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Eurodollar University’s Making Sense; Episode 89, Part 1: T-bill Scarcity So Obvious Jay Powell Tells Congress About It

Summary:
89.1 Jay Powell Sees Safe-Asset Demand Surge; Why?———Ep 89.1 Summary———Jay Powell has confirmed a surging Fed program (RRP) is partly the result of safe-asset demand. But he plays it off as a monetary technicality, mere arcana. Nope! Safe-asset scarcity is step one along a well-trod path towards a malfunctioning economy. Here’s what happens next. ———See It——— Twitter: https://twitter.com/JeffSnider_AIPTwitter: https://twitter.com/EmilKalinowskiAlhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisLArt: https://davidparkins.com/ ———Hear It———

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89.1 Jay Powell Sees Safe-Asset Demand Surge; Why?

———Ep 89.1 Summary———
Jay Powell has confirmed a surging Fed program (RRP) is partly the result of safe-asset demand. But he plays it off as a monetary technicality, mere arcana. Nope! Safe-asset scarcity is step one along a well-trod path towards a malfunctioning economy. Here’s what happens next.

———See It———

Twitter: https://twitter.com/JeffSnider_AIP
Twitter: https://twitter.com/EmilKalinowski
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
Art: https://davidparkins.com/

———Hear It———

Vurbl: https://bit.ly/3rq4dPn
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iHeart: https://ihr.fm/31jq7cI
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Google: https://bit.ly/3e2Z48M
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AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr

———Ep 89.1 Topics———

02:08 Mr. Snider AGREES with the Fed on the surge in inflation being “transitory”. End times?
04:23 Mr. Snider AGREES with the Fed on the surge in RRP being “safe asset demand”. End times?
08:09 Powell says the RRP surge is a technicality, not a warning of a collateral shortage.
12:12 Since 2007 we have witnessed collateral shocks as part of a sequence towards disorder.
14:31 A review of the “event” and “landmine” sequence in Eurodollar #2a and #2b (2010-12).
17:43 August 9, 2007, then May 6, 2010, and March 16, 2011 but what about November 20, 2013?
19:01 October 15, 2014 witnessed an utter collapse in US Treasury bond yields. Why? A break.
20:58 Collateral scarcity leads to a break then to a landmine then to an economic malfunction.
22:40 May 29, 2018 delivered a shocking collapse in US Treasury and German Bund yields.
24:49 September 17, 2019 was a confirmation of the monetary shortage in progress.
25:40 February 24, 2021 was a warning that central bank liquidity was insufficient.

———Ep 89.1 References———

Powell Admits RRP and Collateral Scarcity, Still Unaware Of What It Means: https://bit.ly/3hK2dP9
To This Day, the World Still Thinks It Was About QE: https://bit.ly/3zbSS8V
The China of Today Seeks Nothing But Its Own Terms: https://bit.ly/3ks2qII
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7

———Who———

Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins.

 


Jeffrey P. Snider
As Head of Global Investment Research for Alhambra Investment Partners, Jeff spearheads the investment research efforts while providing close contact to Alhambra’s client base. His company is a global investment adviser, hence potential Swiss clients should not hesitate to contact AIP

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