Podcasts about markets group

Ellen Correia Golay is an advisor in the Markets Group at the Federal Reserve Bank of New York, focusing on the US Treasury market. She also helped lead an interagency working group report and a recent conference on the Treasury market. Ellen joins David on Macro Musings to talk about these and other Treasury-related developments. Ellen and David also discuss her career journey and role at the New York Fed, the current and future challenges in the Treasury Market, necessary areas for reform, and more.   DISCLAIMER: Ellen Correia Golay's views are her own, and they do not represent those of the Federal Reserve Bank of New York or the Federal Reserve System.   Transcript for this week's episode.   Register now for Building a Better Fed Framework: The AIER Monetary Conference.   Ellen's LinkedIn profile   David Beckworth's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server!   Join the Macro Musings mailing list! Check out our Macro Musings merch!   Related Links:   *Enhancing the Resilience of the U.S. Treasury Market: 2024 Staff Progress Report* by the Inter-Agency Working Group on Treasury Market Surveillance (IAWG)   *The 2024 U.S. Treasury Market Conference* — An event hosted by the Federal Reserve Bank of New York   Timestamps:   (00:00:00) – Intro   (00:03:09) – Ellen's Career Journey and Role at the New York Fed   (00:17:13) – Breaking Down the Treasury Market   (00:20:38) – Current and Future Challenges in the Treasury Market   (00:29:54) – How Would Central Clearing Impact the Fed and the Treasury Market?   (00:31:47) – Explaining the Treasury Department Buyback Program   (00:36:12) – Commencement of Data Dissemination on Individual Nominal Coupon Treasury Transactions   (00:38:29) – Requiring the Reporting of Non-Centrally Cleared Bilateral Repos   (00:41:26) – The 2024 U.S. Treasury Market Conference   (00:43:50) – Future Areas for Reform in the Treasury Market   (00:46:43) – Outro

The Summer of Soccer is almost here and The Soccer Sharps couldn't be more excited! Today, Devin and Jordan provide an overall breakdown of the UEFA Euro 2024 tournament, which is set to kickoff on Friday! The brothers break down all six groups, giving some of their leans for which teams may advance, which teams may surprise, and which teams may fall short. They also discuss outright futures, player prop futures, and much more! Need a new book with a nice sign-up bonus for The Summer of Soccer? Get the best deals in your area from our personal favorite sportsbooks for soccer betting: http://signupexpert.com/soccersharps For additional leans and last-minute Official Plays, JOIN OUR DISCORD SERVER; it's the best way to ensure you don't miss anything from us. Invite link: https://discord.gg/cx7WJKWabQ THANK YOU FOR LISTENING! If you're making money with our advice, please consider taking a moment to leave us a 5-Star review wherever you're listening to our show. It really helps us out!We appreciate your help in growing this podcast. We want as many people as possible to be making money with us, so please share our episodes!JOIN OUR DISCORD SERVER: https://discord.gg/cx7WJKWabQFOLLOW US:Twitter: @TheSoccerSharps Instagram: @TheSoccerSharpsCURRENT SEASON P&L SPREADSHEET: https://docs.google.com/spreadsheets/d/1HzJuaiy_-Hv0gaidKQiU_b9706lEbvTu_OOiNgeQJ_c/edit?usp=sharingP&L SPEADSHEETS FROM PREVIOUS SEASONS: https://drive.google.com/drive/folders/1jca0dVIW7FumZ27VEcyhdre0Ke5gh7C6?usp=sharing

The future of cars is becoming increasingly complex.  EVs, BEVs, and PHEVs have been pushed as the vehicles of the future, and yet there's been an increasing number of major producers backtracking on the promise to go electric.  The idea that the internal combustion engine will no longer be produced by 2030 seems to be out of reach.  Kay Hart, the President of International Markets Group at Ford, has been in the automotive industry for nearly 25 years, and has seen quite a significant amount of change in that time.  “I think the change has been phenomenal on so many fronts,” she told Newstalk ZB's Mike Hosking.  “The changes that we've seen in technology available in our vehicles, the connectivity of our vehicles, the features that are available to our customers, power train that we have, and also the way customers interact with, purchase, and service vehicles, I think has changed hugely over that 25 years.”  There are distinct differences in the regulations each market has, and so automotive producers need to be very clear on what the rules and regulations are, and how they bring the right products to their customers in those regions.  For example, the EU has restrictions around emissions and the use of internal combustion engines, but Hart says their timelines can leave something to be desired.  “To be clear, we are for, are very much in favour of cleaner vehicles, lowering carbon emissions,” she told Hosking.  “The overall, the intent of governments have been positive in terms of what their intent is. I think, to your point, maybe some of the timelines don't necessarily ensure that we had the most viable alternatives for our customers in the market at the right time.”  That flux, Hart thinks is what the industry is struggling to adjust to when it comes to EVs.  “In the market like New Zealand, to have the most aggressive curve in the world, probably unfairly punished vehicles that didn't really have a viable alternative.”  “And that's, that's probably where we're at now.”  LISTEN ABOVE See omnystudio.com/listener for privacy information.

Roberto Perli is the manager of the System Open Market Account (SOMA) and a senior leader in the New York Fed's Markets Group. In his role, Roberto is responsible for implementing monetary policy at the direction of the Federal Open Market Committee (FOMC). Roberto is also a returning guest to the podcast, and he rejoins Macro Musings to talk about a recent speech he made titled, *Balance Sheet Reduction: Progress to Date and a Look Ahead.* Specifically, David and Roberto discuss the Fed's recent balance sheet activities, the basics and functionality of the overnight reverse repo facility, the importance of slowing down the Fed's balance sheet runoff, and much more.   Transcript for this week's episode.   Roberto's NY Fed profile Roberto's Twitter: @R_Perli   David Beckworth's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server!   Join the Macro Musings mailing list! Check out our Macro Musings merch!   Related Links:   *Balance Sheet Reduction: Progress to Date and a Look Ahead* - Remarks by Roberto Perli at the 2024 Annual Primary Dealer Meeting, Federal Reserve Bank of New York   Timestamps:   (00:00:00) – Intro   (00:04:49) – Breaking Down the Role of SOMA Manager   (00:08:43) – Recapping the Fed's Balance Sheet Activities   (00:11:04) – How to Think About Quantitative Tightening   (00:13:19) – Breaking Down the Overnight Reverse Repo Facility   (00:20:42) – Slowing Down the Runoff and the Future of QT   (00:26:48) – How to Determine the Critical Level of Reserves   (00:33:03) – The Structural Demand for Bank Reserves Over Time   (00:38:55) – The Advantages of the Floor Operating System   (00:47:49) – Reserve Supply Focus Moving Forward   (00:49:44) – Outro

Bloomberg Radio host Barry Ritholtz speaks to Bill Dudley, a Bloomberg Opinion columnist and former president and chief executive officer of the Federal Reserve Bank of New York, where he also served as vice chairman and a permanent member of the Federal Open Market Committee. He is the chair of the Bretton Woods Committee, and has been a nonexecutive director at Swiss bank UBS since 2019. Previously, he was executive vice president of the Markets Group at the New York Fed, where he also managed the System Open Market Account. He has also been a partner and managing director at Goldman Sachs & Co. and was the firm's chief US economist; vice president at the former Morgan Guaranty Trust Co. Ltd.; and chairman of the Committee on the Global Financial System of the Bank for International Settlements. See omnystudio.com/listener for privacy information.

Mark Cabana, head of US Rates Strategy at BofA Global Research, joins Forward Guidance to share insights on today's very strange bond market. Cabana, a former officer at the Markets Group at the Federal Reserve Bank of New York, explains his bullish case for the 10-year U.S. Treasury yield, which he expects to fall modestly as the Federal Reserve rate-hiking cycle approaches an end. Cabana also discusses the U.S. Treasury's renewed issuance of Treasury bills as well as the SEC's new ruling on money markets. Filmed on July 18, 2023. -- Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance Follow Blockworks on Twitter https://twitter.com/Blockworks_ -- Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://rb.gy/5weeyw Market commentary, charts, degen trade ideas, governance updates, token performance, can't-miss-tweets and more. Subscribe to the Blockworks Research “Daily Debrief” Newsletter: https://rb.gy/feusos -- Timecodes: (00:00) Introduction (00:29) This Is A Very Strange Bond Market (05:59) Funding Pressures For Banks Have Eased, Looking At Federal Home Loan Bank (FHLB) Issuance Data (14:38) Migration Of Deposits Into Money Market Funds (MMFs) Has Slowed (23:00) Who's Going To Buy The Bonds? (31:51) Deep Dive on Treasury Bond Yields (34:29) Why (And When) Will The Federal Reserve Cut Interest Rates? (42:47) Will Quantitative Tightening (QT) Continue For A Long Time? (46:32) 10-Year Treasury Is Very Clean Expression Of End-Of-Cycle Trade (49:54) SEC's New Rule For Money Market Funds -- Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Today, my guest is Anna Kelley. Ana is a former top ranked financial relationship manager for Bank of America's private bank. She also worked for AIG for 20 years in the corporate and affluent Markets Group focused on creating products for ultra high net worth individuals, banks and institutions. Anna has been investing in real estate since 1998, and has held active ownership of a rental portfolio valued at $300 million across Texas, Pennsylvania, Florida, Tennessee and Maryland. As a sponsor, Anna seeks strong multifamily investment opportunities to help her partners and investors meet their financial goals and grow wealth on a tax preferred basis. She brings her decades of experience with both traditional investments and real estate to help others overcome fears, increase knowledge, mitigate risk, and make wise investments in real estate. Anna is passionate about creating a meaningful impact in the lives of her residence and communities. And is also a sought after speaker real estate coach and a four times Amazon number one best selling author. And in just a minute, we're gonna speak with Anna about real estate investing through market cycles.

Brian Sack was recently the Director of Global Economics at the D.E. Shaw Group, and prior to that, he was the manager of the System Open Market Account or SOMA and the head of the Markets Group at the New York Federal Reserve bank, where he managed the Fed's balance sheet. Brian joins Macro Musings to talk about the central bank's balance sheet, its operating system, and his work at the Treasury Borrowing Advisory Committee. Specifically, David and Brian discuss the current state of the Fed's balance sheet, Brian's theory of QE, how to improve the effectiveness of the floor system, and a lot more.   Transcript for the episode can be found here.   Brian's LinkedIn profile Brian's Google Scholar archive   David Beckworth's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Click here for the latest Macro Musings episodes sent straight to your inbox! Check out our new Macro Musings merch here!   Related Links:   *Monetary Policy with Abundant Liquidity: A New Operating Framework for the Federal Reserve* by Joseph Gagnon and Brian Sack   *Monetary Policy Alternatives at the Zero Lower Bound: An Empirical Assessment* by Ben Bernanke, Vincent Reinhart, and Brian Sack

Nick Hedley is a senior reporter at the Markets Group, he is also very prolific on sites like Twitter, where he delivers very interesting opinions and articles on the state of South Africa and the World. ---- Guest Links ----- https://www.linkedin.com/in/nick-hedley-36296025/?originalSubdomain=za https://twitter.com/nickhedley?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor https://muckrack.com/nick-hedley https://web.facebook.com/nick.hedley/?_rdc=1&_rdr WorldView is a media company that delivers in-depth conversations, debates, round-table discussions, and general entertainment. Most of our content will be focused on news and politics, centered on South Africa. But the rest will be chats with figures around the world and from all walks of life to create a package that will inevitably broaden your WorldView. ---- Links ----- https://twitter.com/Broadworldview https://web.facebook.com/BroadWorldView https://anchor.fm/broadworldview You can donate at https://www.patreon.com/user?u=461365... Music: https://www.bensound.com

In this episode I am joined by Philip Low, Chairman Platform Market Group. We discuss Philip's career organising data centre events and the new Platform Antibes event taking place on the 14th-16th September.Philip shares how he started his career and how he ended up working in the data centre sector. He outlines how he first started in data centre events and how his career progressed to establishing one of the most well known events in the sector. We then discuss the new event in Antibes. We discuss why Philip felt there was a need for an event focussed towards data centre investors and some of the key topics being discussed in this years event. You can find out more about Platform Antibes here - https://www.platformcongress.com/ 

This episode originally aired in November 2021.Transparency plays a central role in promoting the fairness and efficiency of U.S. markets, lowering transaction costs, leveling the playing field and enhancing public trust in our markets. And the data market transparency provides serves as the lifeblood of FINRA's surveillance program.On this episode, we hear the Market Regulation and Transparency Services' Jon Kroeper, executive vice president of the Quality of Markets Group, and Ola Persson, senior vice president and head of Transparency Services, about FINRA's historical commitment to market transparency and how it has impacted FINRA's regulatory regime.Resources mentioned in this episode:Trade Reporting and Compliance Engine (TRACE)TRACE at 20 - Reflecting on Advances in Transparency and Fixed IncomeConsolidated Audit Trail (CAT)Regulatory Notice 20-43Advancing Market Regulation and TransparencyEpisode 13: How the Cloud and Machine Learning Have Transformed FINRA Market Surveillance 

Lorie Logan is an executive vice president in the Markets Group of the Federal Reserve Bank of New York. In that role, she's the manager of the System Open Market Account (SOMA), for the Federal Open Market Committee (FOMC), and she is also the head of the market operations, monitoring, and analysis. Lorie joins Macro Musings to talk about the operations side of monetary policy and her work at the New York Fed. Specifically, David and Lorie discuss the “dash for cash” during the March 2020 Treasury market crisis, the Fed's new standing repo facility, the future of the central bank's balance sheet, and more.   Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings   Lorie's New York Fed profile: https://www.newyorkfed.org/aboutthefed/orgchart/logan Lorie's Fed in Print archive: https://fedinprint.org/search?facets[]=authors_literal_array:Logan%2C+Lorie   Related Links:   *Monetary Policy Implementation: Adapting to a New Environment* by Lorie Logan https://www.newyorkfed.org/newsevents/speeches/2021/log211014   *Liquidity Shocks: Lessons Learned from the Global Financial Crisis and the Pandemic* by Lorie Logan https://www.newyorkfed.org/newsevents/speeches/2021/log210811   *Recent Disruptions and Potential Reforms in the U.S. Treasury Market: A Staff Progress Report* by the Inter-Agency Working Group https://home.treasury.gov/system/files/136/IAWG-Treasury-Report.pdf   *U.S. Treasury Markets: Steps Toward Increased Resilience* by the G30 Working Group on Treasury Market Liquidity https://group30.org/publications/detail/4950   *Report of the Task Force on Financial Stability* by Glenn Hubbard et al. https://www.brookings.edu/research/report-of-the-task-force-on-financial-stability/   David's Twitter: @DavidBeckworth David's blog: http://macromarketmusings.blogspot.com/

LIBOR is set to be discontinued by the end of this year, and it's important that corporates are ready for the transition. Libor is written into over 220 trillion dollars in contracts around the world. Most of those are set to mature before mid-2023. That being said, the Alternative Reference Rates Committee has estimated that about a third won't mature by that timeframe. In this edition of the AFP Conversations Podcast, Tom Hunt director of Treasury and Payments Services at AFP, speaks with Nathaniel Wuerffel, a Senior Vice President in the Markets Group of the Federal Reserve Bank of New York and Deputy Head of MOMA—the open market trading desk—for Domestic Markets. Listen in as Nathaniel recommends actions you can take both before year-end and before mid-2023.

Transparency plays a central role in promoting the fairness and efficiency of U.S. markets, lowering transaction costs, leveling the playing field and enhancing public trust in our markets. And the data market transparency provides serves as the lifeblood of FINRA's surveillance program. On this episode, we hear the Market Regulation and Transparency Services' Jon Kroeper, executive vice president of the Quality of Markets Group, and Ola Persson, senior vice president and head of Transparency Services, about FINRA's historical commitment to market transparency and how it has impacted FINRA's regulatory regime.Resources mentioned in this episode:Trade Reporting and Compliance Engine (TRACE)Consolidated Audit Trail (CAT)Regulatory Notice 20-43Advancing Market Regulation and TransparencyEpisode 13: How the Cloud and Machine Learning Have Transformed FINRA Market Surveillance 

 | In this special episode of On Point, Andrew Blincoe and Alex Ashby, Head of Markets Group in Treasury at Tesco speak with Treasury Today about how to integrate environment, social, and governance (ESG) considerations into treasury and craft a successful sustainability strategy. Remember to hit ‘subscribe' so you can watch our latest episodes as soon as they're available – and hit the ‘like' button so it's easier for others to find.  NB: This was recorded on 22 September 2021. For any terms used please refer to this glossary:  https://ci.natwest.com/insights/articles/insight-glossary Please view our full disclaimer here: https://ci.natwest.com/disclaimer. 

On this episode of the TBG Real Estate podcast, we welcome Randy Norton, Founder & Chairman at MultiGreen. Randy shares insights from his more-than-20 years of real estate experience and also his vision for building attainable, sustainable and tech-enabled green living that connects neighbors and impacts investors.EPISODE NOTES:01:20 - The Vegas vibe 02:50 - Multigreen Propertjes 04:10 - Attainable, sustainable, tech-enabled 05:57 - Searching for best practices 08:45 - A spark at 4-years-old 12:55 - Deal structure 16:30 - Demographics, demographics, demographics 20:08 - Technologists first, financial professionals second24:47 - Maintaining company culture 29:36 - Checking in on New Mexico 31:30 - The Hot Seat presented by KK Reset Randy Norton is the Founder and Chairman of Board at MultiGreen. Randy has more than 20 years of real estate experience, namely Real Estate Development and Construction, Building Information Modeling (BIM), Leadership in Energy and Environmental Design (LEED), Smartgrid Cogeneration and Renewable Energy with Intelligent Building IoT. Randy is also a Managing Partner, the Global Head of Real Estate and Alternative Investments at Green Mesa Capital, a single family office based in Henderson, Nevada. Additionally, he currently serves as a Trustee for the City of Henderson Nevada Public Improvement Trust, and is an Advisory Council Member at the UNLV Lee Business School-Lied Institute for Real Estate.Randy is a member of the CAIA Association, CCIM Institute, CFA Institute, Construction Financial Management Association, Institute of Real Estate Management, Sustainable Accounting Standards Board, ULI Greenprint Center for Building Performance, U.S. Green Building Council, and is a Founding Executive Member of the Institute for Real Estate Operating Companies.Randy is a frequent speaker, moderator, and panelist, at industry events, including CalALTs, CAIA, CFA, CFMA, Connex, Context, Crittenden, iGlobal, IMN, IPI Campden, Linkbridge, Markets Group, Marcus Evans, Opal, Super Returns, select Universities, and is an annual ULI PwC Emerging Trends in Real Estate Interviewee.After graduating with University Honors in Korean and Business from Brigham Young University’s Marriott School of Management, Randy completed executive programs at the Harvard University Graduate School of Design, and Columbia Business School-Heilbrunn Center for Graham & Dodd Investing. Randy was previously published in the Real Estate Finance Journal, Forbes, GreenSights, GuruFocus, Yahoo! Finance, and is Author of the pending book: “Applied Value Investing in Real Estate.”

MultiGreen made a big splash in early 2020 at the World Economic Forum's 50th Annual Meeting in Davos, announcing its intention to build 40,000 units of attainable, sustainable, tech-enabled workforce housing apartments over the next ten years. In this episode, Matt talks with MultiGreen Founder and Chairman, Randy Norton, who is leading this new venture towards this audacious and important goal. MultiGreen is backed by 60 of the world's wealthiest families via its partnership with i(x) investments, an impact investment firm that is bringing long term investment to address major social problems like the housing crisisRandy has more than 20 years of real estate experience, namely Real Estate Development and Construction, Building Information Modeling (BIM), Leadership in Energy and Environmental Design (LEED), Smartgrid Cogeneration and Renewable Energy with Intelligent Building IoT. Randy is also a Managing Partner, the Global Head of Real Estate and Alternative Investments at Green Mesa Capital, a single family office based in Henderson, Nevada. Additionally, he currently serves as a Trustee for the City of Henderson Nevada Public Improvement Trust, and is an Advisory Council Member at the UNLV Lee Business School-Lied Institute for Real Estate.Randy is a member of the CAIA Association, CCIM Institute, CFA Institute, Construction Financial Management Association, Institute of Real Estate Management, Sustainable Accounting Standards Board, ULI Greenprint Center for Building Performance, U.S. Green Building Council, and is a Founding Executive Member of the Institute for Real Estate Operating Companies.Randy is a frequent speaker, moderator, and panelist, at industry events, including CalALTs, CAIA, CFA, CFMA, Connex, Context, Crittenden, iGlobal, IMN, IPI Campden, Linkbridge, Markets Group, Marcus Evans, Opal, Super Returns, select Universities, and is an annual ULI PwC Emerging Trends in Real Estate Interviewee.After graduating with University Honors in Korean and Business from Brigham Young University's Marriott School of Management, Randy completed executive programs at the Harvard University Graduate School of Design, and Columbia Business School-Heilbrunn Center for Graham & Dodd Investing. Randy was previously published in the Real Estate Finance Journal, Forbes, GreenSights, GuruFocus, Yahoo! Finance, and is Author of the pending book: “Applied Value Investing in Real Estate.”

This week we talk to José María Villarreal about the opportunities of self exploration and growth through mentoring and harnessing global talent in large organisations.

Welcome to Finance and Fury, the Furious Friday edition. Today – want to look at market theory versus reality – because a lot of market theory doesn’t hold up – so are the markets truly changing? Is this just a short term divergence prior to markets going back to match traditional investment theory? Or are markets transitioning to an entirely new systemic paradigm – If so - Metrics of the past will not be able to predict how markets behave according to expectations In this episode – have a look at some theories of market changing – later in probably another episode - want to focus on something else I haven’t covered – Want to look at an alternative view – such as looking at social dynamics shifting in society – Summary Strauss–Howe generational theory – similar to the K Wave theory – but apply this to markets next episode To start – let’s look at Theories versus reality – essentially, what should happen versus what is happening Most existing theories of economics and the financial system cannot match successfully with current conditions – Technically – in the short term they haven’t be able to for a while – but over the long term they could at least have some validity to them Buying companies undervalued and holding them long term – Value investing used to do well – was the bedrock of a lot of investment strategies – however now it has been significantly underperforming The strategy of following metrics and long-term data on corporate earnings, Treasury yields versus dividend yield strongly suggest a fundamental break with the past is in progress Current theories – on PE, things like CAPM – don’t hold up – "Fundamentalist Theory" – based around that the action in the Financial System’s and markets is reflected by something fundamental That "something" is defined by an economic performance or metrics e. there is low interest rate – there should be higher inflation and be seeing real GDP growth and lowering employment corporate profits are low and P/E ratios are high – so the markets shouldn’t be charging ahead The market should be lower based around fundamentals – but they aren’t – so what are some theories on why this is If markets are changing - past economic and financial system models, analytical tools and metrics will have to be entirely reconsidered and reconstructed That is the issue with a lot of the theory – for instance what I learn at Uni – gets adopted decades after the real-world changes occur How theories based on evidence work – need to have the evidence there to have it be applicable to a scenario – so theories are lagging – which can be an issue Following most economic or finance theory from today was based around fundamentals in the 80s or before – Over the past few months – all of the market and economic events associated with the COVID-19 analysts have struggled to match the action in the Economy with that of the Financial System Existing disparities have been amplified through maldistribution in the financial system - dramatically exacerbated the financial indices but at the same time – increased disparities in the population around the world Those invested have high net wealth while those that weren’t haven’t seen this rise In no quarter is there found any real explanation for the utter failure of all existent theories to anticipate or explain our current experience. I’ll admit that I am annoyed by this – what should be happening in markets isn’t – makes it hard to predict anything – especially when market performance is being buoyed by Central banks as the last line of resort – creates an insider’s club As the general public – we are the last to know and insiders in the market have already had a chance to react – Look at the group of 30, or the club of Rome – where key central banking figures sit at the same table as the heads of the largest investment banks in the world as well as politicians They have private meetings – would have to be naive to believe that something every now and then doesn’t get mentioned as to what policy will be taken Its not like there people are friends beforehand – they are selected for these groups based around what they bring to the table At the moment – there seems like there is a Secular or Systemic Shift occurring – and if so - this creates a situation where prior investment theory can become obsolete – as the inputs that drive markets change – still based around supply and demand – but the factors that affect both change - implications would be so far-reaching and so all-encompassing for the share market But this isn’t the first time this has occurred – theories do change rather often due to the inputs to the financial system altering that it is probably similar to the shift occasioned by the Age of Enlightenment, the Scientific Revolution, the American Revolution and (later) the Industrial Revolution – markets were different – inputs were different – things evolve – cover more on this next FF ep Interesting thing at the moment - irrespective of viewpoint on economics – left versus right – each in their market analysts and what theories say should occur doesn’t hold true – both schools are trying to figure out why the emergent reality does not conform to their models Theories change - Let’s examine the current existing views on the mismatch between the economic crisis and the action in the financial system – go through two The Disconnect Theory – works based on the Austrian economic view point that has been around since Nixon first disconnected the dollar from the gold standard basically states that action in the Financial System is so far out of sync with the metrics of what are generally perceived to be “The Fundamentals” of the economy – that eventually a disparity will have to collapse in on itself Essentially markets aren’t tethered to any fundamentals anymore as there is nothing real in fundamental terms tying markets to them Imagine that somehow you could change gravity – normally if you jump from a 20 story building – you can guess what the outcome would be based around the reality – but now assume that you can control your mass and gravitational field where you can float – the assumed result is not the actual outcome When money is almost free and can be created out of thin air with no immediate consequences – you are floating and the outcome isn’t what is normally predictable or observable in reality – the reality that economic theory predicts anyway If money is backed by something – such as gold or if you have a limited demand for your money – you have a problem by flooding the market – But that is not what the Fed faces – a lot of Central banks also don’t face this – as through swaps the Fed can create demand for other currencies – like the AUD Therefore – under current conditions you can flood the market to create a new reality and makes a situation where theories no longer fit in The “Fed Theory” is an extension of the neo-Keynesian POV in “Don’t Fight the Fed” – this theory abandons any pretence of analysis and advocates to ignore the real world-view – where you don’t bother to make any sense of it at all…cuz Fed is the driving factor – whilst lobotomized in a way and requires no though process to invest – there is evidence that this is what is occurring in markets The fed has made a pledge to support markets and to provide low interest rates – which helps to fuel low borrowing costs for large companies indebted – and to boost the valuations of these companies Regardless of their promises to keep interest rates low – they may be preparing to pull the plug on the markets without notice – can be done quietly and with little notice to the average person - the Fed balance sheet has begun shrinking over the past month - Fed balance sheet peaked in June 2020 - It is not coincidence that the S&P 500 peaked around that date. Much of the prior contractions were due to the Fed reducing its currency swaps or lowering their balance sheet However – over the past few weeks the Fed actually drained liquidity from the system – but this is a fraction $4.17 trillion in Feb to $7.17 trillion by June – $3 Trillion in almost as many month – Now in July - $6.95 trillion– withdrawal of around $200 billion over the past month – market may depend then on which direction this continues on – Put this into perspective – back in June 2008 - $895 billion – increase by just under 8 times in size over 12 years – annualised growth rate of around 18% p.a. – and that money has to go somewhere – Back in Feb – balance of $4.17 trillion – from 2008 to 2020 – saw a growth in monetary base by around 13.6% p.a. – very close to the US share index growth over that time – then the index is dropping by 40% - To get the index back up after a 40% loss – need 67% increased return – from March to May – bottom to top – any guess what the balance sheet by the fed increased by? 69% Where has a lot of this money been going? - The Federal Reserve established the Secondary Market Corporate Credit Facility (SMCCF) on March 23, 2020 – Talked about this – this is the SPVs created with the Treasury to support credit to companies by providing liquidity to the market for outstanding corporate bonds. The SMCCF purchase corporate bonds in the secondary market – already issues – need to be by investment grade U.S. companies or certain U.S. companies that were investment grade as of March 22, 2020 – so large companies Also = purchasing U.S.-listed exchange-traded funds whose investment objective is to provide broad exposure to the market for U.S. corporate bonds. The SMCCF's purchases of corporate bonds will create a portfolio that tracks a broad, diversified market index of U.S. corporate bonds. The Treasury, using funds appropriated to the ESF through the CARES Act, will make an equity investment in an SPV established by the Federal Reserve for the SMCCF and the Primary Market Corporate Credit Facility. Since the SMCCF’s launch - the market has regained the lost value –the purchases have slowed in the pace though - purchases from about $300 million per day to a bit under $200 million a day Catch 22 – as if market conditions continue to improve - the Fed purchases could slow further, potentially reaching very low levels or stopping entirely – but this could create a situation where markets then drop massively as the safety net is gone – If the decline in the US balance sheet continues - This is a dig downside for stocks – depends on by how much is pulled form markets Also - the head of the NY Fed’s Markets Group - man who in charge of doing the actual buying involved in the Fed’s QE programs - made a speech said that they would consider reducing its QE programs soon if market conditions improve So the Fed is literally warning us that if the markets continue to rally, the Fed is going to “pull the plug” on QE and support – but at the same time they may be ready to jump back in – just after another 30% decline Given all of this and how markets are now responding to the Fed – it seems like fundamental theory has been put on pause – would come back if fed stops interventions – but too early to tell if they will – unlikely Self interest will rule the day – people within the Central banking community have collectively billions invested in markets – so they will keep the values high – until they don’t Next week – Look at the systemic shifts – based around societal theories – look at if the current period is a transition to a fundamentally new underlying economics – look at the Strauss/Howe "Fourth Turning" generational shift perspective Thank you for listening to today's episode. If you want to get in contact you can do so here: http://financeandfury.com.au/contact/

Mr. Bill Dudley succeeded Tim Geithner as the New York Fed’s president in 2009 after the financial crisis. He has since then become a forceful advocate for cultural change at large financial institutions and argued for keeping a tight rein on banking activities. Mr. Dudley retired from the position after a 10-year term but still actively voices his opinions on the financial sector and will be teaching in Princeton this upcoming fall. In this long conversation, Mr. Dudley talks about his early career after completing an economics Ph.D. in UC Berkeley, a mission-focusing approach to financial regulations, thoughts on the risks of recession and the next big crisis, and the toughest moment in his career among many other topics. Mr. Dudley is certainly the most influential monetary policy maker to ever come on Policy Punchline, but he is so personable and friendly that Tiger called him “a chill guy” during the interview… Make sure you don’t miss out on this interview with this visionary policy maker. A few punchlines? Unlikely to have a recession soon. Banking sector is very healthy. Beware of cyber risks. Live a frugal life. Official bio: William C. Dudley became the 10th president and chief executive officer of the Federal Reserve Bank of New York on January 27, 2009. In that capacity, he served as the vice chairman and a permanent member of the Federal Open Market Committee (FOMC), the group responsible for formulating the nation's monetary policy. Previously, Mr. Dudley served as executive vice president of the Markets Group at the New York Fed, where he also managed the System Open Market Account for the FOMC. The Markets Group oversees domestic open market and foreign exchange trading operations and the provisions of account services to foreign central banks. Prior to joining the Bank in 2007, Mr. Dudley was a partner and managing director at Goldman, Sachs & Company and was the firm's chief U.S. economist for a decade. Prior to joining Goldman Sachs in 1986, he was a vice president at the former Morgan Guaranty Trust Company. Mr. Dudley was an economist at the Federal Reserve Board from 1981 to 1983. Mr. Dudley received his doctorate in economics from the University of California, Berkeley in 1982 and a bachelor's degree from New College of Florida in 1974. In 2012, Mr. Dudley was appointed chairman of the Committee on the Global Financial System of the Bank for International Settlements (BIS). Previously, Mr. Dudley served as chairman of the former Committee on Payment and Settlement Systems of the BIS from 2009 to 2012. He was a member of the board of directors of the BIS.

As Principal of Property Markets Group Chicago office, Noah Gottlieb is primarily responsible for deal procurement and day-to-day operations of PMG's Multi-family division. Noah spends significant time sourcing and screening capital partners and opportunistic investments. Prior to joining PMG, Noah was a Vice President for Boulder Net Lease Funds, where he directed the acquisition efforts on net lease properties throughout the United Sates and managed two investment funds. Noah's residential real estate expertise stems from his career at Richmond American Homes (NYSE-MDC) where, he was a Land Acquisition and Development Manager. Born and raised on Long Island, NY, Noah attended Emory University in Atlanta, GA, and graduated with a Bachelors of Science degree in Economics. Noah also volunteers with Big Brothers Big Sisters, Thresholds, a provider of mental health services where he sits on the real estate committee; and The Dovetail Project, an initiative designed to help at risk, adolescent fathers.

The risk of crossing a tipping point leading to ecosystem collapse is clear to Alan Laubsch of Lykke, and having spent years mapping climate risk he came to conclude that it is his life commitment to take systemic climate action.Alan is a connector and ecosystems builder. His mission is to protect earth’s most vital ecosystems by democratizing impact investment with the blockchain. He has over two decades of risk management experience with leading financial institutions. As he says in the interview:“After many false starts I believe it’s time for a new approach to carbon, to reinvent carbon markets and the overall idea is very simple. Every organisation manages financial capital. It also manages human capital. Finally, every organisation should also manage natural capital.”Lykke is a marketplace for free exchange of financial assets. Their mission is huge, with a fully open-sourced platform, they see a future where natural capital is fully tokenized and protection of natural resources is incentivised.Alan explains how blockchain technology is uniquely positioned to disrupt financial markets which is full of intermediaries, such as brokers and banks. Bringing in high frequency trading algorithms into marketplaces like Lykke will bring liquidity to the natural capital markets. Lykke listed TREE, the first natural capital backed cryptocurrency where anyone can invest into preservation of our planet. By owning one TREE token, you participate in the movement of preserving one of the most valuable plants of Myanmar, the mangrove.Connect with Alan Laubsch https://www.linkedin.com/in/alanlaubsch/Alan interview on Lykke: https://www.lykke.com/city/blog/team-interview-alanTree Tokens http://tree-volution.com/Tree Tokens on Lykke: https://www.lykke.com/how-to-buy-world-view-treeThor Heyerdahl Climate Park: http://www.wif.care/heyerdahl-climate-parks/ See acast.com/privacy for privacy and opt-out information.

Markets Group was the Producer of the conference, and Paul was responsible for it all.  He discusses here the conference, topics, categories of discussion, etc.  Sponsors of the conference were the local CFA Society, CAIA, CalAlts, and others, and Markets Group has taken this conference to other parts of the country, and discusses these additional conferences.

The world is awash with capital, why aren't companies reinvesting in innovation to jump start the economy?  The Forum for Growth & Innovation is led by Professor Clayton Christensen at Harvard Business School. In this series we explore what Clay calls "The Capitalist's Dilemma" with various people in the field, academia and within our own ranks. In this installment we talk with one of our senior research associates Curtis Arledge, former CEO of BNY Mellon Investment Management, and head of its Markets Group. Prior to BNY Mellon, he was chief investment officer for fundamental fixed income portfolios at BlackRock, Inc. He joined BlackRock from Wachovia Corporation and was a founding member of Mariner Investment Group, specializing in fixed income arbitrage trading. Curtis was also a member and Vice Chair of the U.S. Treasury Department's Treasury Borrowing Advisory Committee. He began his career as an analyst with Salomon Brothers.

William C. Dudley became the 10th president and chief executive officer of the Federal Reserve Bank of New York on January 27, 2009. In that capacity, he serves as the vice chairman and a permanent member of the Federal Open Market Committee (FOMC), the group responsible for formulating the nation's monetary policy. Previously, Mr. Dudley served as executive vice president of the Markets Group at the New York Fed, where he also managed the System Open Market Account for the FOMC. The Markets Group oversees domestic open market and foreign exchange trading operations and the provisions of account services to foreign central banks. Prior to joining the Bank in 2007, Mr. Dudley was a partner and managing director at Goldman, Sachs & Company and was the firm's chief U.S. economist for a decade. Prior to joining Goldman Sachs in 1986, he was a vice president at the former Morgan Guaranty Trust Company. Mr. Dudley was an economist at the Federal Reserve Board from 1981 to 1983. Mr. Dudley received his doctorate in economics from the University of California, Berkeley in 1982 and a bachelor's degree from New College of Florida in 1974. In 2012, Mr. Dudley was appointed chairman of the Committee on the Global Financial System of the Bank for International Settlements (BIS). Previously, Mr. Dudley served as chairman of the Committee on Payment and Settlement Systems of the BIS from 2009 to 2012. He is a member of the board of directors of the BIS and chairman of the Economic Club of New York. June 5, 2015