The bears are back on red alert because the Spanish and Italian debt markets are apparently going to destroy global risk asset markets, capitalism and modern civilization - AGAIN. But while the Spanish 2yr was busy skyrocketing 132bps last week, the Irish 2yr rallied...
There is a famous Time magazine cover from 1998, with a picture featuring 3 of the leading "regulators" at the time - Bob Rubin, Larry Summers and Alan Greenspan. The caption on the cover reads - "The committee to save the world". Of course, in retrospect, these were...
....Gimme an "R". Yes it’s true, during the Q&A Ben put the IOER back on the table. Many pundits had written the IOER off as a policy tool after the minutes from September 2011 suggested officials were too scared of zero rates. According to Fed and financial industry...
Last week was very interesting and very tiring. I started off Monday in Dallas at a dinner with a very lively Texan crowd, and a guest appearance by an ex-ECB governing council member. Mixing Texan-style EMU bearishness with southern Mediterranean central bankers was...
The following passage from the minutes of the September 2011 FOMC meeting has become market gospel on why the Fed will not lower the IOER - “Participants discussed whether to reduce the IOR rate, weighing potential benefits and costs. A number of participants judged...
The following passage from the minutes of the September 2011 FOMC meeting has become market gospel on why the Fed will not lower the IOER - “Participants discussed whether to reduce the IOR rate, weighing potential benefits and costs. A number of participants judged that a reduction would result in at least marginally lower money […]
