Jeffrey P. Snider Blog | Talkmarkets | Page 1
Chief Investment Strategist at Alhambra Investment Partners LLC
Contributor's Links: Alhambra Investment Partners

As Head of Global Investment Research for Alhambra Investment Partners, Jeff spearheads the investment research efforts while providing close contact to Alhambra’s client base.

Jeff joined Atlantic Capital Management, Inc., in Buffalo, NY, as an intern while completing ... more

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Memories Of 2A7 Fade, But Commercial Paper Remains Relevant Anyway
If you are an enterprising financial firm with spare cash toward the end of the business day, you have several options for it.
Now What? Lots Of ‘Stimulus’, And Still No Results
Construction “stimulus” didn’t actually change anything apart from temporary follow-on spending that is related more to what the State Sector is doing than the positive shift in private investment intentions that all “stimulus” seeks.
China RRR: Surprise But No Surprise
Today’s RRR cut is neither a surprise nor is it inconsistent from the perspective of the whole PBOC balance sheet, where the “dollar” is perhaps at its most visibly disturbed.
Data Tick In November TIC
November was the month where global bonds, particularly sovereign bonds, were routed in synchronized liquidation. As such, we would expect to find among various data sources evidence to suggest a monetary “dollar” background consistent with that fact
The Non-Cyclical Cycle Repeats
Industrial production rose year-over-year in December 2016, the first plus sign in more than a year. Under normal circumstances that would be cause for celebration.
Where Do We Begin? Define What It Means To Be A Bank
It may sound overly basic, but times being what they are there is a very well deserved need to be elementary about certain things again. That starts with banks and really defining what is and is not one.
CPI Hits Two
For the 1st time since 2014, the CPI was above 2% in December. Unlike the PCE Deflator, the CPI has been above 2% on other occasions after the 2012 slowdown, notably in mid-2014 when policymakers were making the same extrapolations as to its meaning.
Labor Leverage
The reasons for the lack of labor recovery, however, have little to do with what Trump might be able to do, except insofar as he could send Janet Yellen and all those empty suits like her to do more damage only in academia.
The Monetary Surprise
The world stopped paying attention to money and it has, as Milton Friedman predicted it would, turned around and surprised everyone.
We Are Not The Problem
For the first time in modern world history, GDP per capita growth has become synchronized in the worst possible way. There have been economic problems before, but never before so sharp and uniform.
Currency Chaos
There are a great many great things afoot, so it might be understandable some transferred excitement (or dread) into the realm of global currencies.
Why Central Banks Can’t Make Inflation, And Therefore Recovery
Inflation in China slowed somewhat in December, as the Consumer Price Index decelerated to 2.1% from 2.3% in November.
The Last Month For ‘Unexpected’?
Chinese officials reported that exports fell 6.1% in December, following a downward revised 1.5% decline in November that was originally reported as a 0.1% gain.
Retail Sales Redistribution, Not Recovery
Retail sales are higher in 2016 than 2015, and that is an improvement given the near-recession conditions that prevailed as the one turned to the other.
The Great Monetary Mistake
It may seem strange that one of the primary forces behind the Bretton Woods arrangement was John Maynard Keynes. That is because what goes on in his name today is often nothing like what he proposed.
Consumers Willingly Taking On Risk, Or Left With Few Other Options?
In the 38 months from the start of 2012 thru February 2015, consumers added $48 billion to their debt balances. In just the 21 months from March 2015 thru November 2016, balances ballooned by an astounding $103 billion.
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