Tag Archive: interest rate swaps

Inversion Is The Real March Madness, Just Don’t Take It Literally

2022-03-22

With such low levels of self-awareness, it isn’t surprising that the FOMC’s members continue to pour gasoline on the already-blazing curve fire. March Madness is supposed to be on the courts of college basketball, instead it is playing out more vividly across all financial markets.

Read More »

What’s Going On, And Why Late August?

2020-10-29

by Jeffrey P. Snider

2020-10-29

This isn’t about COVID. It’s been building since the end of August, a shift in mood, perception, and reality that began turning things several months before even then. With markets fickle yet again, a lot today, what’s going on here?

Read More »

Three Short Run Factors Don’t Make A Long Run Difference

2020-03-25

by Jeffrey P. Snider

2020-03-25

There are three things the markets have going for them right now, and none of them have anything to do with the Federal Reserve. More and more conditions resemble the early thirties in that respect, meaning no respect for monetary powers. This isn’t to say we are repeating the Great Depression, only that the paths available to the system to use in order to climb out of this mess have similarly narrowed.

Read More »

The Real End of the Bond Market

2019-03-22

by Jeffrey P. Snider

2019-03-22

These things are actually quite related, though I understand how it might not appear to be that way at first. As noted earlier today, the Fed (yet again) proves it has no idea how global money markets work. They can’t even get federal funds right after two technical adjustments to IOER (the joke).

Read More »

Nothing To See Here, It’s Just Everything

2019-01-04

by Jeffrey P. Snider

2019-01-04

The politics of oil are complicated, to say the least. There’s any number of important players, from OPEC to North American shale to sanctions. Relating to that last one, the US government has sought to impose serious restrictions upon the Iranian regime. Choking off a major piece of that country’s revenue, and source for dollars, has been a stated US goal.

Read More »

Optimal Lunacy

2017-04-15

by Jeffrey P. Snider

2017-04-15

In June 2012, Janet Yellen, then the Vice Chairman of the Federal Reserve, addressed an audience in Boston with what for the time seemed like a radical departure. It was the latest in a string of them, for conditions throughout the “recovery” period never did quite seem to hit the recovery stride. Because of that, there was constant stream of trial balloons suggesting how the Federal Reserve might try to overcome this economic inertia. At that...

Read More »

We Need To Define The ‘Shadows’, And All Parts of Them; or, ‘Rising Dollar’ Kills Another Recovery Narrative

2017-04-07

by Jeffrey P. Snider

2017-04-07

JP Morgan’s CEO Jamie Dimon caused a stir yesterday with his 45-page annual letter to shareholders. The phrase that gained him so much widespread attention was, “there is something wrong with the US.” Dimon mentioned secular stagnation and correctly surmised it was the right idea if for the wrong reasons. He then gave his own which included a litany of globalist agenda items, including not enough access to mortgages.

Read More »