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central banks

yellen
central banks

Fed Minutes Summary

Via Bloomberg: Several members judged that it would be appropriate to increase the target range for the federal funds rate relatively soon if economic developments unfolded about as the Committee expected; they saw the new sentence in the third paragraph of the Committee’s statement–a sentence indicating that the case for an increase in the federal… Keep Reading

cb
central banks/Economy

Why Is QE Failing?

You might have noticed something rather disturbing unfolding over the past half decade or so when it comes to QE. Have a look at global central bank liquidity: (Chart: Citi) So here we are, right back to the peak in terms of flow and yet what do we get for it? Still sluggish growth, still… Keep Reading

yellentrump
central banks/Economy

Why Did The Fed Not Talk More About The Election?

What have we been saying for weeks? That the weak ISM non-manufacturing number, the weak retail print, and the sub-consensus August payrolls print would be all the Fed needed to go “full-Brainard.” Well, they didn’t go “full-Brainard” per se – there were three dissents. And as it turns out, Yellen didn’t really cite that data. Which surprised… Keep Reading

yellen
central banks

Fed On Hold: The Street Weighs In

Well, if further inflating asset bubbles was what the Fed wanted to do, they accomplished it today with stocks closing sharply higher after a Fed hold. R.I.P vol. Below, find a rundown of the Street’s take, courtesy of Bloomberg. *********** Independent strategist Ian Lyngen FOMC statement “constructive,” keeps December in play Language on economic activity… Keep Reading

barclays
central banks

When The Bank Of Japan Goes Broke

As we reported around midnight ET, the Bank of Japan has now committed to completely controlling the yield curve and has also committed to “overshooting” its 2% inflation target. While the results of the bank’s monetary policy “review” might have been “underwhelming” as far as markets go, the idea of explicitly and completely manipulating the curve… Keep Reading

bbpj
central banks/Equities/FX

Bank Of Japan Keeps Its Options Open

Ok, well the BoJ has spoken. Here’s the bullet points via Bloomberg: BANK OF JAPAN TAKES ADDITIONAL ACTION BOJ MAINTAINS POLICY BALANCE RATE AT -0.100% BOJ TO EXPAND MONETARY BASE UNTIL INFLATION STABLE ABOVE 2% BOJ TO ENHANCE FOWARD GUIDANCE BOJ TO INTRODUCE QQE WITH YIELD CURVE CONTROL BOJ SCRAPS AVG MATURITY TARGET OF JGB… Keep Reading

fed
central banks/Rates

This Is How Wrong The Fed Has Been…

It’s no secret that the Fed has been continually forced to revise lower its projections for US rates. The market is increasingly skeptical of the Fed’s willingness and/or ability to embark on the illusive tightening cycle. Below, find two telling graphs from Deutsche Bank which show just how much (not to mention how often) the… Keep Reading

yields
central banks/Credit/Rates

One Trader Explains Where Your “Rear-End” Is Headed

For those who aren’t familiar, one of the most entertaining reads on the Street is Deutsche Bank’s Aleksandar Kocic who writes the derivatives section of the bank’s weekly report on US FI. Last September, he famously referred to the Fed’s admission that global financial markets are part and parcel of the FOMC’s reaction function as “removing… Keep Reading

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