66 minutes | Jun 23, 2021

The Bond Market Foreshadows

PART 01: After the Federal Reserve raised the return on one of its bank programs, a record $756 billion flowed into the central bank’s reverse repo facility. Jerome Powel said, "We're not concerned." He should be. Like the Fed should've been in 2017 when something similar happened. A warning. Again.

PART 02: How is it possible 14 years of data shows the Federal Reserve FLAILING ABOUT trying to raise or lower bond yields with MASSIVE purchases of securities via quantitative easing? Because they were 'massive'. The CENTRAL BANK IS NOT CENTRAL to money. The bond market is.

PART 03: The multi-year benchmark revisions to Retail Sales and Industrial Production reveal - Surprise! - the economy was much worse than initially reported. But guess who wasn't surprised? The bond market.

---------SEE IT-----------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL

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--------REFERENCES--------
The FOMC Accidentally Exposes Itself (Reverse Repo-style): https://bit.ly/3zCfXTe
79a Warning: the Fed's Reverse Repo Program Surges!: https://youtu.be/9VqAB07ny4w
Upcoming Bill Cliff Refunding Recalls Rerun Reverse Repo: https://bit.ly/3j59E4P
Overnight RRP Operations as a Monetary Policy Tool: https://bit.ly/2TN1XFr
No Reason To Toss Out Low Rates In The Inflation Debate: The Repo Rat Rate Fallacy: https://bit.ly/3wKjjS8
60a Quantitative Easing: 20-Year Anniversary!: https://youtu.be/9eTqYTP0Vqo
Yields, Not Dots; Another Example of Why Inflation Had(s) No Chance: https://bit.ly/3cUi8YC
More Than A Benchmark Peeve: https://bit.ly/3vGaWG0

---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins. Podcast intro/outro is "Purist" by Ballpoint at Epidemic Sound.

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