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Writing Rebound in Italian
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...
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The Sobering Scale To The Global ‘V’
Because it worked out so well for Jay Powell? No. They have no idea what to do now. Zero. And they are out of ideas. I’m writing about the ECB here, but it begins first with the Federal Reserve...
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Synchronized (still)
Their experience with COVID has been different in each case. Their response to the outbreak and pandemic hardly uniform. Mexico, for example, has reported 855,000 cases of the coronavirus from which...
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What’s That Smell?
“At least we aren’t Europe” wasn’t quite the standard for excellence Ben Bernanke was originally shooting for. Certainly not when he began QE in the United States, nor at the inauguration of its...
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Gross (in)Opportunity, European Yields Not Fixed By Pfizer
It’s easy to pick on Bill Gross because he made it so easy for everyone to do so. Time and again, he called for an end to the bond market “bull”, seeking to make huge profits on the fixed income...
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Saving Jobs Won’t Save Us From Jaws
Mario Draghi’s sunset retirement festivities weren’t supposed to have gone off this way. Celebrated for his July 2012 “promise” to save the euro, he instead spent the entirety of his eight years as...
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Your K Is Little More Than The Identifying Details Of This 2nd L
ADP reports today that, for the fifth consecutive month, the labor market recovery everyone had hoped for has instead been transformed into something else entirely. According to the firm, private...
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Consumers, Too; (Un)Confident To Re-engage
There is a lot of evidence which shows some basis for expectations-based monetary policy. Much of what becomes a recession or worse is due to the psychological impacts upon businesses (who invest and...
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The Fundamentals of the Bond ‘Bubble’
They were never very specific to begin with, even in Ben Bernanke’s infamous November 2010 Post op-ed covering the start of QE2. Officials like to keep it purposefully vague as a kind of dry powder, a...
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Bonds v. Economists 5
Given the historic data for US retail sales, “somehow” the bond market ignored them yesterday (and today). Yields globally fell for the most part, with real yields (TIPS) really discounting the...
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