Today's topics include timing the first rate cut, another forgotten Fed facility regains popularity, QE-Era interest rates were the exception rather than the rule, a few giants run the basis trade, a 0DTE ETF, European spreads diverging from U.S. spreads, and Krugman puts on gaslighting clinic
Today's topics include are real rates restrictive?, timing the first cut, the mechanics of setting FOMC policy, a wide range of rate expectations, another way to view the concentrated rally, BofA's latest fund manager survey bullish on stocks & bonds, and some serious inflows into SPY lately
A replay of our December 21, 2023 conference call
Today's topics include the Fed vs. the markets, pulling future returns forward, bonds enter bull market territory, is the 2-year note the sweet spot?, stock market ownership, how low would mortgage rates need to go to entice sellers?, calls for China to reduce U.S. Treasury exposure, and bankruptcies on the rise now that Covid aid is gone
Today's topics include how long will these bull runs last?, a real look at the melt-up in stocks, soft landing & stability are the consensus market bets, victory on inflation?, a quick change in Powell's tone, on market efficiency, how accurate is the Fed 1 year out?, strong dollar trade, and issues for credit in 2024
A look at outstanding amounts of Treasuries, corporates, agencies, munis and open market paper
The amount of outstanding private credit in the U.S. experienced a brief decline during the financial crisis, but government debt grew throughout the entire period.
Private pension funds typically have much smaller funding gaps than their government counterparts.