply, silver...

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This Has To Be A Joke, Because If It’s Not…

2020-08-28

by Jeffrey P. Snider

2020-08-28

US Treasury and Auction Rates, Oct 2018 Aug 2020

After thinking about it all day, I’m still not quite sure this isn’t a joke; a high-brow commitment of utterly brilliant performance art, the kind of Four-D masterpiece of hilarious deception that Andy Kaufman would’ve gone nuts over. I mean, it has to be, right?I’m talking, of course, about Jackson Hole and Jay Powell’s reportedly genius masterstroke.

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Not This Again: Too Many Treasuries?

2020-08-27

by Jeffrey P. Snider

2020-08-27

Tomorrow, the Treasury Department is going to announce the results of its latest bond auction. A truly massive one, $47 billion are being offered of CAH4’s notes dated August 31, 2020, maturing out in August 31, 2027. In other words, the belly of the belly, the 7s.We’ve already seen them drop for two note auctions this week, both equally sizable.

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Fed Watch – “Banking in The Shadows with Jeff Snider” – FED 20

2020-08-26

by Jeffrey P. Snider

Today, we have the privilege to sit down with Head of Global Research at Alhambra Investments Jeff Snider. We run through the basics of the eurodollar system, why people get it wrong when talking about the Fed, and where we are going from here. Of course, we finish up getting Jeff to talk about bitcoin, and what he says might surprise you! Alhambra Investments: https://alhambrapartners.com/commentaryanalysis/ Alhambra Youtube:...

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