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 studies at ... more

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It’s The Track Record That Is Unaccounted-For Risk
No one seems able to account for the rise in LIBOR-OIS. I think it’s a vain effort, and focuses on the wrong segments, but nonetheless there is considerable uncertainty which always casts suspicions into the shadows. That is important.
Good Time To Review China Money Basics
Since the announced conditional cut in China’s RRR won’t begin to show up in various figures (particularly for the MLF) until next month, the updated PBOC balance sheet for March 2018 is somewhat anti-climactic.
Moving Past The Oily Path Of Least Resistance?
Rising oil prices have not translated into a rising ruble, nor a recovering Russian economy.
The (Official) World Still Has A Ways To Go
Officials are obsessed with mapping out the players inside the shadow system rather than more fruitfully focusing on what it is these players are doing, and with whom.
EC The Science Of Japanification
Even if Japan’s CPI does reach 2% in the years ahead, would we even be able to trace it back to QQE?
The Yield Curve’s Round Trip
Nominally, rates are rising across the Treasury curve. They are increasing much faster and farther at the short end than the long.
The (Official) World Moves A Little Closer To The Eurodollar
Everyone thinks they have “dollars” on the liability side until suddenly they disappear; rollovers become inflexible and prohibitively expensive often without sufficient warning.
QE Through The Housing Channel
According to the National Association of Realtors (NAR), existing home sale have hit a ceiling dating back to early 2017.
Renewed ‘Reflation’ From A Short-term Dollar Perspective
It’s worth revisiting the topic of the “rising dollar.” What determines its exchange value in the first place? Orthodox convention associates the general direction up or down with interest rate differentials, the infamous global carry trade.
Transitory’s Japanese Cousin
Today, the Ministry of Internal Affairs reports Japanese consumer prices fell -0.4% month-over-month, bringing the CPI back down to just 1.1% year-over-year, leaving it still only about halfway to its target.
Asian Markets: Interesting Things Happening
Yesterday for the first time in over a week, HKD moved. That’s not unsurprising, as we should expect that nothing goes in a straight line – even devaluation of this kind.
Hawkish
The latest Beige Book compendium released yesterday included only seven mentions of “labor shortage” this time, down slightly from prior versions.
Can We Blame Japan For The Liquidations (And HKD)? Right Now It Sure Seems That Way
February was a very interesting month, wasn’t it? There was the pause or even end of the inflation hysteria driven home by “unexpected” liquidations in markets all over the world.
Why The Last One Still Matters (IP Revisions)
Revisions are a constant intrusion of modern economic gathering and measuring. Large-scale sampling is always preferred but it takes time.
China’s Monetary Shell Game
China’s central bank had raised its reverse repo rate twice early on, and then once more last December. These moves coincided with Federal Reserve “rate hikes”, seemingly in line with the whole idea.
No Suggestion Of Growth, Only L
China’s economy is merely rebalancing, they claim. And that’s true in a very narrow sense. The rest of its system is growing faster than industry, but not as a conscious choice.
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