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Category Archives: Central banks
Fire and Ice
Some say the world will end in fire, Some say in ice. From what I’ve tasted of desire I hold with those who favor fire. But if it had to perish twice, I think I know enough of hate To … Continue reading
Posted in Banks, Bonds, Central banks, Credit, Economics, Finance, Investing, The Fed
Tagged Banks, Economics, Interest Rates, Investing, The Fed
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Mind the Curve
There is concern about the US treasury yield curve. It has flattened, meaning the difference between long term rates and short term rates has narrowed. Yields on the two maturities are a mere 35 hundredths of a point apart. Some … Continue reading
Posted in Central banks, Credit, Rates
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Bonds: Is a Massive Selloff in Order?
The other day there was a video clip in my Twitter feed from a strategist who stated on CNBC that rates were going much higher in the second half of this year. He went on to say that those who … Continue reading
Posted in Central banks, Investing, Market Cycles, Rates
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The Fed’s Mandate, US Policy and the Rest of the World
The Fed’s objectives, as set by Congress, are to maintain stable prices and to maximize employment. This “dual mandate” is accompanied by a rarely cited third objective, to maintain moderate long term interest rates. Those should be a natural outcome of maintaining stable … Continue reading
Some Thoughts on the Yuan and Chinese Monetary Policy
China has dominated recent newsflow due to its stock market crash and the devaluation of the yuan (CNY). The latter, I believe, is an attempt to free up the PBoC to conduct domestic monetary policy to deal with the aftermath of … Continue reading
Posted in Central banks, Currency, Emerging Markets
Tagged Central Banks, China, Emerging Markets
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All Aboard!
The ECB has boarded the Quantitative Easing train. Perhaps the deflation that is stalking Europe finally prompted the move. Mr. Draghi and the ECB board have had the benefit of observing Fed policy and Bank of England policy working, versus … Continue reading
Painted into a Corner
On January 15th, the Swiss National Bank (SNB) stopped defending its currency peg of Swiss franc (CHF) 1.20 to the euro (EUR). It also imposed a -0.75% overnight rate and moved its target for 3 month libor to -1.25% to … Continue reading