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Plosser’s Dissent Based On Calendar-Based Language

December 22, 2014

Real Time Economics (WSJ Blog) – Fed’s Plosser Explains Dissent Vote, Says Policy Language Still Calendar-based Federal Reserve Bank of Philadelphia leader Charles Plosser said in a statement Friday the U.S. central bank is failing to make its monetary policy stance truly dependent on how the economy performs. Mr. Plosser’s comments came from a statement… Continue reading Plosser’s Dissent Based On Calendar-Based Language

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The Call For Rising Rates

December 22, 2014

Barron’s – Looking Back: Rates Don’t Rise, Junk Gets Junked Interest rates defy the consensus prediction, and high-yield bonds are crushed by energy’s plunge and global tensions. No matter how consensus a consensus is, often it’s still completely wrong. Nearly every bond-market pundit predicted that interest rates would rise in 2014. Almost nobody forecast that… Continue reading The Call For Rising Rates

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The Economics Of Oil

December 22, 2014

The Financial Times – Oil surplus opens storage profit opportunity Brent crude’s worst slump since the financial crisis amid a mounting oil surplus is set to boost demand for storage facilities and usher in a new era of profitable deals for the world’s biggest oil traders.  Relentless US production and Opec supplies above targets have… Continue reading The Economics Of Oil

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Russia

December 22, 2014

<Click on chart for larger image> The Financial Times – Rich Russians head for UK in record numbers Rich Russians are gaining entry to the UK in record numbers amid a worsening economic outlook in their home country. The number of Russians who were granted investor visas this year has soared by 69 per cent,… Continue reading Russia

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An Argument Against Keynesians

December 22, 2014

The Wall Street Journal – John H. Cochrane: An Autopsy for the Keynesians We were warned that the 2013 sequester meant a recession. Instead, unemployment came down faster than expected. Keynesians told us that once interest rates got stuck at or near zero, economies would fall into a deflationary spiral. Deflation would lower demand, causing… Continue reading An Argument Against Keynesians

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Regulating Shadow Banks

December 22, 2014

The Wall Street Journal – As Fed Shines Light on Shadow Banking, Its Regulatory Limits Get Laid Bare As Federal Reserve officials ramp up their efforts to monitor and curb risky activities by financial firms outside the banking system, a key question is emerging: What can they do about any problems they find?… The Fed… Continue reading Regulating Shadow Banks

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Active Managers’ Poor Performance

December 22, 2014

The Financial Times – Investment: Loser’s game For active managers, 2014 looks uncomfortably as though it marked a tipping point in the debate. They have failed to match their market benchmarks on a scale not seen in decades. Some estimates suggest that as few as 10 per cent of active managers in the US managed… Continue reading Active Managers’ Poor Performance

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The Myth Of Cheap Energy Leading To Economic Growth

December 22, 2014

The Wall Street Journal – History Holds Hard Lesson on Cheap Energy What Janet Yellen calls “transitory,” the American consumer considers a surprise holiday bonus. The Federal Reserve chairwoman poured cold water on the idea that the central bank would be swayed by the impact of sliding oil prices on inflation. As usual, rate setters’… Continue reading The Myth Of Cheap Energy Leading To Economic Growth

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Cartoons

December 22, 2014

None Today

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Market Fundamentals vs Central Banks

December 19, 2014

The Financial Times – Henny Sender: Markets will win game of chicken with Fed Fed forbearance and patience will continue to soothe the markets But then the Federal Reserve uttered the single word “patience” and everything changed. On Wednesday the stock market rose 2 per cent and on Thursday the Dow Jones Industrial index had… Continue reading Market Fundamentals vs Central Banks

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Looking Into 2015

December 19, 2014

Comment Yesterday we hosted a conference call titled “Looking Into 2015. The links below offer a recap: Webcast [hana-flv-player video=”https://www.biancoresearch.com/bianco/SubscriberArea/121814.flv” width=”600″ height=”495″ description=”” player=”3″ autoload=”false” autoplay=”false” loop=”false” autorewind=”true” splashimage=”https://www.biancoresearch.com/bianco/wp-content/themes/twentyten/images/splash.jpg” /] Handout [pageview class=”PDFViewer” url=”https://www.biancoresearch.com/bianco/wp-content/plugins/PDFViewer/plugin.php?id=230″]

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Crude By Rail Update

December 19, 2014

<Click on chart for larger image> Bloomberg.com – Cheap Oil Jamming Rails Means Higher U.S. Power Bills U.S. electricity costs are poised to reach the highest level since 1999 because railroads are too clogged to deliver enough coal to power plants. While the U.S. has the world’s biggest coal reserves, utilities are forecast by the… Continue reading Crude By Rail Update