<Click on graphic for larger image> The Federal Reserve – Minutes of the Federal Open Market Committee The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on June 14-15, 2016. A summary of economic projections made by Federal Reserve Board members and Reserve… Continue reading Confusion At The Fed
<Click on chart for larger image> Bloomberg Business – Gold Assets Top 2,000 Tons as the Clamor for Havens Grows Louder ETF holdings rise 37% this year as Brexit vote adds to inflows Global gold holdings topped 2,000 metric tons for the first time in three years as the Brexit fallout and speculation that U.S.… Continue reading Gold On The Rise
<Click on graphic for larger image> Comment The ECB can only buy bonds with yields of more than -0.40% basis points. As the blue line above shows, 63% of the German bond market is now ineligible for the ECB to purchase, up from 0% in January. The Wall Street Journal – Central Banks Put Squeeze… Continue reading Central Banks And The Sovereign Debt Market
<Click on graphic for larger image> Zero Hedge – A Furious Italian Prime Minister Slams Deutsche Bank As Europe’s Most Insolvent Bank Several years ago, we were the first to point out the true “elephant in the room”, namely Deutsche Bank’s $75 trillion in derivatives which as we said at the time was about 20… Continue reading Deutsche Bank’s Derivative Problem
Charts of the Week Yesterday we assembled a collection of about 90 of our favorite long-term charts. To view the entire presentation, click on on the open button above. Below are the new charts we created for this presentation and a chart of the British Pound back to 1791. <Click on chart for larger image>… Continue reading Charts Of The Week
Reuters.com – Fog of Brexit clouds outlook for central banks seeking clarity For much of this year, the dollar, oil prices, and economic conditions largely behaved as the U.S. Federal Reserve had expected, allowing policymakers to plot further interest rate increases. Not anymore. Since Britain’s June 23 vote to leave the European Union, every piece… Continue reading More On Central Bank Confusion
<Click on graphic for larger image> AQA – Peter Forbes: Weaker Chinese Yuan Adds to Pressure on Sovereign Yields, Global Equities With remarkably little fanfare, the Chinese Yuan has weakened to a six year low against the US Dollar. This follows a policy shift in January in favor of a more managed, less market influenced… Continue reading The Falling Yuan And Its Effect On Sovereign Debt, Global Equities
Bloomberg Business – Chris Hughes: Amid Real Estate Rout, A Lesson From 2008 The funds that Standard Life, Aviva, M&G, Henderson and Columbia Threadneedle have “gated” invest in commercial property. The underlying assets — offices, business parks, and shopping centers — are inherently illiquid. In other words, they take time to find the right buyer even… Continue reading Real Estate In The U.K.
MarketWatch.com – Caroline Baum: To lure business, U.K. dangles a carrot while U.S. brandishes a stick After Brexit vote, London may offer lower corporate tax … You’ve seen the statistics before. The U.S. corporate tax rate (35%) is the highest among the 34 developed nations that compose the Organization for Economic Cooperation and Development. The… Continue reading U.K. May Lower Corporate Tax To Keep Businesses
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Charts of the Week This week we assembled a collection of about 90 of our favorite long-term charts. To view the entire presentation, click on the open button above. Topics Covered This Week Include: Long Term Interest Rates Back To 1790 Short Term Interest Rates Back To 1831 Long Term and Year-over-Year Change in CPI… Continue reading Charts of the Week
The Wall Street Journal – Willaim A. Galston: Why So Many Missed the Nationalist Surge Politicians and young, educated urbanites live in an economic and cultural bubble. In this year of Brexit and Donald Trump and ethno-nationalism rising across Europe, it is time to take stock of what we have learned. Even in an era… Continue reading More On The Nationalist Surge