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


Latest Posts
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Inflation Is Not About Consumer Prices
Inflation is not the only monetary indicator, along with bond rates (and more esoteric instruments like eurodollar futures) we can get a better sense if monetary conditions are sufficient.
Dollars (TIC) In May: Consistently Inconsistent
The TIC data for May was inconsistent. It has been that way for several months, and importantly describes what I think is the operative “dollar” condition.
Draghi Did Not Keep His Promise
Five years ago today the head of the ECB compared Europe to a bumblebee. That’s not quite right, however, as Mario Draghi really said the euro was like a bumblebee, but you’d be forgiven for mixing the two up.
China’s Banks Deliver RMB In June
In June, the Big banks dramatically scaled back their repo borrowing, while at the same time redistributed a much larger amount of RMB back into repo through reverse repurchases. The net change was a dramatic increase in available funds.
What Manufacturing Productivity Suggests About ‘Dollars’ And Stagnation
In a report released last week, the Bureau of Labor Statistics (BLS) found that Multi-Factor Productivity rose in only 21 of the 86 categories of the manufacturing industry in 2015.
Copper And The Upside
Copper prices are up very sharply today, igniting across markets a reborn “reflation.” Treasuries along with eurodollar futures have been stuck in anti-“reflation” for quite some time.
EC Why It Will Continue, Again Continued
Part of “reflation” was always going to be banks making more money in money. These days that is called FICC – Fixed Income, Currency, Commodities.
Missing Money Inverts
At the nomination proceedings on whether to confirm Ben Bernanke as Alan Greenspan’s successor, Senator Jim Bunning of Kentucky wanted the prospective Fed Chairman to first answer for M3.
EC No Flip Flop In Europe
The economy may or may not be meaningfully improved, but inflation, the economy’s chief monetary indicator along with bond rates, will not behave. For Draghi’s speech, it was characterized as a contradiction.
Why Might Hong Kong Still Be Interesting?
When the People’s Republic of China (PROC) was granted full UN status in 1971, everything was then set in motion.
Y2K Was Really The Great Uncertainty
Y2K wasn’t really a computer problem; it was the demarcation line for the long run, the arrival of the Great Uncertainty.
EC The Plural Of Anecdotes Is Beige
Even the Fed’s very own labor market statistic, the Labor Market Conditions Index (LMCI), belies all its highly propped anecdotes. It’s hard to argue that labor market conditions are “tight” or generally good when your statistic shows the opposite.
When You Stop Reading After The Second Sentence
Central banks navigate by inflation; inflation isn’t behaving no matter what we do; we don’t really know why, but we also believe that this “contradiction” is temporary because we believe it is temporary.
A Decade Of Fallacy
The bond market, however, as eurodollar futures, had already begun to suspect something was up. The yield on the 10s would importantly go no farther.
Qualifying Shortage (Labor)
Many economists expect the jobs market to start putting pressure on wages and inflation, though that phenomenon has yet to fully materialize.
China’s Ghosts Are A Future Property
At these economic levels, where once even 7% GDP growth used to be considered China Recession, the inventory of unsold and unoccupied cities isn’t likely at all to change nearly fast enough.
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