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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You Can’t Make This Up But You Can Apparently Just Make Up The Data
Back in 2014, the Federal Reserve was convinced that the labor market was better than it appeared to be in various data accounts. Primarily lacking in wages and incomes, the labor segment was suspected of missing sustainable economic growth.
Footnote Dollars
Five days ago, the Bank for International Settlements (BIS) published its Quarterly Review letter. Contained within it were the usual articles and releases of data that accompany every issue.
Z1 Update To Money, Credit, And Thus Economy
The Federal Reserve updated the Financial Accounts of the United States (Z1) yesterday, meaning there is quite a lot of new data for the second quarter of 2017.
The Eurodollar Equation Begins With The Imagination Variable
The eurodollar system is non-reservable, meaning there aren’t pools of actual dollars that these liabilities will be converted into in these kinds of situations.
Running Out The Clock; They Really Don’t Know What They Are Doing
The Fed is not in any way data dependent. The data on the economy remains in some category of insufficient, longer-term stuck much too far in the direction of atrocious.
HH The Real Estate View For A Second Lost Decade
The National Association of Realtors reports today that sales of existing homes in the US were down 1.7% in August 2017 from July. At a seasonally-adjusted annual rate of 5.35 million, that’s the lowest pace for resales since July 2016.
Little Behind CNY
The sharp rise in CNY against the dollar was immediately recognizable for what it was, artificial PBOC policy through whatever secondary channels.
PBOC RMB Restraint Derives From Experience Plus ‘Dollar’ Constraint
We know that the euro-dollar system is constraining Chinese monetary conditions, but all through this year the PBOC has approached that constraint very differently than last year.
Why The Fed’s Balance Sheet Reduction Is As Irrelevant As Its Expansion
The FOMC is widely expected to vote in favor of reducing the system’s balance sheet this week.
Swimming The ‘Dollar’ Current (And Getting Nowhere)
The global economy tracks the money; as monetary energy, so to speak, gets weaker, so does it with each rebound or upturn following each downturn or near recession.
If They Wish To Replace LIBOR With Repo, They Should Already Start Thinking About Repo’s Replacement
If LIBOR doesn’t represent real trades at real volume (liquidity), then the pyramid of derivatives that are priced by it is at risk of being priced inefficiently. It’s unnecessary systemic risk.
EC It Was Collateral, Not That We Needed Any More Proof
Last Friday, FRBNY confirmed as much with its updated numbers on repo fails for that earlier week.
Retail Sales And The End Of ‘Reflation’
Retail sales were again very concerning in August. The problem is that sales have lagged for much more than just last month. Year-over-year unadjusted total retail sales rose by 3.53%.
Expectations And Acceptance Of Potential
The University of Michigan reports that consumer confidence in September slipped a little from August. Their Index of Consumer Sentiment registered 95.3 in the latest month, down from 96.8 in the prior one.
IP Weathers Storms But Not Cars
We may fret about hurricanes' potential devastation in economic terms, but throughout history there aren’t any economics textbooks with a chapter or two devoted to storm aftermath management.
The CPI Comes Home
Just over a week ago, Vice Chairman Stanley Fischer abruptly resigned from the Board of Governors even though many believed he was a possible candidate to replace Chairman Yellen at the end of her term next year.
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