Category Archive: 5.) Alhambra Investments

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All-Stars #103 Jeff Snider: The Myth of Central Bank Market Support (and liquidity)

2020-04-29

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Download chartbook: https://bit.ly/2YcW0lo Alhambra Investments YouTube channel: https://bit.ly/2yU8Lqo Please visit our website https://www.macrovoices.com to register your free account.

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Follow-Up Question and Answer Session on Repos with Jeff Snider-April 28, 2020

2020-04-29

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FuturesTrader71 meets with Jeff Snider, head of Global Research at Alhambra Investment Partners to review follow up questions from the Repo market webinar held on April 15, 2020.

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The Puppet Show Is Powerful

2020-04-29

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2020-04-29

I never said it wasn’t powerful. What I continue to show is that it doesn’t work. Ben Bernanke kept his job because despite the carnage, in times of turmoil people are willing to give anyone a second chance. And if the turmoil never ends, so much the luckier – for him. 

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Jeff Snider 2: the FED’s main tool since 2008 is psychology

2020-04-26

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Jeff Snider was talking today about what the FED is capable of doing. How the FED bureaucracy works. How they buy things. When the system broke. And what the FED is actually doing. May surprise you.

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Jeff Snider (Macro/Repo/Eurodollar NINJA!) Rebel Capitalist Show Ep. 41!

2020-04-25

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Jeff Snider reveals insights ?YOU CAN'T AFFORD TO MISS! ?This interview with Jeff Snider is absolutely packed with knowledge bombs!! Jeff and I discuss ALL TODAYS HOT TOPICS, how the unemployment rate can be deceiving and if you look at the clues in the bond market and the oil market you can get a better idea of where the stock market is headed. Jeff is truly in a league of his own and he shares an incredible amount of his wisdom and knowledge...

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The Fallen Kings & The Bond Throne of Collateral

2020-04-24

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2020-04-24

UST Yield Curve, 2017-2020
There is no schadenfreude at times like these, no time to dance on anyone’s grave. Victory laps are a luxury that only central bankers take – always prematurely. The world already coming apart because of GFC1, what comes next with GFC2 and then whatever follows it? Another “bond king” has thrown in the towel.

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Jeff Snider: the world banking EuroDollar system Jedi

2020-04-23

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Shadow Banking. Go look up Jeff Snider. This is not an advertisement. He's just the best resource for learning about the world banking system, called the EuroDollar system. He has Twitter, and EuroDollar University videos on YouTube.

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An International Puppet Show

2020-04-23

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2020-04-23

Federal Reserve: H.10 Foreign Exchange Rates, 2006-2020
It’s actually pretty easy to see why the IMF is in a hurry to secure more resources. I’m not talking about potential bailout candidates banging down the doors; that’s already happened. The fund itself is doing two contradictory things simultaneously: telling the world, repeatedly, that it has a highly encouraging $1 trillion in bailout capacity at the same time it goes begging to vastly increase that amount.

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The Greenspan Bell

2020-04-22

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2020-04-22

Germany ZEW Financial Market Survey, 2006-2020
What set me off down the rabbit hole trying to chase modern money’s proliferation of products originally was the distinct lack of curiosity on the subject. This was the nineties, after all, where economic growth grew on trees. Reportedly. Why on Earth would anyone purposefully go looking for the tiniest cracks in the dam?

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All About The Repo Markets with Jeff Snider – April 15, 2020

2020-04-16

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Jeff Snider, Head of Global Research at Alhambra Investment Partners, takes the time with us to discuss what the Repo market is, how this market is used and why the Repo market can cause large moves in equities markets and across many assets. Join our list to be informed of future high-quality events such as this one: http://eepurl.com/drE6vH

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The Global Engine Is Still Leaking

2020-04-16

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2020-04-16

Federal Reserve: Liabilities & Capital, 1984-2019
An internal combustion engine that is leaking oil presents a difficult dilemma. In most cases, the leak itself is obscured if not completely hidden. You can only tell that there’s a problem because of secondary signs and observations.If you find dark stains underneath your car, for example, or if your engine smells of thick, bitter unpleasantness, you’d be wise to consider the possibility.

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The Real Diseased Body

2020-04-12

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2020-04-12

CES: Civilian Labor Force Level, 2007-2020
Another day, another new Federal Reserve “bailout.” As these things go by, quickly, the details become less important. What is the central bank doing today? Does it really matter?For me, twice was enough. All the way back in 2010 I had expected other people to react as I did to QE2. If you have to do it twice, it doesn’t work.

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Fragile, Not Fortified

2020-04-09

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2020-04-09

Credit Spreads, 2017-2020
On Sunday, Argentina’s government announced it was postponing payment on any domestically-issued debt instruments denominated in foreign currencies. That means dollars, just not Eurobonds. At least not yet. In response, ratings agencies such as Fitch declared the maneuver a distressed debt exchange.In other words, technically a default.

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It’s Hard To See Anything But Enormous Long-term Cost

2020-04-07

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2020-04-07

The unemployment rate wins again. In a saner era, back when what was called economic growth was actually economic growth, this primary labor ratio did a commendable job accurately indicating the relative conditions in the labor market. You didn’t go looking for corroboration because it was all around; harmony in numbers for a far more peaceful and serene period.

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Banks Or (euro)Dollars? That Is The (only) Question

2020-04-03

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2020-04-03

UST Yields & Money Alternates, 2007-2009
It used to be that at each quarter’s end the repo rate would rise often quite far. You may recall the end of 2018, following a wave of global liquidations and curve collapsing when the GC rate (UST) skyrocketed to 5.149%, nearly 300 bps above the RRP “floor.” Chalked up to nothing more than 2a7 or “too many” Treasuries, it was to be ignored as the Fed at that point was still forecasting inflation and rate hikes.

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China’s Back!

2020-04-01

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2020-04-01

China PMI, 2005-2020
The Washington Post began this week by noting how the US economy seems to have lost its purported zip just when it needed that vitality the most. Never missing a chance to take a partisan swipe, of course, still there’s quite a lot of truth behind the charge. An actual economic boom produces cushion, enough of one that President Trump and his administration may have been counting on it when opting for full-blown shutdown.

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(No) Dollars And (No) Sense: Eighty Argentinas

2020-03-31

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2020-03-31

India Official Reserve Assets, 2016-2020
India like many emerging market countries around the world holds an enormous stockpile of foreign exchange reserves. According to the latest weekly calculation published by the Reserve Bank of India (RBI), the country’s central bank, that total was a bit less than half a trillion. While it sounds impressive, when the month began the balance was much closer to that mark.

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Making Sense Eurodollar University Episode 2

2020-03-30

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Jeff Snider, Head of Global Investment Research at Alhambra Investments, and Emil Kalinowski make sense of today's global monetary system.

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It’s Not About Jobless Claims Today, It’s About What Will Hamper Job Growth In A Few Months

2020-03-29

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2020-03-29

Two Labor Stories, 1995-2019
You’ve no doubt heard about the jobless claims number. At an incomprehensible 3.28 million Americans filing for unemployment for the first time, this level far exceeded the wildest expectations as the economic costs of the shutdown continue to come in far more like the worst case. And as bad as 3mm is, the real hidden number is likely much higher.

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No Further Comment Necessary At This Point

2020-03-28

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2020-03-28

Primary Dealer Repo Fails (UST), 2017-2020
I would write something snarky about bank reserves, but why bother at this point? It’s already been said. If Jay Powell doesn’t mention collateral, no one else does even though it’s the whole ballgame right now. Note: FRBNY’s updated figures shown below are for last week.

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