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Notes From Underground: BIS Warns About “Euphoric” Markets
The big news story from the weekend has been the warning from the central bankers’ banker, the Bank For International Settlements (BIS), that financial markets have become “… detached from the reality...
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Notes From Underground: Who Knows What Lurks In the Mind Of the BOE, the Shadow?
Tomorrow the Bank of England’s Monetary Policy Committee meets to decide interest rates. Governor Mark Carney has recently confused markets by saying that interest rates would probably rise sooner than...
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Notes From Underground: Sunday’s World Cup Final = Creditor/Debtor Bowl?
There’s a little levity during a very stressful week of trading. Germany meeting Argentina in the World Cup final is symbolic of the battles being waged by the world’s central bankers. Jeremy Stein and...
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Notes From Underground: Santelli Exchange–Fischer’s Fed View
Click on the image to watch Rick and I discuss the battle between Janet Yellen and the BIS, as well as Fischer’s July 10 remarks.
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Notes From Underground: To Print or Not to Print (For the BOJ and SNB)
In the time of “secular stagnation,” the burden of economic policy has fallen on the world’s central bankers. Whatever the question of economic malaise the answer is to print money and stave off the...
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Notes From Underground: Draghi Fires a Water Pistol at Global Liquidity
After the smoke had cleared from ECB’s announcement to cut the deposit rate another 10 BASIS POINTS to NEGATIVE FORTY, the central bank ADDED MORE MONEY TO THE SYSTEM VIA AN INCREASE IN QE TO EIGHTY...
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Notes From Underground: Merkel’s Boner, Take Two
It seems that 108 years is enough time to pass to relive history. For those who are not sports fans, Merkle’s Boner is a famous mistake made by New York player Fred Merkel, who didn’t touch second base...
View ArticleNotes From Underground: The Sound Of Complacency Shattering
First, for all those in the Notes From Underground community who celebrate Rosh Hashanah, have a happy and healthy New Year. For those who don’t I also wish you a happy and healthy New Year. Thanks for...
View ArticleNotes From Underground: Some Areas Of Concern and Importance
As the tinder of prairie fires builds, these areas of concern are important because of the potential impact they can have on the market: 1. Sunday’s election results in Austria give rise to concerns...
View ArticleNotes From Underground: The COLLATERAL DAMAGE From Bernanke’s Fed Policy
Is there anyone involved in financial markets who doesn’t believe that GLOBAL BOND MARKETS ARE BROKEN AS INDICATORS OF PREDICTED ECONOMIC PERFORMANCE? The FED has pursued a policy of TWISTS AND QEs as...
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