Podcasts about yield curve control

Is the U.S. economy at a turning point?Renowned macroeconomic strategist Luke Gromen, Founder & President, Forest for the Trees (FFTT) and Author of "The Mr. X Interviews, Volumes I & II," joins the conversation to break down the complexities of the current financial landscape. He offers his insights on the bond market's liquidity challenges, the impact of government spending, the intricate relationship between the stock market and treasury yields, and the shifting role of gold and Bitcoin as reserve assets.He returns to the Futures Edge with Jim Iuorio and Bob Iaccino to explore the soft implementation of yield curve control, the influence of oil prices on economic stability, and how tariffs could reshape global capital flows. With a focus on historical economic patterns and the evolving geopolitical landscape, Gromen examines whether the U.S. is poised for a major financial shift and what that could mean for investors. Is a revaluation of gold on the horizon? And how should traders position themselves in a world where Main Street struggles while Wall Street thrives?Takeaways-The bond market's liquidity is a significant concern.-Government spending cuts are not a viable option currently.-Oil prices play a crucial role in economic stability.-Yield curve control is being implemented in a soft manner.-The dollar's strength is tied to global liquidity issues.-Tariffs could lead to a major shift in global fund flows.-Traders are cautious around the 5% yield level.-The relationship between stock market performance and tax receipts is critical.-Historical context shows that tariffs were once a primary financing method.-The current financial environment is marked by fiscal dominance. The US economy needs to return to a system that benefits its citizens.-Tariffs can reshape global capital flows and stimulate domestic demand.-Gold may become a preferred reserve asset over treasuries.-The NASDAQ is a significant hub for global capital, especially from China.-Bitcoin currently behaves like a high-beta NASDAQ asset.-Investment strategies should focus on gold and T-bills for stability.Chapters00:00 Introduction and Context Setting05:06 Bond Market Dynamics and Global Appetite09:57 Government Spending and Market Reactions15:04 The Role of Oil Prices in Economic Stability20:05 Yield Curve Control and Economic Implications24:53 Global Flow of Funds and Tariff Impacts30:48 Revisiting Economic Structures35:27 Tariffs and Their Implications39:14 The Global Financial Landscape43:45 Bitcoin vs. Gold: A Comparative Analysis49:36 Investment Strategies in a Changing Market55:32 Defining Success in Economic Policy

Jared Dillian joins MSD for the first segment of this weeks long-form episode to discuss various aspects of market sentiment, the Costanza moment, and the implications of political changes on market dynamics. He explores the volatility in the current market, the role of Nvidia, and the future of the dollar and commodities. Dillian also delves into yield curve control and its potential impact on the economy, as well as the opportunities within gold miners. In our second segment, Tom Woolrych and Trevor dive into key exploration stories and market trends. They delve into specific companies like Arras Minerals, Q2 Metals, AMARC, and Hercules Metals, analyzing their recent developments, challenges, and future prospects. The conversation emphasizes the importance of strategic investments and the evolving landscape of mining equities. This episode of Mining Stock Daily is brought to you by...  Arizona Sonoran Copper Company (ASCU:TSX) is focused on developing its brownfield copper project on private land in Arizona. The Cactus Mine Project is located less than an hour's drive from the Phoenix International airport. Grid power and the Union Pacific Rail line situated at the base of the Cactus Project main road. With permitted water access, a streamlined permitting framework and infrastructure already in place, ASCU's Cactus Mine Project is a lower risk copper development project in the infrastructure-rich heartland of Arizona.For more information, please visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.arizonasonoran.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Vizsla Silver is focused on becoming one of the world's largest single-asset silver producers through the exploration and development of the 100% owned Panuco-Copala silver-gold district in Sinaloa, Mexico. The company consolidated this historic district in 2019 and has now completed over 325,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource. Learn more at⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠https://vizslasilvercorp.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Calibre Mining is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, Nevada and Washington in the USA, and Nicaragua. With a strong balance sheet, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities Calibre will unlock significant value. ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.calibremining.com/⁠

In this episode, Harley Bassman joins the show to discuss what the bond market is pricing, the Fed's master plan, and if we can see a second wave of inflation. We also delve into the MBS market, the impact of immigration on the labor market, credit spreads, and much more. Enjoy! __ Follow Harley Bassman: https://x.com/ConvexityMaven Check out Harley's website: https://www.convexitymaven.com Follow Felix: https://x.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ __ Join us at Permissionless III Oct 9-11. Use code: JAUVIN30 for a 30% discount: https://blockworks.co/event/permissionless-iii — Timestamps: 00:00 Introduction 00:54 Implied Forward Rates 03:46 Bond Market Pricing A Recession 07:08 Yield Curve Control & Forward Guidance 11:22 Fair Value of Long Yields 13:54 Duration, Credit, & Convexity 18:11 MBS Spread vs IG Spread 23:21 The Real Risk-Free Rate 26:11 The Fed's Master Plan 29:43 Permissionless Ad 30:22 Can We See a Second Wave of Inflation? 35:19 Labor Market & Immigration 38:10 Are Credit Spreads Fairly Priced? 40:35 Small Caps & Floating-Rate Debt 42:03 Market Opportunities 44:33 Equities & Rates 47:59 Learn More About Harley's Work __ 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

IBKR's Steve Sosnick, Chief Strategist, and Jose Torres, Senior Economist, sit down for their regular monthly discussion about the economy.  This month's featured topics are the April Employment Report, the May FOMC meeting, and their takeaways regarding the potential for stagflation and further changes in monetary policy.

Jared Dillian, author of the Daily Dirtnap and several books, argues the real reason Gold is ripping is because of impending debt monetization in the US. He discusses the breakout in Gold and lackluster sentiment towards it. He believes precious metals are in a new secular bull market.  0:00 Intro1:05 Those Bastards Book2:10 People are Flat-Footed & Underinvested in Gold3:55 Real Reason Gold is Ripping5:45 QE, Yield Curve Control & Debt Monetization8:00 Early Stages of Gold Breakout Move9:20 Silver11:15 Secular Trend13:30 Stock Market Outlook16:30 Herd Interest in Precious Metals22:00 Gold Price Targets

Our Head of Corporate Credit notes that while recent central bank meetings offered few surprises, there was still plenty to be gleaned that could affect credit valuations. ----- Transcript -----Welcome to Thoughts on the Market. I'm Andrew Sheets, head of Corporate Credit Research at Morgan Stanley. Along with my colleagues bringing you a variety of perspectives, today I'll be talking about this week's central bank meetings, and why as expected outcomes can still mean new information for credit investors.It's Friday, March 22nd at 2pm in London.When a good friend was interviewing at Morgan Stanley, many years ago, he was asked a version of the ‘Monty Hall Problem.' Imagine that you're on a game show with a prize behind one of three doors. You make your guess of door 1, 2 or 3. And then the host opens one of the doors you didn't pick, showing that it's empty. Should you change your original guess?While it's a bit of a paradox, you should. Your original odds of finding the prize were 1-in-3. But by showing you a door with a wrong answer, the odds have improved. The host gave you new information. And that's what came to mind this week, after important meetings from the Federal Reserve and Bank of Japan. Both banks acted in-line with our economists' expectations. But those meetings and what came after still provided some valuable new information. Information that, in our view, was helpful to credit.On Tuesday, the Bank of Japan raised interest rates for the first time since 2016, ended Yield Curve Control, and ended its purchases of equities. All of these measures had been previously used to help boost too-low inflation. But they have also resulted in a significant weakening of Japan's currency, the Yen. And that, in turn, had made it attractive for Japanese investors to invest in overseas bonds in other currencies – which were gaining value as the Yen weakened.So, one risk heading into this week was that these big changes in the Bank of Japan would reverse these other trends. It would strengthen the currency and make buying corporate bonds from the US or Europe less attractive to Japanese investors. But this meeting has now come and gone, and the Yen saw little movement. That is helpful, new information. Before Tuesday, it was impossible to know how the currency would react.Then on Wednesday, the Fed confirmed its expectation from December that it was planning to cut interest rates three times this year. On the surface, that was another ‘as expected' outcome. But it still contained new information. The Fed's forecast suggested more confidence that stronger 2024 growth wouldn't lead to higher inflation. And that endorsed the idea that the productive capacity of the US economy is improving. Solid growth and lower inflation co-existing, thanks to better productivity, will be closer to a 1990s style outcome. And that was a pretty good scenario for credit.This week's central bank meetings have come and gone without big surprises. But sometimes ‘as expected' can still deliver new information. We continue to expect credit valuations to hold at richer-than-average levels, and like US leveraged loans, as a high yielding market well-suited for a mid-90s scenario.Thanks for listening. Subscribe to Thoughts on the Market on Apple Podcasts, or wherever you listen, and leave us a review. We'd love to hear from you.

O Bitcoin caiu e isso tem uma interessante ligação com o banco central japonês. Não, essa queda no bitcoin não aconteceu só por causa da grande venda na exchange Bitmex. Certamente isso agravou a situação, mas não é tudo. A política de Yield Curve Control do BoJ gera forte expansão monetária. Cessar isso, como anunciaram recentemente, reduz a força de desvalorização da moeda e reduz valores nominais nos mercados. E sabendo disso, muitos investidores vendem posições com essas notícias. Além disso, o Federal Reserve pode manter taxas mais altas por mais tempo nos EUA. Somando os dois fatores, e adicionando gasolina de um vendedor na BitMex, e temos uma situação. Quer relatórios sobre quando comprar ou vender Bitcoin e uma plataforma de educação junto com isso? https://bit.ly/RelatoriosRadicais Cansou de estar sozinho como Libertário? https://www.catarse.me/apoiadoresradicais Quer fugir do Brasil? Nos contate: https://www.settee.io/ https://youtube.com/c/Setteeio Nos acompanhe no Telegram: https://t.me/ideiasradicais 00:00 - Introdução 01:56 - Por que a queda está acontecendo? 03:01 - A economia do Japão e seu Banco Central 09:42 - Como bancos centrais inflam mercados 17:53 - Mas e o Brasil? 20:09 - A queda do Bitcoin 20:53 - Fundos de pensão japonês em Bitcoin 22:42 - Conclusão

Featuring:Ed Rogers, CEO and CIO at Rogers Investment AdvisorsMartin Schulz, Chief Economist at FujitsuNicholas Smith, Japan Strategist, CLSADavid Ingles, Host, Bloomberg TelevisionApple: https://podcasts.apple.com/us/podcast/bloomberg-daybreak-asia/id1663863437Spotify: https://open.spotify.com/show/0Ccfge70zthAgVfm0NVw1bTuneIn: https://tunein.com/podcasts/Asian-Talk/Bloomberg-Daybreak-Asia-Edition-p247557/?lang=es-esSee omnystudio.com/listener for privacy information.

BoJ ends negative rates and yield curve control in historic move. But yen can't catch a break as Ueda signals ongoing accommodative stance. Aussie also under pressure as RBA tones down tightening bias. Dollar resumes climb before Fed comes into the limelight.Risk Warning: Our services involve a significant risk and can result in the loss of your invested capital. *T&Cs apply.Please consider our Risk Disclosure: https://www.xm.com/goto/risk/enRisk warning is correct at the time of publication and may change. Please check our Risk Disclosure for an up to date risk warningReceive your daily market and forex news analysis directly from experienced forex and market news analysts! Tune in here to stay updated on a daily basis: https://www.xm.com/weekly-forex-review-and-outlookIn-depth forex news analysis on all major currencies, such as EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD, AUD/USD.

Group Chief Economist Neil Shearing is back to discuss what the recent data say about the global economic outlook – including October US payrolls and China PMIs – and what to expect from the Fed, ECB and Bank of England following their decisions to keep rates unchanged over the past week. Neil also explains why a persistent focus on the threats to humanity posed by artificial intelligence is unhelpful. Franziska Palmas from our Europe team is also on the show to discuss her worrying new forecasts for Italy's debt ratio and whether it could be a trigger for a crisis within the euro-zone. Plus, an exclusive clip from the latest monthly Drop-In briefing in which our Asia team talks through the Bank of Japan's next steps after that latest tweak to its Yield Curve Control policy.Click here to explore the analysis referenced in this episode.

Kia ora,Welcome to Wednesday's Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.I'm David Chaston and this is the international edition from Interest.co.nz.And today we lead with news the Chinese President is having to get involved in shoring up China's faltering economic track.In China, their official factory PMI fell unexpectedly in October back into contraction after the minor expansion in September. Markets weren't expecting that, So China's economic recovery remains fragile with more support measures from the government needed. New orders were the weak issue, returning to contraction.And it was a similar story in their services sector. It did manage to stay in expansion mode but only just after dipping from September. The October result is the weakest of 2023. New orders were particularly weak which is a worry and these are now contracting.Meanwhile, President Xi underscored his concerns about China's shrinking population in a speech calling on women to help bolster the birth rate by promoting a “culture” of childbirth. It also played to his conservative social views.He was active at the Central Financial Work Conference, trying to shore up issues related to ballooning local government debt risks. The recent ¥1 tln debt swap program allowing local governments to replace their so-called “hidden” debt for bonds carrying lower interest rates was part of this push. Also part is a new requirement for bankers to study the volumes of books with Xi's Thought.In Japan however, yield curve control policies are all the focus. Late yesterday the Bank of Japan loosened its reins, allowing their ten year government bond yield to rise to about 1%. But despite that, the yen fell.Japanese consumer confidence ticked up a little after two months of sagging, now back to May-June levels. Most components of this survey rose, except views on job security.EU inflation fell more than expected in October, down to just 2.9% and its lowest since July 2021. This is largely due to retreating energy prices. Their core rate, without food or energy, cooled to 4.2% from 4.5% in September.Meanwhile, EU GDP shrank -0.1% in the three months to September from the prior quarter, worse than market forecasts of a flat reading and following an upwardly revised +0.2% rise in the second quarter. It rose +0.1% from the same quarter a year ago. Lower inflation and lower growth comes after the ECB's steady diet of rate hikes, and all eyes are on whether that phase is done now.Meanwhile, German retail sales were expected to rise in September from August, but they fell in an unanticipated retreat.But American retail sales, as measured weekly by their Redbook index of bricks & mortar stores, rose strongly again last week, and by more than expected to be +5.3% ahead of year-ago levels on a same store basis. They are growing handily more than inflation now.But coming in better than expected but worse than the prior month was the US Conference Board survey of consumer sentiment, a widely-watched metric. A big dip from September was anticipated, but a small dip was delivered. But what these consumers are telling the survey is different to how they are acting, it must be said, with rising confidence for continued spending.And for those who follow business sentiment in the Mid-West industrial heartland, the Chicago PMI was unchanged in October, but still low. However they recorded a good uplift in new orders in the month.Caterpillar reported a double-digit rise in profit overnight, beating Wall Street estimates on solid construction equipment sales in North America, but its shares slid in trading today on signs of slowing machinery demand.In Australia, new census data for 2022 shows that there are now 29.5% of their population born outside the country, not a new high because in 2020 that level was 29.9% and then stunted by the pandemic. There were 586,000 New Zealanders, the fourth largest country of origin, topped by China's 597,000, India's 754,000 and by far the fastest growing group, with the most born in England 961,000 and a declining cohort. The UST 10yr yield is down -3 bps from this time yesterday, now at 4.86%. The price of gold will start today at US$1991/oz and down another -US$7/oz from this time yesterday.Oil prices have fallen -50 USc today to be now at just on US$81.50/bbl in the US. The international Brent price has fallen a bit more now just over US$85.50/bbl.The Kiwi dollar starts today at 58.1 USc and down -¼c from yesterday. Against the Aussie we are firmish at 91.8 AUc. Against the euro we are still just on 55 euro cents. That all means our TWI-5 starts today again little-changed at just on at 68.3.The bitcoin price starts today at US$34,433 and a mere -US$40 or -0.1% lower from this time yesterday. Volatility over the past 24 hours has been low at just on +/- 0.8%.You can find links to the articles mentioned today in our show notes.You can get more news affecting the economy in New Zealand from interest.co.nz.Kia ora. I'm David Chaston. And we will do this again tomorrow.

Heng Koon How, Head of Markets Strategy, UOB weighs in on whether the U.S. Fed will opt for a 25 basis point hike at its November FOMC meeting; the ever-rising U.S. Treasury yields; the BOJ's current stance on Yield Curve Control; prospects of a recovery for China's economy; and whether crude oil remains on target to hit the $100 / barrel mark.   Presented by Emaad Akhtar Podcast edited by Emaad Akhtar (eakhtar@sph.com.sg)See omnystudio.com/listener for privacy information.

Jeff Young spoke with Masazumi Wakatabe, former Deputy Governor of the Bank of Japan, and current Professor of Economics at Waseda University, Japan. Mr. Wakatabe was one of the key architects of the Bank of Japan's "Quantitative and Qualitative Easing" (QQE) policy, which has helped raised Japan's inflation rate to the Bank's target (whether that is "sustainable" remains to be seen). We spoke about inflation, wages, how and when the Bank might exit its QQE and "Yield Curve Control" policy, and how can Japanese restaurants offer JPY300 glasses of wine.

Zac Gross is a senior lecturer at Monash University and was formerly an economist at the Reserve Bank of Australia. Zac joins Macro Musings to talk about the Australian central bank and the recent review of its framework. Specifically, David and Zac also break down Australian monetary policy over the past few decades, the RBA's yield curve control experiment, the future of its operating system, and a lot more.   Transcript for this week's episode.   Zac's Twitter: @ZacGross Zac's website Zac's Substack   David Beckworth's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Join the Macro Musings mailing list! Check out our new Macro Musings merch!   Related Links:   *Assessing Australian Monetary Policy in the Twenty-First Century* By Isaac Gross and Andrew Leigh   *An RBA Fit for the Future* by Gordon de Brouwer, Renee Fry-McKibbin, and Carolyn Wilkins

In this week's long-form conversation, we welcome in Simon Catt, Director of Arlington Group Asset Management Limited. He has over two decades of investment banking experience across equity sales and corporate finance in London having joined Arlington from GMP Securities Europe, which he founded in 2007. Simon has been involved with a number of different assets and companies coming into the market over the past few years. We talk about the challenges and opportunities of small investment banks right now in junior mining. Simon also has a lot of thoughts on the deflation of the Chinese economy, Japan attempting to wield itself off of yield curve control while the US looks to be a step closer towards it. We'd like to thank our sponsors: Western Copper and Gold is focused on developing the world-class Casino project in Canada's Yukon Territory. The Casino project consists of an impressive 11 billion pounds of copper and 21 million ounces of gold in an overall resource. Western Copper and Gold trades on the TSX and the NYSE American with WRN. Be sure to follow the company via their website, www.westerncopperandgold.com. Arizona Sonoran Copper Company (ASCU:TSX) is focused on developing its brownfield copper project on private land in Arizona, a tier 1 location. The Cactus Mine Project is located less than an hour's drive from the Phoenix International airport via highway i-10, and with grid power and the Union Pacific Rail line situated at the base of the Cactus Project main road. With permitted water access, a streamlined permitting framework and infrastructure already in place, ASCU's Cactus Mine Project is a lower risk copper development project in the infrastructure-rich heartland of Arizona.For more information, please visit www.arizonasonoran.com. Fireweed Metals is advancing 3 different projects within the Yukon and Northwest Territories, including the flagship Macmillan Pass Project, a large zinc-lead-silver deposit and the Mactung Project, one of the largest and highest-grade tungsten deposits in the world. Fireweed plans to advance these projects through exploration, resource definition, metallurgy, engineering, economic studies and collaboration with indigenous people on the path to production. For more information please visit fireweedmetals.com.

Prepare to navigate the intriguing world of Japan's market revival and reforms with economist and Asia business and finance editor, Mike Bird. He shares insights on the surge in investor confidence, bolstered by corporate governance reforms led by Shinzo Abe. The ripple effects of international hedge funds like Elliot, and their increased presence in Japan, are also explored. So, buckle up for a deep dive into the economic landscape of Japan and how these reforms are reshaping its markets.From the rally in the Nikkei to the implications of the corporate governance code changes for small-cap companies, we leave no stone unturned. We probe the unique effects of the strong yen on domestic companies and contrast them with the impacts on large caps. We also explore the influence of these market reforms on social issues, such as declining fertility rates. Discover how this demographic change could possibly affect innovation and productivity and the possible interventions by governments to encourage a higher birth rate.We wrap up the conversation with an examination of the potential implications of the Bank of Japan's policy of Yield Curve Control. We discuss the risks associated with Japanese interest rate risk and the effects of higher yields on foreign assets. Join us as we unravel the potential for a credit event sparked by Japan and the crucial role of communication in decisions to drop yield curve control. This engaging discussion promises to leave you with a nuanced understanding of the changing face of Japanese markets.ANTICIPATE STOCK MARKET CRASHES, CORRECTIONS, AND BEAR MARKETS WITH AWARD WINNING RESEARCH. Sign up for The Lead-Lag Report at www.leadlagreport.com and use promo code PODCAST30 for 2 weeks free and 30% off.Nothing on this channel should be considered as personalized financial advice or a solicitation to buy or sell any securities. The content in this program is for informational purposes only. You should not construe any information or other material as investment, financial, tax, or other advice. The views expressed by the participants are solely their own. A participant may have taken or recommended any investment position discussed, but may close such position or alter its recommendation at any time without notice. Nothing contained in this program constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or other financial instruments in any jurisdiction. Please consult your own investment or financial advisor for advice related to all investment decisions.The Canadian Money RoadmapDiscover strategies to save, invest, and grow your money effectively.Listen on: Apple Podcasts SpotifyFoodies unite…with HowUdish!It's social media with a secret sauce: FOOD! The world's first network for food enthusiasts. HowUdish connects foodies across the world!Share kitchen tips and recipe hacks. Discover hidden gem food joints and street food. Find foodies like you, connect, chat and organize meet-ups!HowUdish makes it simple to connect through food anywhere in the world.So, how do YOU dish? Download HowUdish on the Apple App Store today:

With still no further clarity on Bank of Japan's new policy framework of Yield Curve Control, and currency and cash bond markets out of sync, Weston Nakamura examines market price action and activity on US and Japan rates through the lens of futures markets, in order to determine if cross asset market behavior is normalizing. Weston also notes the schedule for this week, in which there will be 30-year auctions held in both the Japanese Government Bond market, as well as the US Treasury market, within 2 days of one another. Given the respective policy setups for US debt issuance and Bank of Japan YCC, there may be competition for investors' capital playing out at these long-dated bond auctions. Finally, Weston offers a potential theory as to why Fitch Ratings had suddenly downgraded their credit rating of US debt, while subsequently publishing positive commentary on Japan's credit risk in light of the Bank of Japan's surprise jump in interest rates - which largely went unnoticed. In doing so, Weston dives into the very active world of of yen-denominated foreign bond issuance, in which global corporates and sovereigns have been rushing in to Japan in order to tap the last bastion of cheap money left. -- Follow Market Depth On Spotify: https://spoti.fi/3mVTs9U Follow Market Depth On Apple Podcasts: https://apple.co/40dA2vm Follow Weston: https://twitter.com/acrossthespread Follow Blockworks: https://twitter.com/Blockworks_  Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Disclaimer: Nothing discussed on Market Depth 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.

Developed markets globally saw a dramatic rise in sovereign bond yields that spanned this whole week - notably at the long end of US Treasuries. Some attribute the move to Fitch Ratings downgrade of US debt, while others point to the government's announcement to boost its bond issuance in the coming months. Following up from the previous episode of Market Depth, Weston Nakamura shows how this week's global bond rout not only stems directly from the Japanese Government Bond market and the Bank of Japan's recent surprise policy change to the way in which it conducts Yield Curve Control policy, but also how previous major episodes of extreme global bond market volatility had been triggered by an illiquid, malfunctioning JGB market, and Bank of Japan meetings as market moving catalysts. In light of these recent developments in policy experimentation and purposeful obfuscation by the central bank, Weston also provides an explainer on a "trading-day-in-the-life" of a Bank of Japan bond buying operation for a critical dose of clarity as we move forward with Bank of Japan's experimental processes. -- Follow Market Depth On Spotify: https://spoti.fi/3mVTs9U Follow Market Depth On Apple Podcasts: https://apple.co/40dA2vm Follow Weston: https://twitter.com/acrossthespread Follow Blockworks: https://twitter.com/Blockworks_  Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Disclaimer: Nothing discussed on Market Depth 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.

Pushpendra Mehta meets with Paul Galloway, Senior Director, Advisory Services at Strategic Treasurer, and Ben Poole, Writer at CTMfile, to review the latest treasury news and developments. Topics of discussion include the following: China economic slowdown continued in July  Bank of Japan yield curve control action surprises markets  Fed resumes rate hikes with 0.25% rise  Survey finds investment industry cool towards CBDCs  Blockchain could save financial institutions US$10 billion by 2030, says Ripple

At the July 2023 Monetary Policy Meeting, the Bank of Japan took markets by surprise (after "pre-announcing" its policy 10 hours prior during US trading hours and moving global currency, equity and bond markets) by making a significant change to its Yield Curve Control policy framework, in which it lifts the upper trading band on 10-year JGB yields from 0.50% to 1%. The central bank also made a major revision upwards on its inflation forecasts for fiscal year 2023 to 2.5%, well above its 2% target. This is the first policy change implemented under newly appointed Governor Ueda. While the consensus debate revolves around whether or not this is the start of Bank of Japan's exit from its outlier accommodative policies, Tokyo-based Weston Nakamura believes that there is far more to the policy decision than just a "YCC tweak." Aided by utilizing financial media outlets to move markets and clear out existing positions, the Bank of Japan is attempting to wrestle its policy away from the hands of markets, and return it back under its own control by purposely introducing elements of confusion and uncertainty - which it labels as "flexibility." Weston gives a historic overview of how Yield Curve Control trading bands had been a market-creation in the first place, what the market implications are, and why this policy change fundamentally reshapes how the Bank of Japan and market participants interact. -- Follow Market Depth On Spotify: https://spoti.fi/3mVTs9U Follow Market Depth On Apple Podcasts: https://apple.co/40dA2vm Follow Weston: https://twitter.com/acrossthespread Follow Blockworks: https://twitter.com/Blockworks_  Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Disclaimer: Nothing discussed on Market Depth 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.

A BIG week for global markets, from tech earnings to central bank decisions, get the full low down.On the trading floor this week, Anthony and Piers discuss:Meta makes a comeback, Google excels on advertising spend and Microsoft posts tepid numbers. Get up to speed on the latest earnings reports from the world's largest tech names.A dovish Fed, soft landings, and yield curve control. Find out what happened in this week's Fed, ECB, and BoJ monetary policy decisions.The bluebird is no more as Twitter becomes 'X', but why is Elon Musk ripping up the marketing textbook and will it work?Free daily newsletter https://bit.ly/3Oeu4WkFree Finance Accelerator simulation https://bit.ly/3GoyV5rConnect with Anthony https://www.linkedin.com/in/anthonycheung10/Connect with Piers https://www.linkedin.com/in/pierscurran/ Hosted on Acast. See acast.com/privacy for more information.

AI-powered markets forecast with CI Markets. 94.7% forecast accuracy, 1,500+ assets (stocks, ETFs, forex, commodities, economics) forecasted every week. Learn more here: https://completeintel.com/markets Welcome to “The Week Ahead” with Tony Nash, where we discuss the latest market trends and forecasts for the upcoming week with a panel of experts including Blake Morrow, Tracy Shuchart, and Albert Marko.They begin with Blake by examining the strength of the dollar in relation to the euro, Japanese yen, and the resurgence of commodities. The conversation highlights the Fed's indication of keeping rates high, the dovish stance of the European Central Bank, and the inflationary environment in Europe and the United States.The focus then shifts to the Bank of Japan and the potential changes in their yield curve control policy. The speakers discuss the challenges the BOJ faces in moving away from ultra-loose policy, and the impact it may have on the Japanese yen's depreciation and potential future appreciation.The episode also covers China's economy and the challenges it faces in shifting towards a consumer-based model. The speakers mention the potential devaluation of the yuan to boost exports, as well as the appreciation of the Mexican peso and the rally in commodities driven by a weak US dollar and China's stimulus.Tracy touches on the energy sector and the United States' oil demand. The conversation explores the implications of rising energy costs on inflation and the global economy, as well as the slowing growth in margins for S&P 500 companies. They discuss the impact on luxury brands and high-end consumers, as well as the current status of AI in the tech industry, mainly with Albert.Lastly, the experts discuss the role of large language models in improving search efficiency and potentially replacing low-level analyst jobs. They acknowledge the transformative effect of AI advancements in search capabilities, but caution about the accuracy of information provided by AI, especially in legal contexts.Key themes:1. Dollah! (& EUR, JPY, CNY)2. Commodity Resurgence3. EarningsThis is the 73rd episode of The Week Ahead, where experts talk about the week that just happened and what will most likely happen in the coming week.Follow The Week Ahead panel on Twitter:Tony: https://twitter.com/TonyNashNerdBlake: https://twitter.com/PipCzarAlbert: https://twitter.com/amlivemonTracy: https://twitter.com/chigrlWatch this episode on Youtube: https://youtu.be/h_n_Vs0DC6M

In this episode of Current Account, Clay is joined by Nathan Sheets, Global Chief Economist at Citi, to talk about Japan. The discussion centers on a recent history of Japanese economy, what a transition from Gov. Kuroda to Gov. Ueda is looking like, explaining the policy of Yield Curve Control and its pros and cons and what the future may look like for Japan.

Off the heels of the June 2023 FOMC's "hawkish pause," PBOC's "catch-up cuts," ECB's "hawkish hike," and BOJ's "dovish autopilot unchanged" policies, Weston Nakamura takes a look back at a historic week of globally synchronized fragmentation among major central banks. In particular, Weston looks into the peculiar relationship forming between the European Central Bank, and the Bank of Japan, in which the ECB calls the BOJ policy normalization a major risk to global bond markets in its official financial stability report - a rare commentary made against a fellow major central bank peer. Weston discusses how the Bank of Japan leaving their Yield Curve Control policy unchanged shows that Governor Ueda may indeed be trapped in the legacy framework, and that it's fellow major central banks who are implementing hawkish policies are are depending on the BOJ to remain in place as the world's final QE anchor. -- Follow Market Depth On Spotify: https://spoti.fi/3mVTs9U Follow Market Depth On Apple Podcasts: https://apple.co/40dA2vm Follow Weston: https://twitter.com/acrossthespread Follow Blockworks: https://twitter.com/Blockworks_  Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Disclaimer: Nothing discussed on Market Depth 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.

In which we do NOT get an end to Yield Curve Control. Recorded LIVE from Tokyo.

For Day 2 of Bank of Japan Week, Weston Nakamura explains how the Bank of Japan, through years of radical and experimental easing policy, has cornered itself against markets - both in the near term with Yield Curve Control, as well as the longer term by being forced to support the world's most indebted nation's fiscal sustainability.  Weston discusses the background history of how Yield Curve Control's trading bands were crafted, and why they are a double edged sword. Finally, Weston makes the case that aside from near-term attempts at “normalization,” ultimately, the Bank of Japan will be forced back into some form of JGB purchasing and monetary accommodation. -- Follow Market Depth On Spotify: https://spoti.fi/3mVTs9U Follow Market Depth On Apple Podcasts: https://apple.co/40dA2vm Follow Weston: https://twitter.com/acrossthespread Follow Blockworks: https://twitter.com/Blockworks_  Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Disclaimer: Nothing discussed on Market Depth 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.

Pre-Show Alexi, the developer of Tornado Cash, might be getting out on bail (https://www.theblock.co/post/227329/alexey-pertsev-tornado-cash-developer-free-pending-trial) after 6 months in jail waiting a trial News Economics and Banking The Treasury Borrowing Advisory Commitee (TBAC (https://home.treasury.gov/policy-issues/financing-the-government/quarterly-refunding/treasury-borrowing-advisory-committee-tbac)), proposed a Treasury buyback program (https://home.treasury.gov/news/press-releases/jy1239) in February, another sign that Yield Curve Control is the solution to the U.S. Governments debt spiral The 1 yr US Treasury bill continues to sharply invert (https://wolfstreet.com/2023/04/20/short-end-of-the-treasury-market-goes-totally-nuts-doubts-creep-in-over-debt-ceiling/), expressing a negative economic outlook Energy Germany shut down its remaining nuclear plants (https://www.world-nuclear-news.org/Articles/A-guide-The-end-of-Germany%E2%80%99s-nuclear-power) after a multi-decade political shift against nuclear energy Eon, a German energy producer, increased electricity prices by 45 percent (https://www.tichyseinblick.de/daili-es-sentials/eon-erhoeht-strompreise/amp) in related news english version (https://www-tichyseinblick-de.translate.goog/daili-es-sentials/eon-erhoeht-strompreise/amp?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp) Privacy Trezor, a hardware wallet, adds coinjoin integration for user privacy, but its through Wassabi Wallets ZKSnacks' coordiator that does chain analysis on users (https://nitter.sethforprivacy.com/sethforprivacy/status/1648727943470776320) before letting them coinjoin MullvadVPN, a reputable privacy focused VPN provider, was served a warrant (https://mullvad.net/en/blog/2023/4/20/mullvad-vpn-was-subject-to-a-search-warrant-customer-data-not-compromised/) in Sweden, their home juristiction, no customer data was handed over since Mullvad collects no such data jam (https://github.com/joinmarket-webui/jam) is a webui on top of joinmarket, a maker-taker based coinjoin protocol that avoids the centralized coordinator issues of Samurai and Wasabi Bitcoin Education Let's talk bitcoin's security model (https://www.lynalden.com/bitcoin-security-modeling/) to see if critique's of bitcoin security (https://twitter.com/mira_hurley/status/1648624743589740545) are useful or the new FUD Feedback Remember to get in touch bitcoindadpod@protonmail.com or @bitcoindadpod (https://mobile.twitter.com/bitcoindadpod) on twitter Consider joining the matrix channel (https://matrix.to/#/#bitcoin:jupiterbroadcasting.com) using a matrix client like element (https://element.io/get-started), details here (https://www.jupiterbroadcasting.com/community/matrix/) Boosts: For recurrent boosts like a membership model, try using oak.home (https://oak-node.net/doc/trunk/README.md) to boost the show's LNURL: bdadpod@getalby.com Thank you Boosters If you get some value from this show, please consider sending a boost. Hearing from you means a lot to us! Send a Boost via the Podcast Index web page. No Podcast app upgrade required. Install Alby (https://getalby.com/) Find the Bitcoin Dad Pod on the Podcast Index (https://podcastindex.org/podcast/5049889) Boost right from the page! Send a re-ocurring or one-off lightning boost to the show with no message at bdadpod@getalby.com or directly to Chris at chrislas@getalby.com Value for Value Podcasting 2.0 to support an indepenent podcasting ecosystem (https://podcastindex.org/) Recomended Podcasting2.0 apps: Fountain (https://www.fountain.fm/) podcast app (Android) Podverse (https://podverse.fm/) (Cross platform and self hostable) + Alby (https://getalby.com/) for boosts Castamatic (https://apps.apple.com/us/app/castamatic-podcast-player/id966632553) (Apple) Sponsors and Acknowledgements Music by Lesfm from Pixabay Self Hosted Show (https://selfhosted.show/) courtesy of Jupiter Broadcasting (https://www.jupiterbroadcasting.com/)

As global markets await the US CPI release for March 2023, Weston Nakamura shares a trade that he has opened this week: Long USDJPY, with the data drop as a potential market moving catalyst. Weston discusses his framework for the trade- including the unique market stance of having last Friday's US Nonfarm Payrolls data mixed into the CPI reaction, the rate markets' setup which parallels that of the 2022 Yield Curve Control environment, and broader market positioning. This is an opportunity to follow along with a live trade, as Weston will update in coming episodes accordingly. -- Follow Market Depth On Spotify: https://spoti.fi/3mVTs9U Follow Market Depth On Apple Podcasts: https://apple.co/40dA2vm Follow Weston: https://twitter.com/acrossthespread Follow Blockworks: https://twitter.com/Blockworks_  Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Disclaimer: Nothing discussed on Market Depth 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.

Peter Stella, Former Head of the IMF Central Banking Division, joins Joseph Wang, former senior trader for the New York Fed and author at Fedguy.com, and Jack Farley for a wide-ranging discussion on: -what really causes inflation  -monetarism, fiscal theory of the price level, and modern monetary theory (MMT) -the unrealized losses on the Fed's balance sheet -why yield curve control likely won't be necessary (or so Peter argues) -the longer the duration of a governments' debt, the less inflation is required to inflate it away -when a central bank incurs unrealized losses, who “wins” and who “loses”?  Filmed on March 29, 2023. ____ Follow Joseph Wang on Twitter https://twitter.com/FedGuy12 Joseph Wang's writings: https://fedguy.com/ Joseph's latest piece, “Ameridollars”: https://fedguy.com/ameridollars/ Peter Stella on Twitter: https://twitter.com/Stellar_Consult Peter Stella's work: https://www.centralbankarchaeology.com/ “Do Central Banks Need Capital?” by Peter Stella:  https://www.imf.org/en/Publications/WP/Issues/2016/12/30/Do-Central-Banks-Need-Capital-2260 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_ ____ Use code GUIDANCE10 to get 10% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 ____ Research, news, data, governance and models – now, all in one place. As a listener of Forward Guidance, you can use code GUIDANCE10 for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ ____ 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 ____ Timestamps: (00:00) Intro (00:15) Peter Stella's Background At The International Monetary Fund (IMF) (03:55) Joseph Wang On The Flaws Of Monetarism (05:52) Milton Friedman: It's The Government That Prints Money (07:56) The Fiscal Theory Of The Price Level (13:38) Modern Monetary Theory (MMT) (24:12) Real Value Of U.S. Debt Is Lower Now Than March 2020 (37:33) Permissionless (38:38) The Fed Has Huge Unrealized Losses On Its Balance Sheet (45:29) Details About The Fed's Mortgage-Backed Securities (MBS) Purchases In 2020 (51:51) Did The Fed Help Wealthy Homeowners Refinance Their Mortgages In 2020? (54:21) Blockworks Research Plug (55:22) When The Federal Reserve Has Unrealied Losses On Its Balance Sheets, Who Loses and Who Gains? (01:13:50) Joseph Wang's Summary Of This Conversation (01:15:08) Yield Curve Control and Potential Debt Death Spiral ____ 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.

Intro SBF, former CEO of crypto Ponzi scheme FTX, stole literally billions (https://www.thenationalnews.com/business/money/2023/03/16/sam-bankman-fried-transferred-22bn-in-ftx-customer-funds-for-personal-use-filings-show/) of customer deposits and investor funds Forbes nails it again (https://twitter.com/nights62/status/1636438392824283136) ## News

Check out Weston Nakamura's new show, Market Depth (First episode airs on Wednesday March 15): Spotify: https://spoti.fi/3YMXoHm Apple: https://apple.co/3ytqwZ8 -- Today marks the end of an era for the Bank of Japan and global macro writ large, as Haruhiko Kuroda held his final policy meeting as governor of the Bank of Japan for March 2023, leaving his controversial Yield Curve Control policy unchanged, and maintaining a highly dovish stance as he exits. Governor Kuroda held his final press conference in which his only regret was that he was “unable to achieve a sustained 2% inflation rate” in Japan- despite a backdrop of Japan's core CPI currently double that of the 2% objective, and many market participants and pundits calling for a final signature BOJ-shock for this meeting. Jack Farley welcomes back Weston Nakamura again for a third consecutive BOJ policy meeting review to discuss the deteriorating state of market dysfunction and the warped yield curve amidst the Bank of Japan's unprecedented scale of continued easing. They also review Governor Kuroda's history-shaping unprecedented tenure, as well as the incoming new Bank of Japan Governor Ueda, and the behind-the-scenes scramble to find who Weston feels is a disaster of a pick for the post-Kurodanomics era, using references from the hit-series Breaking Bad for character context. Today also marks the beginning of another era, in which Tokyo-based derivatives trader and financial markets content creator Weston Nakamura officially joins Blockworks Macro to host a brand new podcast called Market Depth - in which Weston provides critical cross-asset market commentary and insights from Asia- where market activity and policy developments are having ever greater impact upon the global economy and market landscape. Market Depth debuts on Wednesday March 15th 2023, so be sure to follow the podcast on your favorite app, and subscribe to Blockworks Macro YouTube so that you don't miss an episode! -- Follow Weston Nakamura on Twitter twitter.com/acrossthespread Follow Jack Farley on Twitter twitter.com/JackFarley96 Follow Forward Guidance on Twitter twitter.com/ForwardGuidance Follow Blockworks on Twitter twitter.com/Blockworks_ -- Use code GUIDANCE10 to get 10% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 Research, news, data, governance and models – now, all in one place. As a listener of Forward Guidance, you can use code GUIDANCE10 for a 10% discount when signing up to Blockworks Research https://www.blockworksresearch.com/ -- 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 -- Timestamps: (00:00) Introduction (10:05) Kuroda (Departing BOJ Governor) As Gus Fring (13:19) Kazuo Ueda (Incoming BOJ Governor) (18:09) Frankenstein Policy (23:26) Japanese Inflation (27:45) Bank Stocks Fall In Japan (29:54) The Fall of Silicon Valley Bank (36:37) Liquidity (43:04) Consequences For Japanese Yen -- 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.

Paul Diggle talks to Sree Kochugovindan, senior economist at abrdn, about the Bank of Japan's “yield curve control” framework.  The Bank of Japan (BoJ) has been anchoring government bond yields at very low levels. But the policy is coming under increasing pressure from financial markets. Will the new Governor of the BoJ upend this key tenet of the global monetary policy landscape?

In December 2022 Bank of Japan announced that it is going to continue with its Yield curve control policy but expanded the range for movement of the yields.This led to the fall in the equity markets and Yen appreciated against dollar. Bank of Japan on January 20,2023 stated that it intends to continue with the ultra easy monetary policy and Yield curve control measure after widening the trading band in December 20222. Yield curve control policy is a tool used by central banks to keep the long term yields at lower/desirable levels. This exercise is carried out by the central banks when it feels that some sort of stimulus is required for the economy and as the long term rates are contained more economic activity may take place and at the same time reduce the borrowing cost of the government. Parv Shah and Vishal Balabhadruni discuss Yield curve control. Tune in to the podcast to understand the nuances of this activity and its impact on markets. --- Send in a voice message: https://podcasters.spotify.com/pod/show/business-line/message

The last time Jack Farley had Tokyo-based, global macro markets trader and Bank of Japan aficionado Weston Nakamura on Forward Guidance - the BOJ had shocked the world with a sudden unexpected major change in their Yield Curve Control policy. At the January Monetary Policy Meeting held today, the BOJ once again shocked markets and caused mayhem in bond and FX markets - but this time, by doing nothing. Despite the unprecedented scale of record-setting JGB buying (or, foreign and domestic investor selling pressure), the Bank of Japan delivered a unanimous vote of no change in Yield Curve Control policy for Governor Kuroda's second to last meeting of his historic, and dramatically controversial tenure of radical policy experimentation.  Ahead of today's policy release, Weston had been discussing his outlook for a "no-change" BOJ policy outcome, and had positioned for the event against market consensus, using the same framework that he and Jack had discussed at the end of December of market functioning and financial stability to determine policy outcome (as opposed to inflation-combating). In addition to the Bank of Japan and the most intense market pressure they are currently under, Weston also explains what is behind the remarkable strength in the yen as of late, how it is possible for JGBs to yield above the so-called Yield Curve Control upper ceiling, and what's next for the "least predictable" major central bank, as we head into the critical end of Governor Kuroda's era. See Weston and Jack from the previous December 2022 BOJ Day: Bank of Japan's Capitulation Perturbs Global Bond Market | Weston Nakamura Dec 21, 2022: https://www.youtube.com/watch?v=hYR34YbXMvY&t=157s Listen to Weston Nakamura and Emma Muhleman, CFA discuss the Bank of Japan in full detail on Twitter Spaces during live Japan trading hours ahead of the BOJ decision here: https://twitter.com/i/spaces/1BdGYyNpYAyGX?s=20 – Follow Jack on Twitter https://twitter.com/JackFarley96 Follow Blockworks on Twitter https://twitter.com/Blockworks_ Follow Weston on Twitter https://twitter.com/acrossthespread Use code GUIDANCE10 to get 10% off Permissionless 2023 in Austin: https://blockworks.co/event/permissionless-2023 __ 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 __ 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. __

We analyze the worrisome national debt situation in the U.S., UK, and Japan and consider what will determine the likelihood of defaultTopics covered include:How big is the national debt in the U.S., UK, and JapanWhy Japan and UK interest rates have increasedWhen do federal government debts jump the mostWhat two numbers are key to whether a level of national debt is sustainableWhat are five ways indebted countries have reduced the relative size of their debtWhy quantitative easing is not a solution to a national debt crisisFor more information on this episode click here.SponsorsShopify FundriseShow NotesDebt to the Penny—U.S. Treasury Fiscal DataFederal Debt and the Debt Limit in 2022—Congressional Research ServiceCan the Central Bank Alleviate Fiscal Burdens? by Ricardo Reis—London School of Economics and Political ScienceUK government debt and deficit: June 2022—Office for National StatisticsJapan's Experience with Yield Curve Control by Matthew Higgins and Thomas Klitgaard—Liberty Street EconomicsWhat is the national debt?—U.S. Treasury Fiscal DataMajor Foreign Holder of Treasury Securities—Treasury International Capital System, U.S. TreasuryThe Liquidation of Government Debt by Carmen M. Reinhart and M. Belen Sbrancia—International Monetary FundRelated Episodes295: Federal Reserve Insolvency and Monetizing the National Debt338: The National Debt, Inflation, and the U.S. Dollar—What Could Go Wrong?360: Will the U.S. Default? Debt Ceilings, Government Shutdowns, and the National DebtSee Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The Bank of Japan's surprise monetary policy decision in December hastened a sell-off in the JGB market, a drop in Dollar/Yen, and a tightening of Yen cross-currency basis. The government's FY23 budget has grown to JPY114 trillion causing upward pressure on JPY rates to likely persist. We suggest investors watch not only BoJ JGB purchases but also BoJ lending and pooled collateral operations.  In today's episode, MUFG Chief Japan Strategist Takahiro Sekido dissects the December BoJ meeting, the monetary operations that followed, and what he expects going forward. He also shares his views on spot Dollar/Yen, Yen rate, and Yen basis. Disclaimer: www.mufgresearch.com (PDF)

Full show notes with links and charts: https://bitcoinandmarkets.com/e292/  Telegram https://t.me/bitcoinandmarkets  Twitter for Spaces https://twitter.com/AnselLindner  FREE weekly newsletter https://tinyurl.com/2chhbnff 

La scorsa settimana c'eravamo lasciati sulla Bank of Japan e il suo Yield Curve Control. Torno sul Giappone e su questi fatti per una analisi un poco più approfondita: la via dei samurai è tanto importante quanto le scelte europee o statunitensi in tema di politica monetaria per l'equilibrio globale.

Hosts: Ansel Lindner and Christian Keroles Watch this Episode: YouTube / Rumble Clipped down episodes: Fed Watch Clips YT Listen To This Episode: Apple / Spotify / Google / Libsyn / RSS Slide deck for episode Our podcast feed has changed to the Bitcoin Magazine feed! Subscribe here! Fed Watch is a macro podcast like no other, with a clear contrarian thesis of a deflationary financial system's breakdown leading to bitcoin adoption. We question narratives and schools of thought, trying to form our own understanding. Each episode we use current events to question mainstream and bitcoin narratives across the globe, with an emphasis on central banks and currencies. In this episode, CK and I dive deep into yield curve control (YCC), after a discussion of bitcoin and other macro charts like the dollar and US Treasury yields. What is YCC, what are its aims, has it been successful, can it ever be successful? Of course, we look at this both from a general perspective but also specifically in the case of Japan, since the big news this week was the Bank of Japan (BOJ) relaxed their YCC band from +/- 0.25% to +/- 0.5%. Our last topic of the day is the 2nd and final revision to US Q3 real GDP. It increased from the original estimate of 2.9% to 3.2% annualized. This is fairly big news, because so many people are utterly convinced the US is about to experience a horrible and deep recession in 2023. The main influences in Q3 and likely in Q4, have been a plunging nominal GDP and plunging price effects. Therefore, it becomes a race of which falls faster, GDP or “inflation” as to whether the real GDP will be negative or positive. Join the Bitcoin and Markets telegram (link) for constant updates on bitcoin and macro, and go to bitcoinandmarkets.com (link) to sign up for my free weekly newsletter the Bitcoin Fundamentals Report. THIS EPISODE'S SPONSORS: Moon Mortgage - https://www.moonmortgage.io Status Credit Card - https://statusmoney.com/card Crowd Health - https://www.joincrowdhealth.com/bitcoin Bitcoin 2023 Miami - https://b.tc/conference/ Bitcoin Magazine - https://store.bitcoinmagazine.com/ Bitcoin Magazine Pro - https://bitcoinmagazine.com/tags/bitcoin-magazine-pro

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Full show notes with links and charts: https://bitcoinandmarkets.com/e285/ Telegram https://t.me/bitcoinandmarkets Twitter https://twitter.com/AnselLindner for Spaces! FREE weekly newsletter https://tinyurl.com/2chhbnff

ธนาคารกลางญี่ปุ่น หรือ BOJ ปรับนโยบาย Yield Curve Control กดดันตลาดหุ้นเอเชียกอดคอร่วง ในขณะที่ค่าเงินเยนแข็งค่าขึ้นกว่า 2% รายละเอียดเป็นอย่างไร แนวโน้มตลาดหุ้นและตลาดพันธบัตรญี่ปุ่น หลังผลการประชุมธนาคารกลางญี่ปุ่น พูดคุยกับ เกษรี อายุตตะกะ CFP® ผู้อำนวยการกลยุทธ์การลงทุน SCB Chief Investment Office ธนาคารไทยพาณิชย์

ธนาคารกลางญี่ปุ่น หรือ BOJ ปรับนโยบาย Yield Curve Control กดดันตลาดหุ้นเอเชียกอดคอร่วง ในขณะที่ค่าเงินเยนแข็งค่าขึ้นกว่า 2% รายละเอียดเป็นอย่างไร แนวโน้มตลาดหุ้นและตลาดพันธบัตรญี่ปุ่น หลังผลการประชุมธนาคารกลางญี่ปุ่น พูดคุยกับ เกษรี อายุตตะกะ CFP® ผู้อำนวยการกลยุทธ์การลงทุน SCB Chief Investment Office ธนาคารไทยพาณิชย์

The Bank of Japan decided Tuesday to modify the conduct of yield curve control, expanding the tolerable range of 10-year Japanese government bond yield fluctuations from the target level of around zeropctto between plus and minus 0.5 percentage points.

A busy week of central bank policy meetings before the end of the year saw the ECB steal the Federal Reserve's thunder by providing a far more hawkish communication than expected. Derek Halpenny, Head of Research Global Markets EMEA and International Securities, discusses with Michael Owen, Head of Global Client Desk EMEA, what the rates and FX implications will be following the FOMC and ECB meetings. Derek also looks ahead to the BoJ policy meeting next week and assesses the prospect of a change in the Yield Curve Control policy and implications for the yen. Disclaimer: www.mufgresearch.com (PDF)

ถามอีก กับพี่นัท คุณณัฏฐะ มหัทธนา, CFA ผู้ช่วยกรรมการผู้จัดการ ฝ่ายกลยุทธ์การลงทุนและลูกค้าสัมพันธ์ KTAM และ พี่หมู คุณบดินทร์ พุทธอินทร์ Head of Investment Strategy , บลจ. Eastspring คุยอะไรกันบ้าง? - อัตราเงินเฟ้อต่ำกว่าคาด มีโอกาสเกิด Policy U-turn ? - สถานการณ์แบบไหน ที่ทำให้ Fed เริ่มหันกลับ - Cost Push แก้ปัญหาเงินเฟ้อได้ทางอ้อม - Jerome Powell ต้องพูดอย่างไร ถึงจะเป็นการให้ของขวัญนักลงทุน? - Yield Curve Control ในญี่ปุ่น - มุมมองต่อสินทรัพย์ลงทุน - จีนทยอยเปิดประเทศ แต่จำนวนผู้ติดเชื้อเร่งสูงขึ้น - ตัวเลขที่บอกว่าจะเกิด Recession

Currency intervention capped USDJPY at the 152-mark, but Yen selling flows dominate, and the uptrend for USDJPY has not been thrown off course. Upward stresses on JPY rates are deep-rooted, but the BoJ has been able to cap rates with its yield control operations. JPY bond arbitrage trading flows by foreigners and Japanese investors' selling of foreign bonds have caused the belly of the JPY basis curve to tighten, but the front end has been dominated by Japanese investors' funding of USD assets over year-end. In today's episode, MUFG Chief Japan Strategist Takahiro Sekido updates us on the cross asset flows during the month of September and also previews the October BoJ policy meeting. He also shares his views on spot Dollar/Yen, Yen rate, and Yen basis. Disclaimer: www.mufgresearch.com (PDF)

IN THIS EPISODE, YOU'LL LEARN:01:22 - Why and how do we need to understand the macro environment when we invest07:18 - Why we should think of the economy as we think of the human body19:02 - Why the traditional buy-and-hold equity strategy is flawed26:20 - Why a house we live in is typically not a good investment35:16 - How has the stock market performed after inflation and taxes? 40:38 - Why investors are not globally diversified when they invest in the S&P50048:27 - Why bonds bear markets are different from bear markets in stocks55:58 - Why diversification is about hating some of your portfolio all of the time1:03:49 - How money creation will change with a digital currency by central banks1:11:53 - What is yield curve control, and how is it exercised? 1:16:08 - What is the third mandate of the FED?Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.BOOKS AND RESOURCESStig's first part interview with Cullen Roche about Inflation.Cullen Roche's website, The Discipline Funds.Cullen Roche's website, Pragmatic Capitalism.Tweet directly to Cullen Roche.Email Cullen at cullenroche@orcamgroup.com.Cullen Roche's YouTube channel.Cullen Roche's new research paper, All Duration Investing.Cullen Roche's book, Pragmatic Capitalism – Read reviews here.NEW TO THE SHOW?Check out our We Study Billionaires Starter Packs.Browse through all our episodes (complete with transcripts) here.Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Enjoy exclusive perks from our favorite Apps and Services.Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.Learn how to better start, manage, and grow your business with the best business podcasts. P.S The Investor's Podcast Network is excited to launch a subreddit devoted to our fans in discussing financial markets, stock picks, questions for our hosts, and much more! Join our subreddit r/TheInvestorsPodcast today!SPONSORSInvest in high-quality, cash-flowing real estate without all of the hassle with Passive Investing.Private assets represent 98% of companies in North America but are absent in most portfolios. Reconstruct your portfolio with private markets with Mackenzie Investments.Build a plan that helps you strengthen your financial security with RBC Wealth Management. RBC capital markets LLC, member NYSE, FINRA, SIPC.Throw out the old traditions and get progressive. Discover the complete package - smart design, lots to love under the hood with Genesis.Have gold and silver shipped directly to your door for you to hold at your home. Get BullionMax's Gold Investor Kit today - 3 ounces of the world's most desirable gold coins, including the Gold American Eagle and Canadian Maple Leaf.See the potential of your business. Find solutions that work for you, that tick bigger boxes and help you grow with Square.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Enjoy a 400-calorie meal that contains 40g of expertly sourced, premium plant protein, all 26 essential vitamins and minerals, and a scientifically calibrated mix of carbs, good fats and fiber with Huel Black Edition. Plus, get a free t-shirt and free shaker with your first order.Start printing everything your small business needs and discover the endless printabilities with VistaPrint.If your business has five or more employees and managed to survive Covid you could be eligible to receive a payroll tax rebate of up to twenty-six thousand dollars per employee. Find out if your business qualifies with Innovation Refunds.Get position and investment info for nearly 6,000 Asset Management Companies with Moomoo, Australia's first A.I. powered trading platform. Sign up and fund your moomoo account before October 31 and get $10 for every $100 you deposit. All investment carries risk. AFSL 224 663. T&Cs apply.Start building a portfolio of alternative farm and timberland assets with AcreTrader.If you're aware you need to improve your bitcoin security but have been putting it off, Unchained Capital's Concierge Onboarding is a simple way to get started—sooner rather than later. Book your onboarding today and at checkout, get $50 off with the promo code FUNDAMENTALS.Support our free podcast by supporting our sponsors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

News EU bans all Russian 'crypto wallets' (https://archive.ph/SBL2T), maybe? the documentation is poorly written Spiral BTC quarterly report mentions DesFemmes bitcoin mentorship program (https://archive.ph/OFEMo#selection-807.0-807.6), which I meant to bring up months ago Economics Arthur's Contagion article (https://blog.bitmex.com/contagion/) is a blow buy blow of how Yield Curve Control is here, forever, until we have a new financial system paradaigm Tokenomics Snippets is Arthur's mea culpa (https://blog.bitmex.com/snippets/) on levering up on Etherium's 'ultra sound money deflation' policy change, but he articulates a reasonable longterm bitcoin case BNB, an Etherium competitor run by Binance, froze their 'decentralized' chain (https://www.coindesk.com/business/2022/10/06/binance-linked-bnb-price-falls-close-to-4-on-hack-rumors/) after a hack Flashbots, yet another Etherium centralization point, is censoring transactions (https://www.theblock.co/post/175709/flashbots-co-founder-steps-down-after-disagreements-with-team-over-censorship) Privacy Celsius just doxxed every former user (https://www.nobsbitcoin.com/celsius-doxxes-all-users/) in a bankruptcy filing, the judge declined to redact user data Mulvad's online privacy guide (https://mullvad.net/en/help/first-steps-towards-online-privacy/) has good basics Bitcoin Education Serhack's analysis of the bitcoin genesis block (https://serhack.me/articles/story-behind-alternative-genesis-block-bitcoin/) is educational and entertaining Was Satoshi a greedy miner (https://blog.lopp.net/was-satoshi-a-greedy-miner/) by Jameson Lopp pairs well with Serhack's article Bitcoin Optech #220 (https://bitcoinops.org/en/newsletters/2022/10/05/) is a big issue covering transaction relay, flow control, and more Feedback Remember to get in touch bitcoindadpod@protonmail.com or @bitcoindadpod on twitter Consider joining the matrix channel (https://matrix.to/#/#bitcoin:jupiterbroadcasting.com) using a matrix client like element (https://element.io/get-started) Corrections None today! Value for Value Podcasting 2.0 to support an indepenent podcasting ecosystem (https://podcastindex.org/) Recomended Podcasting2.0 apps: Fountain (https://www.fountain.fm/) podcast app (Android) Podverse (https://podverse.fm/) (Cross platform and self hostable) Castamatic (https://apps.apple.com/us/app/castamatic-podcast-player/id966632553) (Apple)+ Podcasting 2.0 to support an indepenent podcasting ecosystem (https://podcastindex.org/) Sponsors and Acknowledgements The Adopting Bitcoin Conference (https://adoptingbitcoin.org/2022/) Novem ber 15, 16 & 17, 2022 in El Salvador, use promo code BITCOINDAD for a 21% di scount Music by Lesfm from Pixabay Self Hosted Show (https://selfhosted.show/) courtesy of Jupiter Broadcasting (https://www.jupiterbroadcasting.com/)

IN THIS EPISODE, YOU'LL LEARN:Alf's thoughts on the EU's Anti Fragmentation policy tool.What the CDS market is telling the world.Is Europe next for Yield Curve Control?Is Italy going to be the next Cyprus?Will the 10Y treasury make new lows on its yield?Alf's thoughts on the Eurodollar impact on global decisions versus local US decisions.Alf's thoughts on Chinese Real Estate crisis.Alf's thoughts on Bitcoin.BOOKS AND RESOURCESAlf's Twitter.Alf's Free Newsletter.Help protect your family's financial future with TD Term Life Insurance.Book your next simple tour or extreme adventure through Viator, the world's leading travel experience marketplace. Use code VIATOR10 for a 10% off your first booking.Take the next step in your working-life or get ready for a change, by being a Snooze franchise partner. To learn more, head to Snooze.com.au and scroll down the page for “franchising”.Depend on RBC Wealth Management's investment expertise to build a plan that helps you strengthen your financial security no matter where you are in life.Invest in high quality, cash flowing real estate without all of the hassle with Passive Investing.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Trade specifically based on your view of concrete events with Kalshi, a trading platform that can be used to counter falling portfolios.Get 50% off Remote's full suite of global employment solutions for your first employee for three months. Just visit remote.com and use promo code WSB.Get the most from your bitcoin while holding your own keys with Unchained Capital. Begin the concierge onboarding process on their site. At the checkout, get $50 off with the promo code FUNDAMENTALS.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Invest in the $1.7 trillion art market with Masterworks.io. Use promocode WSB to skip the waitlist.Reclaim your health and arm your immune system with convenient, daily nutrition. Athletic Greens is going to give you a FREE 1 year supply of immune-supporting Vitamin D AND 5 FREE travel packs with your first purchase.Our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Check out our favorite Apps and Services.Browse through all our episodes (complete with transcripts) here.New to the show? Check out our We Study Billionaires Starter Packs.Support our free podcast by supporting our sponsors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The market's valuation has improved considerably since the beginning of the year-- however the bad news is that it hasn't improved enough to support a new bull market. Today's Stocks & Topics: VEGI - iShares MSCI Global Agriculture Producers ETF, The CHIPS Act, Recession Fear are Rising, Robinhood App, Parallel Investing Strategy, AEM - Agnico Eagle Mines Ltd., SNDL - SNDL Inc., Reverse Split, XPEV - XPeng Inc. ADR, 15- or 30-Year Mortgage.  TRIVIA QUESTION: "When-- as in which YEAR-- did the Federal Reserve first implement a form of Yield Curve Control?"Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

ถามอีก กับ คุณกอบสิทธิ์ ศิลปชัย ผู้บริหารงานวิจัยเศรษฐกิจและตลาดทุน ธนาคารกสิกรไทย คุยอะไรกันบ้าง? - หลายประเทศค่าเงินอ่อนในรอบหลายปี - ค่าเงินเยน - อเมริกาเสี่ยงภาวะเศรษฐกิจถดถอย ? - ถ้าเยนอ่อนค่าไปเรื่อย ๆ มีอะไรที่ต้องระวัง ? - BOJ จะพิมพ์เงินออกมาเพื่อทำ Yield Curve Control ? - ญี่ปุ่นอาจต้องกัดฟันขึ้นดอกเบี้ย? - เศรษฐกิจญี่ปุ่นเสี่ยงเกิดวิกฤต? - ถึงจังหวะแลกเงินเยนได้หรือยัง? - ค่าเงินบาท - ไทยจะขึ้นดอกเบี้ย ? - กรอบค่าเงินบาท

In this episode of our Fireside Chats series we'll be talking with Takashi Miwa the Chief Economist for Japan and Naka Matsuzawa from the Global Macro strategy team. We'll discuss how Global recession risks and sky-high energy prices impact Japan, the arguments in favour of abandoning the BOJ's yield curve control and why for now the BOJ is likely to stick with it.

CFA, former hedge fund manager, and macro master James Lavish joins Josh & Dan to chat about the current precarious macroeconomic landscape and Bitcoin. Topics Covered: Japanese Yield Curve Control, What's going on with the Yen, & what it could mean globally Possible central bank tactics moving forward Why James' hockey career was cut short Downside market protection and the Fed put The economic predicament of the middle & lower class A bulldog named Arbitrage & more... SHOW SPONSORS: **LEDN** - A Bitcoin forward financial services company that has chosen to mirror and embrace the transparency, accountability, and auditability of Bitcoin itself by undergoing Proof of Reserves. Use Bitcoin as collateral and access dollar loans with Ledn Bitcoin backed loans. Harness your Bitcoin holdings to buy a new property or finance the home you already own with the upcoming Ledn Bitcoin Mortgage Product. Save Bitcoin and USDC and have access to Ledn's Dollar Loans and trading service. You can look into Ledn's well architected menu of services at Ledn.io (All products and services subject to availability & jurisdiction.)   RECEIVE $10 USDC by signing up and funding using the following link: http://start.ledn.io/bluecollarbitcoin   **COINKITE** - Makers or the best Bitcoin security hardware in the world. Use PROMO CODE "BCB" for 5% off ColdCard Mk3 purchases at coinkite.com. Coinkite is the producer of the iconic ColdCard.  ColdCard is widely regarded as the MOST secure signing device in existence, and can be used by beginners all the way up to the most advanced users (The 2 of us have relied on this device for years.) If you wanna get frisky, check out the BlockClock Mini, this beauty sits on a bookshelf or hangs on the wall and displays any metric about Bitcoin you can think of.  BlockClock Mini is a lust worthy addition to any Bitcoiners home. Other Coinkite products include the OPENDIME, the SATSCARD, the TAPSIGNER, the SEEDPLATE, COLDPOWER and sweet hats. All available at coinkite.com. ColdCard Guides SUPPORT THE BCB PODCAST: ⇨TIPS: strike.me/bcb (tips also open on Twitter) ⇨PODCAST 2.0 STREAMING: You can stream us fractions of a cent via Bitcoin sats on the Lightning Network!  We are live on Podcast 2.0 apps & wallets. BREEZ Wallet is a great way to get started→HERE is an easy tutorial that demonstrates exactly how to do it. ITEMS MENTIONED IN THE SHOW: Japanese Yen, Yield Curve Control & more explained  The Fed Put explained Arbitrage explained The Informationist Newsletter Looking Glass Education "Does QE Cause Wealth Inequality" by Lyn Alden The Price of Tomorrow by Jeff Booth TWITTER: Follow James @JamesLavish; @ Follow Blue Collar Bitcoin Podcast @blue_collarbtc EMAIL: Send us questions, comments, or feedback at bluecollarbitcoinpodcast@gmail.com  

On today's episode of “The Macro Trading Floor,” Andreas is joined by Jack Farley, Host of the "Forward Guidance" Podcast as Alfonso is away on holiday. They discuss the top stories of the week including the recent sell-off in commodities, policy errors by the ECB and a recent interview with Jerome Powell, Andrew Bailey & Christine Lagarde. Andreas then welcomes Russell Clark, Former hedge fund manager of Russell Clark Investment Management for a discussion on the most important factor in markets right now, inflation. Expecting to see a switch from capital back to labor, structurally higher bond yields, higher inflation and elevated commodity prices, just what will this mean for markets? Russell then shares his actionable trade idea, but to hear that, you'll have to tune in! -- Follow Russell: https://twitter.com/rampagingruss Follow Jack Farley: https://twitter.com/JackFarley96 Follow Andreas: https://twitter.com/AndreasSteno Follow Blockworks: https://twitter.com/Blockworks_ Subscribe To The Macro Compass: https://themacrocompass.substack.com/ Subscribe To Stenos Signals: https://andreassteno.substack.com/ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- Referenced In The Show: Central bankers warn of end to low inflation era: https://www.ubs.com/global/en/wealth-management/insights/chief-investment-office/house-view/daily/2022/latest-30062022.html  Stagflation 2.0 Is Here To Stay | Ronald Stöferle and Mark Valek: https://open.spotify.com/episode/7wE5m3TAY61LpZNBUc1x2u?si=b79c323837f1431e  Frances Donald: The Yield Curve Signals A Huge Warning: https://open.spotify.com/episode/36aWSiLz2tt45URVIOULTd?si=83c74291c04e40d9 -- Timestamps: (00:00) Introduction (01:01) Top Stories Of The Week (08:09) Falling Commodity Prices (12:14) Feature Interview With Russell Clark (15:32) A Regime Shift in Inflation (25:13) A Regime Shift in Currencies (28:25) The U.S Dollar (34:52) Russell's Actionable Trade Idea (40:57) The BoJ & Yield Curve Control (44:53) Post Interview: Final Thoughts -- Disclaimer: Nothing discussed on The Macro Trading Floor 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.

Swan Bitcoin (Get $10 of BTC) https://www.swanbitcoin.com/heresyfinancial Japan has lost control of their yield curve, and the Yen! They're starting to experience rapid depreciation in the value of their currency given the fact that they're trying to implement a dooms day arrival plan called, "Yield Curve Control". We're going to dive into exactly what is going on with Japan.

IN THIS EPISODE, YOU'LL LEARN:What in the world is happening with the Japanese Yield Curve ControlJames' thoughts on Risk Happening Fast (Luna, 3AC, Celsius)Frequencies of settlementThe housing market cooling offAre monetary policies makers wagging the tail of politiciansAt what speed is this current cycle going to play outHas inflation peakedRecent statements by FED Chair PowellThe battle between producer states and consumer states*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.BOOKS AND RESOURCESJames Lavish TwitterLooking Glass Education WebsiteNew to the show? Check out our We Study Billionaires Starter Packs.Are you looking to start investing? Check out our article on How to Invest in Stocks: The Ultimate Guide for Beginners.Every 28 seconds an entrepreneur makes their first sale on Shopify. Access powerful tools to help you find customers, drive sales, and manage your day-to-day. Start a FREE fourteen-day trial right now!Find Pros & Fair Pricing for Any Home Project for Free with Angi.Invest in crypto and trade it without tax headaches with AltoIRA.Updating your wardrobe or just simply looking for a new fall flannel? Head to Mizzen+Main and use promo code WSB to receive $35 off an order of $125 or more!Break into the multifamily investing space or level up your investing game. Learn these at the Multifamily Investor Nation Convention. Visit mfincon.com for details and tickets. Use promo code TIP to get $200 off your tickets.Try out Rhoback's performance polos, q-zips, or hoodies and bring a new meaning to the word comfortable. Use the code STUDY and get 20% off your first order.Get a FREE Wealth Protection Kit and learn how thousands are protecting their retirement savings and adding $10,000 (or more) in free Silver with Goldco.Personalize your plans in improving your metabolism, reducing stress, improving sleep, and optimizing your health with InsideTracker. Use discount code TIP to get 20% off the entire InsideTracker store.Gain the skills you need to move your career a level up when you enroll in a Swinburne Online Business Degree. Search Swinburne Online today.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Depend on RBC Wealth Management's investment expertise to build a plan that helps you strengthen your financial security no matter where you are in life.Meet every business challenge -- from point of sale to eCommerce, staff management, business operations, costumer solutions, and so much more by using Square's customized and connected tools.Get 50% off Remote's full suite of global employment solutions for your first employee for three months. Just visit remote.com and use promo code WSB.Our tool for picking stock winners and managing our portfolios: TIP Finance Tool.Check out our favorite Apps and Services.Support our free podcast by supporting our sponsors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Hosts: Ansel Lindner and Christian Keroles Listen To This Episode:  Apple / Spotify / Google / Libsyn / Overcast / RSS Charts for episode can be found on BitcoinandMarkets.com/fed100 Fed Watch is the macro podcast for bitcoiners. Each episode we discuss current events in macro from across the globe, with an emphasis on central banks and currencies. In this episode, CK and I cover developments in Japan in regards to Yield Curve Control, in the US in regards to growth and inflation forecasts, and in Europe in regards to the concern about fragmentation. At the end of the episode, we celebrate the 100th episode of Fed Watch by reviewing some of the guests and calls we have made throughout the show's history. Big Trouble in Japan The economic troubles in Japan are legendary at this point. They have suffered through several lost decades of low growth and low inflation, addressed by the best monetary policy tools of the day, by some of the best experts in economics (maybe that was the mistake). None of it has worked, but let's take a minute to review how we got here. Japan entered their recession/depression back in 1991 after their giant asset bubble burst. Since that time, Japanese economic growth has been averaging roughly 1% a year, with low unemployment, and very low dynamism. It's not negative GDP growth, but it's the bare minimum to have an economic pulse.  To address these issues, Japan became the first major central bank to launch Quantitative Easing (QE) in 2001. This is where the central bank, Bank of Japan (BOJ) would buy government securities from the banks in an attempt to correct any balance sheet problems, clearing the way for those banks to lend (aka print money). That first attempt at QE failed miserably, and in fact, caused growth to fall from 1.1% down to 1%. The Japanese were convinced by Western academic economists, like Paul Krugman, who claimed the BOJ failed because they had not "credibly promised to be irresponsible". They must change the inflation/growth expectations of the people by shocking them into inflationary worry. Round two of monetary policy in 2013 was dubbed QQE (Quantitative and Qualitative Easing). In this strategy, the BOJ would cause "shock and awe" at their profligacy, buying not only government securities but other assets like ETFs on the Tokyo stock market. Of course, this failed, too. Round three was the addition of Yield Curve Control (YCC) in 2016, where the BOJ would peg the yield on the 10-year Japanese Government Bond (JGB) to a range of ±10 bps. In 2018, that range was expanded to ±20 bps, and in 2021 to ±25 bps, where we are today. The YCC Fight As the world is now dealing with massive price rises due to the economic hurricane, the government bond yield curve in Japan is pressing upward, testing the BOJ's resolve. As of now, the ceiling has been breached several times, but it hasn't completely burst through. The BOJ now owns more than 50% of all government bonds, on top of their huge share of ETFs on their stock exchange. At this rate, the entire Japanese economy is going to be owned by the BOJ soon. The Yen is also crashing against the dollar. Below is the exchange rate, how many yen to a US dollar. Federal Reserve DSGE Forecasts Federal Reserve Chairman, Jerome Powell, went in front of Congress this week and said that a US recession was not his "base case", despite nearly all economic indicators crashing in the last month. Here we take a look at the Fed's own DSGE model. The New York Fed DSGE (dynamic stochastic general equilibrium) model has been used to forecast the economy since 2011, and its forecasts have been made public continuously since 2014.The current version of the New York Fed DSGE model is a closed economy, representative agent, rational expectations model (although we deviate from rational expectations in modeling the impact of recent policy changes, such as average inflation targeting, on the economy). The model is medium scale, in that it involves several aggregate variables such as consumption and investment, but is not as detailed as other, larger, models. As you can see below, the model is predicting this year's Q4 to Q4 GDP to be negative, as well as the 2023 GDP. That checks with my own estimation and expectation that the US will experience a prolonged but slight recession, while the rest of the world experiences a deeper recession. In the below chart, I point out the return to the post Great Financial Crisis (GFC) norm of low growth and low inflation, a norm shared by Japan by the way. European Anti-fragmentation Cracks Only a week after we showed watchers and listeners of Fed Watch ECB President Christine Lagarde's frustration at the repeated anti-fragmentation questions, EU heavyweight, Dutch Prime Minister Mark Rutte, comes through like a bull in a china shop. I read parts of an article from Bloomberg, where Rutte claims it's up to Italy, not the ECB, to contain credit spreads. What's the big worry about fragmentation anyway? The European Monetary Union (EMU, aka Eurozone), is a monetary union without a fiscal union. The ECB policy must serve different countries with different indebtedness. This means that ECB policy on interest rates will affect each country within the union differently, and more indebted countries like Italy, Greece and Spain will suffer a greater burden of rising rates. The worry is that these credit spreads will lead to another European Debt Crisis 2.0, and perhaps even political fractures as well. Countries could be forced to leave the Eurozone and/or the European Union itself over this issue. Lookback on 100 Episodes The last part of this episode is spent looking back at some of the predictions and great calls we've made. It didn't go according to my plan, however, and we got lost in some weeds. But overall, we were able to highlight the success of our unique theories put forward by this show in the bitcoin space. Strong dollar Bitcoin and USD stablecoin dominance US's relative decentralization makes it a better fit for bitcoin Bearish on China and Europe We also highlight some specific calls that have been spot on, which you'll have to watch the episode to hear. I wanted to highlight these things to show the success of our contrarian views, despite being unpopular amongst bitcoiners. This show is an important voice in the bitcoin scene because we are prodding and poking the narratives to find the truth of the global monetary system. Links More on Japan's YCC trouble https://archive.ph/zcIOW Federal Reserves DSGE model https://www.newyorkfed.org/research/policy/dsge#/interactive Mark Rutte on fragmentation https://archive.ph/K6nHI That does it for this week. Thanks to the watchers and listeners. If you enjoy this content please SUBSCRIBE, REVIEW on iTunes, and SHARE! Written by Ansel Lindner Economist, bitcoin specialist, and author of the Bitcoin Dictionary and the free weekly Bitcoin Fundamentals Report. Find more from Ansel at the bitcoinandmarkets.com

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Ever since May's CPI print blew away expectations, the already jittery global capital markets have become even more unsettled. And on Wednesday, June 15th, the Fed responded by raising rates 75 basis points, which is the first time the Fed has hiked by that amount since November 1994.Back then the Fed was pretty successful in engineering a soft landing in the economy, but the circumstances are very different this time around. To make sense of it all, we are pleased to welcome Weiss's bond expert Lundy Wright. So please check disclosures at the end of the episode and get ready for this one.Resources:What is Yield Curve Control?Bank of Japan's Kuroda 20-year Fight Against InflationIs the Fed Still in Fantasy Land?Disclosures: This podcast and associated content (collectively, the “Post”) are provided to you by Weiss Multi-Strategy Advisers LLC (“Weiss”). The views expressed in the Post are for informational purposes only and are subject to change without notice. Information in this Post has been developed internally and is based on market conditions as of the date of the recording from sources believed to be reliable. Nothing in this Post should be construed as investment, legal, tax, or other advice and should not be viewed as a recommendation to purchase or sell any security or adopt any investment strategy. Past performance is no guarantee of future results. You should consult your own advisers regarding business, legal, tax, or other matters concerning investments. Weiss has no control over information at any external site hyperlinked in this Post. Weiss makes no representation concerning and is not responsible for the quality, content, nature, or reliability of any hyperlinked site and has included hyperlinks only as a convenience. The inclusion of any external hyperlink does not imply any endorsement, investigation, verification, or ongoing monitoring by Weiss of any information in any hyperlinked site. In no event shall Weiss be responsible for your use of a hyperlinked site. This is not intended to be an offer or solicitation of any security. Please visit www.gweiss.com to review related disclosures and learn more about Weiss.

IN THIS EPISODE, YOU'LL LEARN:From a macro standpoint, what surprises them the most?What is happening in the Credit Default Swap market?Why are the CDS prices in Japan not so bad considering how much Yield Curve Control has been implemented?Why is Fidelity so involved in Bitcoin and why is it so important?Are the Credit cycles getting faster?What's the next major central bank to implement Yield Curve Control?What are fixed income investors thinking right now for long duration?What kind of timeline is this "great reset" playing out?What was the incentive for building the Looking Glass Education Platform?BOOKS AND RESOURCESThe Fidelity report about Bitcoin Versus Everything Else.The Looking Glass Education PlatformDr Jason Sansone's and Greg Foss's article: Bitcoin Portfolio Insurance - Introductions, Basics, and Bond MathNew to the show? Check out our We Study Billionaires Starter Packs.Are you looking to start investing? Check out our article on How to Invest in Stocks: The Ultimate Guide for Beginners.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Find joy in comfort with Faherty. Use promo code WSB to snag 20% off all your new spring staples!Get the most from your bitcoin while holding your own keys with Unchained Capital. Begin the concierge onboarding process on their site. At the checkout, get $50 off with the promo code FUNDAMENTALS.Send, spend and receive money around the world easily with Wise.Updating your wardrobe or just simply looking for a new fall flannel? Head to Mizzen+Main and use promo code WSB to receive $35 off an order of $125 or more!Instantly elevate your ketone levels with just one dose with Ketone-IQ, a drinkable ketone technology created by H.V.M.N and the US Military. The first 50 people to use the code ALPHA will get 20% off.Push your team to do their best work with Monday.com Work OS. Start your free two-week trial today.Every 28 seconds an entrepreneur makes their first sale on Shopify. Access powerful tools to help you find customers, drive sales, and manage your day-to-day. Start a FREE fourteen-day trial right now!Get in early on medical technology, breakthroughs in ag tech and food production, solutions in the multi-billion dollar robotic industry, and so much more with a FREE OurCrowd account. Open yours today.The interval fund, a breakthrough innovation. Only at Mackenzie.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Balancing opportunity and risk? The golden answer can be literally gold! Start your investment journey today with Perth Mint.Gain the skills you need to move your career a level up when you enroll in a Swinburne Online Business Degree. Search Swinburne Online today.Design is already in your hands with Canva. Start designing for free today.Get a FREE Wealth Protection Kit and learn how thousands are protecting their retirement savings and adding $10,000 (or more) in free Silver with Goldco.Support our free podcast by supporting our sponsors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Inflation hits 30 year high in Canada, more rate hike increases expected. Are we nearing the detonation of the sovereign debt bubble? Plus more musings in China, Europe and Japan.Loonie Hour Live Event Tickets:https://www.eventbrite.com/e/the-loonie-hour-live-in-vancouver-tickets-326025299447

Jurrien Timmer, director of global macro research at Fidelity, joins Forward Guidance to explain his outlook of the current macro environment marked by slowing rates of growth and inflation coming down from high levels as central banks scramble to tighten monetary conditions. Timmer notes that while risk-free rates (as measured by Treasury yields) have risen sharply, risk premia as measured by credit spreads - and, in particular, the earnings yield of stocks - have barely budged. Timmer shares his outlook on bonds, commodities, equities at this point in the economic cycle, and he explains his long-term bull case for Bitcoin, as well as why one of his models indicates gold is severely undervalued (not investment advice). Nothing Timmer or Farley say is investment advice.Follow Jurrien Timmer on Twitter @TimmerFidelity Follow Jack Farley on Twitter @JackFarley96 Follow Blockworks on Twitter @Blockworks _____ Bit.com is a full-suite cryptocurrency exchange launched by Matrixport, an integrated financial services firm headquartered in Singapore. Since August 2020, Bit.com has been online supporting the spot, perpetual, futures, fixed income and options products, with a particular highlight being pioneers to launch BCH options. Bit.com is the second-largest in the BTC and ETH options market. Call to action: For any further enquiry, please contact vip@bit.com. Sign up URL: https://bit.ly/3KlgLR3 App download URL: https://bit.ly/3xer6uI -- If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter -- (00:00) Introduction (06:08) Where Are We In The Cycle Now? (12:40) Slaying The Inflation Dragon (21:29) The Stock Market (30:22) Bit.com Ad (31:00) Commodities (36:25) Gold (44:24) Will The Fed Reverse on Quantitative Tightening (QT)? (56:48) Japanification & Yield Curve Control (1:06:18) Bitcoin

IN THIS EPISODE, YOU'LL LEARN:What market indicators are surprising Lawrence the most right now?The energy market in a time of war.If gold can't rally in this environment, when can it?Portfolio construction versus age.What would Yield Curve Control look like?What are some key knowledge points to watch out for?What are his thoughts on the equity "melt-up" thesis?The battle between deflation and inflation.BOOKS AND RESOURCESLawrence Lepard's Twitter.Lawrence Lepard's PE Firm.New to the show? Check out our We Study Billionaires Starter Packs.Are you looking to start investing? Check out our article on How to Invest in Stocks: The Ultimate Guide for Beginners.Get in early on medical technology, breakthroughs in ag tech and food production, solutions in the multi-billion dollar robotic industry, and so much more with a FREE OurCrowd account. Open yours today.Find people with the right experience and invite them to apply to your job. Try ZipRecruiter for FREE today.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Invest in the $1.7 trillion art market with Masterworks.io. Use promo code WSB to skip the waitlist.Invest in crypto and trade it without tax headaches with AltoIRA.If you're a sales professional, get every real time advantage you can get with Sales Navigator. Enjoy 60 days of free trial today.Find joy in comfort with Faherty. Use promo code WSB to snag 20% off all your new spring staples!Canada's #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable. Opt for the simple, stable, and smart choice for your business.Live local in Melbourne and enjoy $0 Stamp Duty*!The interval fund, a breakthrough innovation. Only at Mackenzie.Take advantage of a free mortgage review and learn about custom loans that can save you big money with American Financing.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Balancing opportunity and risk? The golden answer can be literally gold! Start your investment journey today with Perth Mint.Gain the skills you need to move your career a level up when you enroll in a Swinburne Online Business Degree. Search Swinburne Online today.Design is already in your hands with Canva. Start designing for free today.Support our free podcast by supporting our sponsors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Asia-Pac equities initially traded mixed, but sentiment improved; Mainland China was closed whilst Hong Kong outperformed.Russian Chief Negotiator said Russia's position on Crimea and Donbas remains unchanged and talks will resume on Monday.European equity futures are indicative of a slightly firmer open with the Euro Stoxx 50 future +0.2% after the cash market closed higher by 0.4% on Friday.DXY remains above 98.50, EUR/USD was flat on either side of 1.1050, Antipodeans narrowly outperform in the G10 FX space.Looking ahead, highlights include EZ Sentix, US Factory Orders, BoE's Cunliffe, Mann.US TRADEUS stocks finished higher on Friday with trade choppy as a new quarter commenced but eyes remained on the inverted yield curve.SPX +0.32% at 4,544, NDX +0.15% at 14,861, DJIA +0.40% at 34,818, R2K +0.87% at 2,089.Click here for a detailed summary.NOTABLE US HEADLINESTesla (TSLA): Q1 deliveries 310.4k (prev. 308.6k Q/Q; exp. 309-315k).GEOPOLITICSRUSSIA-UKRAINENEGOTIATIONS/TALKSRussian Chief Negotiator said Russia's position on Crimea and Donbas remains unchanged, a draft peace agreement is not ready and talks will resume on Monday, via Reuters.Russian Foreign Ministry spokesperson said Kyiv is attempting to disrupt peace talks.SGH Macro Advisors, in a note dated April 1st, suggested it is their understand that Russian Foreign Minister Lavrov conveyed to his Chinese counterpart that “there is still a long way to be walked” to sign a peace treaty between Russia and Ukraine under conditions that are “mutually acceptable”, although a great progress has been made. Lavrov added that Russia does not rule out settlement in Roubles for other commodities if hostility continues from the West. Commodities such as oil, wheat, fertilizer, lumber, and uranium could be affected.Russia has requested a US Security Council Meeting to discuss "provocation of Ukrainian radicals", according to Reuters citing Ria.Russia's Kremlin repeated that the special military operation in Ukraine will achieve all of its aims, via Reuters.US Secretary of State Blinken will travel to Belgium on April 5-7th for a NATO meeting, according to the State Department.DEFENCE/MILITARYRussia has revised its Ukraine war strategy to focus on trying to take control of the Donbas and other regions in eastern Ukraine with a target date of early May, according to several US officials cited by CNN.Poland's Ruling Party leader said Poland would be open to deploying US nuclear weapons in Poland, according to the Jerusalem Post.There have been reports via Western media of continued civilian killings by Russia in several cities, particularly in Bucha.NATO Secretary General Stoltenberg said what we see in Ukraine is not a real withdrawal by Russian troops, via Reuters.Ukraine's 368.5k BPD Kremenchuk oil refinery was completely destroyed during a Russian attack, according to the regional governor.UK said a fire has destroyed several oil tanks in the Russian city of Belgorod, close to the border with Ukraine, via Reuters.Explosions were heard in Ukraine's city of Odessa, according to a Reuters witness and in the city of Kherson, according to a local media.White House said the US is providing Ukraine with supplies in case Russia deploys chemical weapons.ENERGY/ECONOMIC SANCTIONSRussian government spokesperson Peskov said Russia could demand RUB payments for other goods. He added that payment for gas supplies in Russian Roubles will be made from the end of the second half of April, or even early May, according to Reuters.EU ambassadors are expected to discuss fresh Russian sanctions on Wednesday, according to FT sources.UK PM Johnson said UK is stepping up military support for Ukraine and sanctions on Russia, according to Reuters.German Chancellor Scholz said the West will agree on further Russian sanctions in the coming days, according to Reuters.EU must discuss import ban on Russian gas deliveries, according to the German Defence Ministry cited by Reuters.US Department of Commerce on Friday added 120 Russian and Belarusian entities, largely comprised of companies linked to the military, via Reuters.Latvia, Estonia and Lithuania stopped imports of Russian gas from April 1st, according to the FT.Shell (SHEL LN) cannot use Gazprom's Rouble payment method due to sanctions, according to Reuters.OTHERA Chinese diplomat, following talks with EU, said China cannot change the EU and the EU cannot change China. China said it is not deliberately circumventing Russian sanctions, via Reuters.North Korea continues to develop chemical and biological weapons which together with its nuclear and ballistic missile capabilities pose a serious threat to South Korea and other US allies, according to Yonhap citing US officials on Friday.A two-month truce has been announced by the warring sides in Yemen, according to The Guardian.CENTRAL BANKSFed's Williams (voter) expects a combination of rate hikes and balance sheet reduction to help ease inflation back to 4% this year and closer to 2% in 2024. Williams said balance sheet reduction could begin as soon as May. He added that there are no plans to use the balance sheet for Yield Curve Control, via Reuters. Williams also noted that the USD has proven itself as a safe haven. Williams also suggested that we have not yet seen global risk sentiment much impacted by the Ukraine war.Fed's Evans (2023 voter) said raising rates to just under 2.5% by March 2023 gives Fed 'optionality'. He said it is not a big risk if rate-hike path includes 'some' 50bps hikes to get to neutral sooner. He said the latest jobs report is not indicative of overheating and the monthly inflation reports should start to be lower in H2 22, but rhetoric won't change until 2023, via Reuters. Raising rates quickly 'puts a premium on communicating' how far rates may ultimately need to rise, via Reuters.Fed's Daly (2024 voter) said the case for 50bps rate hike in May has grown, according to the FT. She added she is more confident that adjusting early would be appropriate.ECB's Schnabel said the ECB plans to raise interest rates some time after winding down its bond purchase programme Q3 2022, via Reuters.APAC TRADEEQUITIESAPAC stocks initially traded mixed but later turned mostly higher.ASX 200 saw early outperformance as mining names surged, with rising EV sales also boosting some Russia-related metals.Nikkei 225 traded flat with a downside bias throughout the session.Hang Seng outperformed and was bolstered at the open by Chinese dual-listed stocks, with the tech sector the main beneficiary of the weekend Audit news, whilst gains compounded after HK Chief Executive Lam said she will not seek a second term.China on Saturday proposed revising confidentiality rules involving offshore listings, removing a legal hurdle to cooperation on audit oversight while putting the onus on Chinese companies to protect state secrets, via Reuters.Mainland China was closed due to a domestic holiday.US equity futures kicked off trade relatively flat before drifting lower and holding a downside bias after the first set of APAC cash opens; ES Unch.European equity futures are indicative of a slightly firmer open with the Euro Stoxx 50 future +0.2% after the cash market closed higher by 0.4% on Friday.FXDXY gained in early trade and remained north of 98.50 throughout the session following further weekend Fed commentary.EUR/USD was flat on either side of 1.1050.GBP/USD was similarly uneventful but retained a 1.3100 handle.JPY initially outpaced peers but gains later faded as the APAC mood recovered.Antipodeans rose to the top of the G10 bunch - aided by gains in some base metals.S&P said Turkey long-term LC rating lowered to 'B+' from 'BB-'; FC rating affirmed at 'B+'; outlook remains negative.BCB is to continue reducing EUR and USD dollars as reserves, but will keep on increasing CNY as reserves, according to Reuters.FIXED INCOME10yr UST was softer since the open whilst in terms of cash yields, the 2yr, 3yr, 5yr and 7yr remain above the 10yr and 30yr.Bunds futures also held a downside bias but to a lesser magnitude.10yr JGBs were relatively tame during the APAC session.BoJ offered to buy JPY 150bln in JGBs up to 1yr, JPY 475bln in 1-3yr (Prev. 450bln), JPY 475bln in 3-5yr (prev. 600bln) and PY 125bln in 10-25yr (prev. 100bln)COMMODITIESWTI and Brent futures saw mild early weakness and have traded sideways since.US DoE on Friday announced emergency notice of sale of crude oil to fulfil release from SPR to address the energy price hike.Reports on Saturday suggested Gazprom has stopped deliveries of Russian gas to Germany via the Yamal-Europe pipeline. It was then reported Gazprom has booked to pump gas through the Polish section of the Yamal-Europe pipeline on Sunday night to Monday, according to Interfax."A UN-brokered two-month ceasefire in Yemen was broadly holding on its first full day with oil shipments reaching the port of Hodeida", according to The Guardian.The Russian Energy Ministry has delayed the publication of March oil output numbers amid technical issues, according to reports.Azerbaijan plans to supply 9.5bcm of gas to Italy, according to Interfax.ECB rejected the request from energy traders for financial support, according to Reuters.Spot gold traded rangebound and remains within recent parameters.Copper was marginally softer during APAC trade.Indian State has cancelled bids by Adani Enterprises to supply imported coal as prices that were quoted were too high, according to a government official cited by Reuters.CRYPTOBitcoin was volatile around 46,000 level and Ethereum meandered around 3,500.NOTABLE APAC HEADLINESThe Chinese army is sending over 2,000 medical personnel to Shanghai to aid with its COVID outbreak, according to CCTV.Hong Kong Chief Executive Lam will not seek re-election, according to NK01.South Korea's former PM Han Duck-Soo has been nominated as PM. He said the country needs to take more efforts to curb rising household debt, financial imbalances, and to maintain a trade surplus, according to Reuters.Pakistani PM Khan's cabinet has been dissolved and fresh elections will be held in 90 days, according to Reuters.Sri Lanka's government imposed a curfew amid the rising domestic unrest, via Reuters.EUROPE-SPECIFIC HEADLINESHungarian opposition leader has accepted defeat in elections, with PM Orban declaring victory.UK government is said to be mulling permanent replacements to programmes that helped banks lend to firms during the pandemic; the scheme is expected to focus on small and medium-sized firms. Sources added focus is on growth of UK business, via FT.

European bourses are mixed with US futures similarly contained, ES +0.1, amid limited newsflow and with a thin docket ahead.Russian Chief Negotiator said Russia's position on Crimea and Donbas remains unchanged, a draft peace agreement is not ready and talks will resume on MondayDXY continues to grind higher as EUR lags amid yield pressure as EGBs bounce, though GBP/Gilts await BoE speak via dovish-dissenter CunliffeWTI and Brent are choppy but contained awaiting Ukraine-Russia progress; Kremlin has no information on the continuation of talksFed's Williams says balance sheet reduction could begin as soon as May.Looking ahead, highlights include US Factory Orders & BoE's CunliffeAs of 10:45BST/05:45ETLOOKING AHEADUS Factory Orders & BoE's CunliffeClick here for the Week Ahead preview.GEOPOLITICSRUSSIA-UKRAINENEGOTIATIONS/TALKSRussian Chief Negotiator said Russia's position on Crimea and Donbas remains unchanged, a draft peace agreement is not ready and talks will resume on Monday, via Reuters.Russian Foreign Ministry spokesperson said Kyiv is attempting to disrupt peace talks.SGH Macro Advisors, in a note dated April 1st, suggested it is their understand that Russian Foreign Minister Lavrov conveyed to his Chinese counterpart that “there is still a long way to be walked” to sign a peace treaty between Russia and Ukraine under conditions that are “mutually acceptable”, although a great progress has been made. Lavrov added that Russia does not rule out settlement in Roubles for other commodities if hostility continues from the West. Commodities such as oil, wheat, fertilizer, lumber, and uranium could be affected.Russia has requested a US Security Council Meeting to discuss "provocation of Ukrainian radicals", according to Reuters citing Ria.Russia's Kremlin repeated that the special military operation in Ukraine will achieve all of its aims, via Reuters.US Secretary of State Blinken will travel to Belgium on April 5-7th for a NATO meeting, according to the State Department.Russian Kremlin says it has no information re. the continuation of Russia-Ukraine talks, declines to comment on how Bucha allegations will impact discussions; wants and demands the Bucha issue is discussed at an international level, categorically rejects any accusations.DEFENCE/MILITARYRussia has revised its Ukraine war strategy to focus on trying to take control of the Donbas and other regions in eastern Ukraine with a target date of early May, according to several US officials cited by CNN.Poland's Ruling Party leader said Poland would be open to deploying US nuclear weapons in Poland, according to the Jerusalem Post.There have been reports via Western media of continued civilian killings by Russia in several cities, particularly in Bucha.NATO Secretary General Stoltenberg said what we see in Ukraine is not a real withdrawal by Russian troops, via Reuters.Ukraine's 368.5k BPD Kremenchuk oil refinery was completely destroyed during a Russian attack, according to the regional governor.Explosions were heard in Ukraine's city of Odessa, according to a Reuters witness and in the city of Kherson, according to a local media.Ukrainian authorities of Luhansk says that Russian forces are preparing to launch an attack on the region after mobilising fighters and vehicles.ENERGY/ECONOMIC SANCTIONS & UPDATESRussian government spokesperson Peskov said Russia could demand RUB payments for other goods. He added that payment for gas supplies in Russian Roubles will be made from the end of the second half of April, or even early May, according to Reuters.EU ambassadors are expected to discuss fresh Russian sanctions on Wednesday, according to FT sources.UK PM Johnson said UK is stepping up military support for Ukraine and sanctions on Russia, according to Reuters.German Chancellor Scholz said the West will agree on further Russian sanctions in the coming days, according to Reuters.EU must discuss import ban on Russian gas deliveries, according to the German Defence Ministry cited by Reuters.US Department of Commerce on Friday added 120 Russian and Belarusian entities, largely comprised of companies linked to the military, via Reuters.Latvia, Estonia and Lithuania stopped imports of Russian gas from April 1st, according to the FT.Physical gas flows on the Yamal-Europe pipeline at Mallnow, Germany have dropped to zero, via Reuters citing operator data. Elsewhere, Gazprom does not intend to hold spot gas sales sessions at its electronic sales platform this week.German Economy Minister Habeck says they are working hard to limit dependence on Russian oil, also with reference to the Rosneft refinery in Schwedt.OTHERA Chinese diplomat, following talks with EU, said China cannot change the EU and the EU cannot change China. China said it is not deliberately circumventing Russian sanctions, via Reuters.North Korea continues to develop chemical and biological weapons which together with its nuclear and ballistic missile capabilities pose a serious threat to South Korea and other US allies, according to Yonhap citing US officials on Friday.A two-month truce has been announced by the warring sides in Yemen, according to The Guardian.Iranian Foreign Ministry spokesperson Khatibzadeh says they are ready to continue discussions with Saudi Arabia, calling on them to show willingness to resolve the outstanding issues, via Reuters.EUROPEAN TRADEEQUITIESEuropean bourses are mixed, Euro Stoxx 50 +0.2%, failing to derive firm direction after initial opening gains faded in limited newsflow.Sectors, are mixed as well with Roche and Bayer lifting Health Care and the former aiding the SMI while Banking names lag modestly.Stateside, US futures are similarly indifferent with a thin docket ahead.Spanish PM Sanchez says they are to spend EUR 11bn on the semi-conductor and micro-chip industry, via Reuters.Click here for more detail.FXGreenback grinds higher amidst more Fed officials flagging half point hikes post-US jobs data and pre- factory orders, DXY forms 98.500+ base.Aussie outperforms ahead of AIG construction index, final PMIs and RBA policy meeting that might see rate guidance turn more plausible than patient; AUD/USD pivots 0.7500 and AUD/NZD solid on the 1.0800 handle.Euro underperforms as EGB yields retreat, Russia/Ukraine angst persists and option expiry interest exerts downside pressure, EUR/USD drifts down from 1.1050+ towards 1.1000 and 1bln rolling off between the round number and 1.1010.Forint underpinned following resounding win by Hungarian PM Orban, but Lira undermined by further increases in Turkish CPI and PPI.S&P said Turkey long-term LC rating lowered to 'B+' from 'BB-'; FC rating affirmed at 'B+'; outlook remains negative.Click here for more detail.Notable FX Expiries, NY Cut:EUR/USD: 1.0975 (485M), 1.1000-10 (1.1BN), 1.1100 (765M)Click here for more detail.FIXED INCOMEBunds bounce firmly on a mix of safe-haven demand, short covering and stop-driven price action as tech levels are breached through 159.00 vs 158.12 at the Eurex low, including a Fib at 159.03 and last Thursday's 159.05 session best.Gilts tag along awaiting comments from dovish BoE dissenter Cunliffe with the 10 year bond hovering towards the top of a 122.01-121.31 range vs its 121.19 prior Liffe close.US Treasuries remain sub-par and the curve re-steepens amidst more Fed backing for 50 bp hikes post-NFP and pre-US factory orders,10 year T-note soft between 121-27/122-08+ parameters.Click here for more detail.COMMODITIESWTI and Brent are choppy within a relatively contained USD 2.0/bbl range, as we await updates on the Russia-Ukraine talks set to resume on Monday.Currently, the benchmarks are holding within USD 98.00-100.70/bbl and USD 102.90-105.80/bbl parameters respectively.Reports on Saturday suggested Gazprom has stopped deliveries of Russian gas to Germany via the Yamal-Europe pipeline. It was then reported Gazprom has booked to pump gas through the Polish section of the Yamal-Europe pipeline on Sunday night to Monday, according to Interfax.Goldman Sachs upgrades its 2023 oil price forecast to USD 115/bbl (prev. 110/bbl); still forecast end-year oil at USD 125/bbl."A UN-brokered two-month ceasefire in Yemen was broadly holding on its first full day with oil shipments reaching the port of Hodeida", according to The Guardian.The Russian Energy Ministry has delayed the publication of March oil output numbers amid technical issues, according to reports.Azerbaijan plans to supply 9.5bcm of gas to Italy, according to Interfax.Indian State has cancelled bids by Adani Enterprises to supply imported coal as prices that were quoted were too high, according to a government official cited by Reuters.Spot gold/silver are firmer, deriving modest impetus from the deterioration in sentiment seen around the European cash open, metals towards top-end of respective ranges.Click here for more detail.CENTRAL BANKSFed's Williams (voter) expects a combination of rate hikes and balance sheet reduction to help ease inflation back to 4% this year and closer to 2% in 2024. Williams said balance sheet reduction could begin as soon as May. He added that there are no plans to use the balance sheet for Yield Curve Control, via Reuters. Williams also noted that the USD has proven itself as a safe haven. Williams also suggested that we have not yet seen global risk sentiment much impacted by the Ukraine war.Fed's Daly (2024 voter) said the case for 50bps rate hike in May has grown, according to the FT. She added she is more confident that adjusting early would be appropriate.ECB's Schnabel said the ECB plans to raise interest rates some time after winding down its bond purchase programme Q3 2022, via Reuters.DATA RECAPGerman Trade Balance, EUR, SA (Feb) 11.5B vs. Exp. 9.6B (Prev. 9.4B, Rev. 8.8B)EU Sentix Index (Apr) -18.0 vs. Exp. -9.2 (Prev. -7.0)Turkish CPI MM (Mar) 5.46% vs. Exp. 5.77% (Prev. 4.81%); YY (Mar) 61.14% vs. Exp. 61.6% (Prev. 54.44%)NOTABLE EUROPEAN HEADLINESHungarian opposition leader has accepted defeat in elections, with PM Orban declaring victory.UK government is said to be mulling permanent replacements to programmes that helped banks lend to firms during the pandemic; the scheme is expected to focus on small and medium-sized firms. Sources added focus is on growth of UK business, via FT.German BDB, banking lobby, calls on the ECB to end net asset purchases soon and to send an initial signal on interest rates. Sees German growth of 2% in 2022, are considerable risks.NOTABLE US HEADLINESTesla (TSLA): Q1 deliveries 310.4k (prev. 308.6k Q/Q; exp. 309-315k).JP Morgan (JPM CEO) Dimon says the bank could lose around USD 1bln over time from its exposure to Russia. Stock buybacks will be lower over the next year or so due to mandates capital increases and acquisitions. Acquisitions will increase incremental investment expenses by USD 700mln in 2022.CRYPTOBitcoin is little changed but errs towards the lower-end of the sessions parameters at USD 45760 vs USD 47439, at best.APAC TRADEEQUITIESAPAC stocks initially traded mixed but later turned mostly higher.ASX 200 saw early outperformance as mining names surged, with rising EV sales also boosting some Russia-related metals.Nikkei 225 traded flat with a downside bias throughout the session.Hang Seng outperformed and was bolstered at the open by Chinese dual-listed stocks, with the tech sector the main beneficiary of the weekend Audit news, whilst gains compounded after HK Chief Executive Lam said she will not seek a second term.China on Saturday proposed revising confidentiality rules involving offshore listings, removing a legal hurdle to cooperation on audit oversight while putting the onus on Chinese companies to protect state secrets, via Reuters.Mainland China was closed due to a domestic holiday.NOTABLE APAC HEADLINESThe Chinese army is sending over 2,000 medical personnel to Shanghai to aid with its COVID outbreak, according to CCTV.Hong Kong Chief Executive Lam will not seek re-election, according to NK01.South Korea's former PM Han Duck-Soo has been nominated as PM. He said the country needs to take more efforts to curb rising household debt, financial imbalances, and to maintain a trade surplus, according to Reuters.Pakistani PM Khan's cabinet has been dissolved and fresh elections will be held in 90 days, according to Reuters.Sri Lanka's government imposed a curfew amid the rising domestic unrest, via Reuters.

IN THIS EPISODE, YOU'LL LEARN:Thoughts on the dollar remaining a global reserve currency.How much the fixed income market and inflation is going to influence the broader market conditions.Will negative interest rate spreads really matter that much?The impact of Ukraine and Russia on supply chains.Yield Curve Control and what it will take to get there.How much could Bitcoin dip if we have a substantial macro sell-off?Risk of not being in Bitcoin.BOOKS AND RESOURCESJoe Carlasare's Twitter.Jay Gould's Twitter.Jeff Ross's Twitter.New to the show? Check out our We Study Billionaires Starter Packs.Are you looking to start investing? Check out our article on How to Invest in Stocks: The Ultimate Guide for Beginners.Find Pros & Fair Pricing for Any Home Project for Free with Angi.Get in early on medical technology, breakthroughs in ag-tech and food production, solutions in the multi-billion dollar robotic industry, and so much more with a FREE OurCrowd account. Open yours today.Find people with the right experience and invite them to apply to your job. Try ZipRecruiter for FREE today.Every 28 seconds an entrepreneur makes their first sale on Shopify. Access powerful tools to help you find customers, drive sales, and manage your day-to-day. Start a FREE fourteen-day trial right now!Invest in the $1.7 trillion art market with Masterworks.io. Use promo code WSB to skip the waitlist.Confidently take control of your online world without worrying about viruses, phishing attacks, ransomware, hacking attempts, and other cybercrimes with Avast One.Get access to some of the most sought-after real estate in the U.S. with Crowdstreet.Canada's #1 employee benefits plan for small businesses! The Chambers Plan evolves with the way you work and live while keeping the rates stable. Opt for the simple, stable, and smart choice for your business.Take advantage of a free mortgage review and learn about custom loans that can save you big money with American Financing.Be part of the solution by investing in companies that are actively engaged in integrating ESG practices with Desjardins.Live local in Melbourne and enjoy $0 Stamp Duty*!Reclaim your health and arm your immune system with convenient, daily nutrition. Athletic Greens is going to give you a FREE 1 year supply of immune-supporting Vitamin D AND 5 FREE travel packs with your first purchase.Get the most from your bitcoin while holding your own keys with Unchained Capital. Begin the concierge onboarding process on their site. At the checkout, get $50 off with the promo code FUNDAMENTALS.The interval fund, a breakthrough innovation. Only at Mackenzie.See the all-new 2022 Lexus NX and discover everything it was designed to do for you. Welcome to the next level.Support our free podcast by supporting our sponsors.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Jack Farley and Joseph Wang (“Fed Guy”) tackle the latest in central banking news, from the the Bank of Japan's (8301.T) announcement that it would pin Japanese Government Bonds (JGBs) at 25 basis points, to the massively-overhyped “emergency” Fed meeting on Monday, to St. Louis Fed President Jim Bullard's comments that the Federal Reserve's credibility is “on the line.” Joseph Wang's writings can be found at: https://fedguy.com/ Joseph Wang's Twitter: @FedGuy12 Jack Farley's Twitter: @JackFarley96 Blockworks Twitter: @Blockworks_ Link to Blockworks' newsletter: https://blockworks.co/newsletter/

Register for the VIRTUAL LIVE Creating Wealth conference on January 28 and 29, 2022. Visit JasonHartman.com today! After 5 years of watching people get bad financial advice, Joe Brown decided to equip people with more control and help them protect and secure their financial future. Join Jason in today's discussion and benefit from Joe's wealth of wisdom!  Key Takeaways: 3:42 FED tapering and the repo market 7:46 Quantitative Easing (QE) Infinity 11:28 Catch 22 14:17 Housing shortage, the FED and money printing 18:08 Yield curve control and home mortgages 20:24 Universal Basic Income and the digital dollar 24:20 China is already doing this 26:00 Predictions and hyperinflation  29:00 Real estate will do fairly well 30:55 How much debt can a country take? 32:41 A thought experiment- redirecting purchasing power   Mentions: This Time Is Different: Eight Centuries of Financial Folly Carmen M. Reinhart and Kenneth S. Rogoff YouTube: YouTube.com/c/HeresyFinancial Twitter: @heresyfinancial   The WEALTH TRANSFER is happening FAST! Protect your financial future now! Did you know that 25% to 40% of all dollars ever created were dumped into the economy last year???  This will be devastating to some and an opportunity to others, be sure you're on the right side of this massive wealth transfer. Learn from our experiences, maximize your ROI and avoid regrets. Watch, subscribe and comment on Jason's videos on his official YouTube channel: YouTube.com/c/JasonHartmanRealEstate/videos Free Mini-Book on Pandemic Investing: PandemicInvesting.com Jason's TV Clips: Vimeo.com/549444172  CYA Protect Your Assets, Save Taxes & Estate Planning: JasonHartman.com/Protect What do Jason's clients say?: JasonHartmanTestimonials.com Free Class:  Easily get up to $250,000 in funding for real estate, business or anything else:  JasonHartman.com/Fund Call our Investment Counselors at: 1-800-HARTMAN (US) or visit JasonHartman.com Free white paper on the Hartman Comparison Index™  Guided Visualization for Investors: JasonHartman.com/visualization Jason's videos in his other sites: JasonHartman.com/Rumble JasonHartman.com/Bitchute JasonHartman.com/Odysee

I spoke to Joey Politano, who writes the popular newsletter Apricitas . We did a deep dive into monetary policy where Joey talked about Quantitative Easing, Yield Curve Control and stablecoins. Other topics include Measuring the stance of monetary policy Which country would benefit from using dogecoin as currency? What can economists learn from political science --- Send in a voice message: https://anchor.fm/pradyumna-sp/message

Die australische Zentralbank wird von den Märkten angegriffen und verliert die Kontrolle über die Zinsen. Ähnliches ist der Schweizerischen Nationalbank 2015 mit dem Euro-Mindestkurs passiert. Doch was steckt dahinter? | Der Staat soll sich günstig verschulden können. Das hat die Reserve Bank of Australia (RBA) beim Ausbruch der Pandemie versprochen. Sie fixierte dazu die Zinsen auf den 3-jährigen Staatsanleihen bei 0.1 Prozent. Ökonominnen nennen das Yield Curve Control. | Das hat problemlos funktioniert – bis es nicht mehr funktionierte. Am 29. Oktober verkauften die Anlegerinnen und Anleger massenhaft australische Staatsanleihen. Um die Zinsen stabil zu halten, hätte die RBA diese Staatsanleihen aufkaufen müssen. Doch sie tat es nicht. Als Folge stiegen der Zinsen auf über 0.55 Prozent. | Was ist da genau passiert? Und was kann die Schweizerische Nationalbank davon lernen? Das und mehr erfahren Sie im neusten Geldcast Update. Durch die Sendung führt Fabio Canetg, Geldökonom und Wirtschaftsjournalist.

Commonwealth Bank Head of Fixed Income and FX Strategy Martin Whetton joins Paul, Ken, and James to talk about the huge week in the Australian bond market Support this show http://supporter.acast.com/the-bip-show. See acast.com/privacy for privacy and opt-out information.

Yield Curve Control ended by the RBA in Australia

Well, the interesting times continued this week, with US markets strong to the end of October, on strong results, despite some wobbles from big tech, and despite more weak economic news. And here, the lack of moves by the RBA on Friday implies that its Yield Curve Control – at least on the short end … Continue reading "The Halloween Trick or Treat: Market Update 30th October 2021 [Podcast]"

✅ LYN ALDEN and I discuss portfolio that will HELP YOU profit from DOLLAR losing reserve currency status, click this link to check it out!!

Tom welcomes Diego Parrilla to the show. Diego has an extensive background in commodities, having worked for several major banks. These experiences led him to write his first book, "The Energy World is Flat," and then publish several other columns. He's found writing to be valuable and complementary to understanding markets and furthering his career. Writing helps you consolidate your thesis and discover areas where your ideas may be weak or confirm their strength. It would be best if you first wrote for yourself, and perhaps it will help other people connect with your perspective. Diego defines a bubble and how misconceptions can distort reality at extreme values, either high or low. Every bubble has an anti-bubble. He contrasts the VIX with the S&P and how risk is the anti-bubble to the S&P. Bubbles are caused by a concept which eventually is discovered to be false. Today's biggest misconception is likely to be the belief that you can solve problems by printing money. The truth is this monetary policy has limits and merely delays, transforms, and exacerbates the problem instead of solving it. At times, these misconceptions reach a point of no return, which we now see with low or negative interest rates. He discusses MMT and Yield Curve Control and why they have become necessary tools for central banks. We're now in this system of endless printing, which is quite dangerous. Inflation and bubbles are byproducts, and eventually, this will become very challenging. He argues that both sides of the "flation" debate are correct. There are deflationary forces, and then money printing creates temporary "stability" but further imbalances. For example, why are house prices rising while unemployment is growing, and how much further can central banks go without consequences. It's pretty clear who will pay for this party, and it's the people who hold cash, those with fixed income, and those that hold credit. He explains some of their strategies utilizing options and how they take advantage of gold in their portfolios. He describes various asymmetric opportunities that often come up because some models can, at times, price risk very low. You want a portfolio that is genuinely diversified from risk and easy to rebalance. Time Stamp References:0:00 - Introduction0:40 - Diego's Background4:02 - Learning & Writing9:34 - Bubbles & Anti-Bubbles14:26 - Bubble Misconceptions18:44 - MMT Policy Effects21:16 - Yield Curve Control25:40 - Inflation/Deflation29:13 - Real Estate36:37 - Find the Misconception43:02 - Gold Strategy52:17 - Wrap Up Talking Points From This Episode Advantages of writing in understanding and testing your thesis.Bubbles are tied to misconceptions and finding the anti-bubble.Central bank's toolboxes are changing with MMT and Yield Curve Control.The inflation debate and why both sides are correct.Balancing portfolio from risk and golds role. Guest LinksTwitter: https://twitter.com/ParrillaDiegoWebsite: https://www.linkedin.com/in/diego-parrilla-0a2b5530/Books (Amazon):https://tinyurl.com/5a3pkjskhttps://tinyurl.com/ctdcmeb3 Diego Parrilla is Partner and Manager of Macro Commodities. He joined Quadriga in March 2017 with nearly twenty years of experience in macro, commodities, and sales and trading in London, Singapore, and New York. He has managed risk and global teams in prestigious investment banks, such as JP Morgan, Goldman Sachs, and Merrill Lynch, in various global leadership roles. In 2011, Diego founded Natural Resources and Commodity Advisors (NARECO) in Singapore, advising institutional customers and managing macro strategies and raw materials. He then joined the management team at BlueCrest as Portfolio Manager, managing $150m in macro absolute value strategies and raw materials. Later he led raw materials businesses at Dymon Asia and Old Mutual Global Investors in Singapore before returning to Spain to join Quadriga Asset Managers as Partner and Manager of Macro Commodities.

In this episode, we look at the recent announcement by the Federal Reserve. They are now purchasing more treasuries at the long end of the curve than they were before. This is outright yield curve control as they attempt to push rates back down "for a smooth and functioning market". My Options Courses: https://heresyfinancial.gumroad.com 

Today’s podcast focuses on our May 8th note, Partial Yield Curve ControlHere is the link to the Ironsides Macroeconomics LLC YouTube channel, today’s video will be posted Monday morning following the release of this podcast.Figure 6: Fixed volatility and the option-adjusted spread are directly impacted by Fed mortgage purchases. The spread and implied volatility are exceptionally low at present, with the housing market white hot the Fed should consider removing support.To read the full note, get our subscriber flash updates, chart books, and direct access to the director of research please become a paid subscriber. If you are an institutional client, you can also onboard us to your research platform for institutional quality service. You can also contact me about my advisory role with Macro Risk Advisors if you pay for research with trading commissions. If you would like a 30-day free trial or would like to discuss our research with me directly, please email bcknapp@ironsidesmacro.com. Click below for details, for individual subscriptions the price is $89/month or $999/year.For additional information see Ironsides Macro/aboutBarry C. KnappManaging PartnerDirector of ResearchIronsides Macroeconomics LLC908-821-7584bcknapp@ironsidesmacro.comhttps://ironsidesmacro.substack.comhttps://www.linkedin.com/in/barry-c-knapp/@barryknappThis institutional communication has been prepared by Ironsides Macroeconomics LLC (“Ironsides Macroeconomics”) for your informational purposes only. This material is for illustration and discussion purposes only and are not intended to be, nor should they be construed as financial, legal, tax or investment advice and do not constitute an opinion or recommendation by Ironsides Macroeconomics. You should consult appropriate advisors concerning such matters. This material presents information through the date indicated, is only a guide to the author’s current expectations and is subject to revision by the author, though the author is under no obligation to do so. This material may contain commentary on: broad-based indices; economic, political, or market conditions; particular types of securities; and/or technical analysis concerning the demand and supply for a sector, index or industry based on trading volume and price. The views expressed herein are solely those of the author. This material should not be construed as a recommendation, or advice or an offer or solicitation with respect to the purchase or sale of any investment. The information in this report is not intended to provide a basis on which you could make an investment decision on any particular security or its issuer. This material is for sophisticated investors only. This document is intended for the recipient only and is not for distribution to anyone else or to the general public.Certain information has been provided by and/or is based on third party sources and, although such information is believed to be reliable, no representation is made is made with respect to the accuracy, completeness or timeliness of such information. This information may be subject to change without notice. Ironsides Macroeconomics undertakes no obligation to maintain or update this material based on subsequent information and events or to provide you with any additional or supplemental information or any update to or correction of the information contained herein. Ironsides Macroeconomics, its officers, employees, affiliates and partners shall not be liable to any person in any way whatsoever for any losses, costs, or claims for your reliance on this material. Nothing herein is, or shall be relied on as, a promise or representation as to future performance. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.Opinions expressed in this material may differ or be contrary to opinions expressed, or actions taken, by Ironsides Macroeconomics or its affiliates, or their respective officers, directors, or employees. In addition, any opinions and assumptions expressed herein are made as of the date of this communication and are subject to change and/or withdrawal without notice. Ironsides Macroeconomics or its affiliates may have positions in financial instruments mentioned, may have acquired such positions at prices no longer available, and may have interests different from or adverse to your interests or inconsistent with the advice herein. Ironsides Macroeconomics or its affiliates may advise issuers of financial instruments mentioned. 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This week in macro: Treasury yields fell to 1.5%, a possible sign of yield curve control. Then Dan Loeb and Brevan Howard started investing in Bitcoin, Coinbase debuted its direct listing, and Uniswap announced v3. All this and more on this week's roundup with Michael Ippolito and Tyler Neville. If you like this episode be sure to subscribe to our newsletter at https://blockworks.co/newsletter On The Margin is brought to you by Blockworks, a financial media brand delivering breaking news and premium insights about digital assets to millions of investors. For more content like On the Margin, visit http://blockworks.co/podcasts.

Tom welcomes Chris Powell, Secretary, and Treasurer of GATA, the Gold Anti-Trust Action Committee, to the show. Chris explains the reasons why gold is manipulated since governments want to control and monopolize currencies. Gold is an independent global reserve system, and it acts as a competitor to government monetary issuance. Central Banks for the past half-century have strived to control the gold price. Control of gold means the power to handle all the values of capital, goods, and services worldwide. Gold swaps and leasing have enabled central banks to create a vast imaginary supply of gold. Most of the "gold" the investment community owns either doesn't exist or is oversubscribed. If the market understood central banker actions in the gold market, the valuations would have to change. The question is, who owns the gold and how much do they have? Chris discusses a commodity hearing with Jeff Christian where he estimated the leverage in the gold market was nearly 100 to 1. India estimated the leverage at 92 to 1. This ratio indicates that there are numerous paper claims to that metal for every ounce in a vault. He explains the closing of the gold window in 1971 and possible intents for creating gold futures markets. That intention being to scare investors away from gold. Most large countries understand the scheme, but most investors remain unaware. Much of the world is not thrilled with the US dollar system since it controls most value today and is the primary driver for US imperialism worldwide. Chris outlines the various uses for silver and why it's also an industrial metal. Silver could become the kryptonite to central bankers and governments because it’s widely held. He argues that gold price suppression is used to control interest rates. Ordinarily, there are inverse relationships between rates and gold, and in the past, the gold carry trade acted as just such a mechanism of yield curve control. Time Stamp References:0:00 - Intro0:32 - Gold Manipulation2:12 - Coming Credit Crisis6:08 - Leveraged Paper9:10 - Terms, Fees, & Rules9:50 - GLD/SLV & Shorts12:08 - Comex Purpose14:17 - West To East22:43 - Gold Reserve Reporting28:07 - Confiscation Thoughts31:52 - Silver & Logistics38:28 - Capital Controls40:30 - Price Smashing42:58 - Yield Curve Control45:52 - Explicit YCC48:32 - GATA Documentation53:29 - Wrap Up Talking Points From This Episode How and why governments and central banks control gold.Gold swaps and leasing - the creation of paper derivatives.China and Russia - why central banks are all involved.Why silver could be banker kryptonite. Guest Links:Twitter: https://twitter.com/Gold_AntiTrustWebsite: https://gata.org Chris Powell is Secretary/Treasurer and Director of GATA the Gold Anti-Trust Action Committee. GATA was formed in 1998 and it's purpose is to expose, oppose, and litigate against collusion to control the price and supply of gold and related instruments. Powell was managing editor of the Journal Inquirer, a daily newspaper in Manchester, Connecticut, from 1974 to 2018, when he retired from his management work while remaining the newspaper's political columnist. He began working at the paper when he left high school in 1967. His a column is published by many other Connecticut newspapers. He often appears on radio and television public-affairs programs in Connecticut. From 2004 through 2009 he was legislative chairman of the Connecticut Council on Freedom of Information and remains a member of its Board of Directors. In 2006 he was inducted into the Academy of New England Journalists by the New England chapter of the Society of Professional Journalists and the New England Society of Newspaper Editors. He is a member of the Connecticut, Manchester, and Vernon historical societies and the International Churchill Society.

With hosts Jeremy Wiseman and Jerry Correia. On today's episode, Jeremy and Jerry discuss silver in the market and the yield curve control.   See omnystudio.com/listener for privacy information.

Hey everyone!Let’s start today off with a quote….Literally every morning I wake up and I think about this quote in relation to Bitcoin.It’s like the floodgates have opened up.Yesterday in my letter I talked about VISA adopting Bitcoin (through Stablecoin settlement, bridging the gap between banks and Crypto).1 DAY LATER, PAYPAL announces that you will now be able to spend Bitcoin at ALL of its 29 MILLION merchants….This is huge news and the headlines are everywhere….PayPal will let US users pay with Bitcoin, Ethereum and Litecoin starting today - The VergePayPal to let users pay for purchases at checkout using Bitcoin, other cryptocurrency - USA TodayOh, and if that wasn’t enough, the beautiful burrito maker has just ONE WORD in their twitter bio now….I mean come on!This is all happening DAILY!I feel like gladiator….“ARE YOU NOT ENTERTAINED????”Obviously, the market has responded to this, with Bitcoin breaking above $59,000 again today.But let’s just talk about the obvious stuff, for those “in the back”.Here’s all the “good news” that has avalanched onto Bitcoin lately, just off the top of my head (READ: there’s a lot more than this).1) Stimulus and then some more stimulus.The U.S. passed $1.9 Trillion a couple weeks back.On Wednesday, Biden is expected to reveal a $3 trillion dollar infrastructure plan.Oh, and they already have another $1.9 Trillion in the works for Covid relief for April.HOLY CRAP. They really just want to make Bitcoiners rich don’t they? 2) ETF’sSee my detailed letter about this here -> https://thekaleletter.substack.com/p/the-1-bitcoin-rocket-fuelThese are all the companies that have filed for Bitcoin ETF’s. If even ONE of these is approved (there will be multiple) expect the Bitcoin price to skyrocket. FidelityGoldman Sachs (not a direct ETF, slightly confusing structure)SkyBridgeMorgan StanleyNYDIGVanEckValkyrieWisdomTreeBitwise3) Visa + PaypalAlready discussed above, but seriously, just read those names.If they are making it easier to use Crypto, don’t you think it’s here to stay? Wow.4) A model that is so accurate it’s scary.Just google “Plan B Stock to Flow”.As we inch closer to 100k Bitcoin, this model is set to BLOW THE DOORS off traditional finance. By accurately predicting the price of Bitcoin into the future to this level of precision, not only does Plan B deserve a Nobel Prize, but he has singlehandedly re-defined accuracy when it comes to financial models and predictions. Once the World sees this model and realizes its implications at scale? Watch out.5) A beach ball held underwater.I got a TON of good feedback on my beach ball analogy from twitter yesterday. I talk about it here -> https://thekaleletter.substack.com/p/yield-curve-control-incomingBasically, the Governments of the world are holding a giant beach ball underwater (corporate bonds).Once this beach ball explodes out of the water, this stimulus spending spree they are on currently will seem like child’s play. You owe it to yourself, if you are curious about this space, to click that link and read my article about Yield Curve Control and it’s implications for Bitcoin.——-Anyway, I’ve got to jump on a call, just wanted to write a short note to you guys. None of this is financial advice and never will be, so do your own research.I texted my dad today and basically told him that 100k is inevitable (probably by May) and that 300k this year isn’t out of reach.I know it’s insane. But the World is MORE insane right now.Ask yourself this…Haven’t crazier things already happened?I think so.Kalep.s. Make sure you’re subscribed, more Bitcoin stuff later this week but only for subscribers. Get on the email list at thekaleletter.substack.com

If you enjoy making money, you may want to open this email….Have you ever held a beach ball underwater?What happens when you let go of it?It EXPLODES upwards, right?But before that moment, it’s energy is suppressed…Just waiting under the surface…I caged beast….It takes a lot of effort and force and manipulation to hold that beach ball under there, right?THAT is EXACTLY what is happening right now, at a global scale, and the reason you need to read this letter and share it with 999 of your closest friends. (fair warning, I’m not going to get into the nitty gritty details, I’ve done that previously in this letter -> LINK , going to try to stick to an analogy that will actually make sense for you!)The beach ball = the bond market. The bond market is a $200 Trillion (Conservatively) beach ball, which is being held underwater primarily by the United States Federal Reserve, and their amazing invention, the money printer.Now, in order to get this analogy right, we need to RETHINK the BEACH BALL. Picture this….A giant swimming pool, in an arena, half full of water. There’s a giant beach ball inside the pool, massive. On the side of the pool is a robot.It has a HUGE robot arm. And its only job is to force that beach ball underneath the water. So that’s what it does!!But this is key… as it does this, what happens to the height of the WATER????It goes up, right?The beach ball takes up SPACE in the water, so the water RISES.Let’s say that the water = ASSET PRICES.Assets = Stocks, Bitcoin, Housing, Small Businesses, etc.Still with me? That’s exactly what happened this year and last year during Covid. The government PRINTED MONEY. They suppressed the bond market (remember it’s worth $200 Trillion and is represented by the beach ball).And the WATER (asset prices) rose in conjunction with it.That’s why we hadA stock market at all time highs during a pandemicBitcoin at all time highs during a pandemicHousing prices at all time highs during a pandemic(For those who want to get technical with it, SUPPRESSING the bond market just means that the INTEREST YIELDS on things like the 10Y note have been going down down down down…)Now here’s the thing.Here’s where it gets crazy.I believe we’ve reached a breaking point.The water has gone all the way up to the top of the pool….It is lapping over the sides, leaking into the stadium…..Naturally, the beach ball is RISING slightly (because there isn’t as much water in the pool).STICK WITH THE ANALOGY I SWEAR IT MAKES SENSE.If you have been watching the markets the past few weeks you’ve seen the exact same headlines over and over and OVER again….“Explainer: Why rising rates are unsettling Wall Street” - AP News“Stocks waver as bond yields rise…” The Wall Street Journal“Powell needs a stock selloff to act on bond yields” - BloombergIt’s everywhere. Anytime you hear the words “Bond Yield” or “Rising Rates” or “10Y Treasury Yield” just think of this beachball analogy. The reason rates are RISING right now (the Beach Ball) is because the Bond Market has been held underwater for too long.It is fighting back.That money WANTS to go somewhere else.I mean, honestly why shouldn’t it?Would YOU want to earn 1% interest on your money when inflation is closer to 10-20%?Of course you wouldn’t. And neither would any of these people in the bond market.So, they are selling them. And when they sell them, the rates HAVE to go up to try to encourage people to stay.That’s why the market is barely up today EVEN when we passed a $1.9 TRILLION DOLLAR STIMULUS!It’s crazy!Typically if that had happened over the weekend markets would be ROARING right now. Absolutely BONKERS that they are not. What that tells me is simple. The market is literally SCREAMING that it wants YIELD CURVE CONTROL.It’s saying, in no uncertain terms, “if you don’t shove this beach ball back underwater we are NOT going to cooperate.”And that’s the thing, the only way to shove it back underwater is to go crazy. The first robot isn’t enough.They need another, much larger robot. This robot is gigantic, and made of Teflon.It comes in and on the side of it is a “guarantee”.It says, “I will NEVER, ever, EVER, EVER let the beach ball rise.”That’s what Yield Curve Control is. It is the government stepping in and saying, “We will NEVER let interest rates go up. We are CAPPING them at x %.”By doing that they are COMMITTING to printing READ: AS MUCH MONEY AS NECESSARY to make sure that assets are pumped up, stocks and everything else GOES UP.It really is as simple as that.In a country and World where the economy is judged by ONE FACTOR, and ONE FACTOR ONLY (the stock market) the Gov simply can’t afford to let it slip.(They also LITERALLY can’t afford to let the interest rate rise or else they won’t be able to pay the INTEREST on their own DEBT, lol)So, what I’m telling you is that they LITERALLY have no choice.Yield curve control is incoming, and Yield Curve Control = ROCKET FUEL FOR ALL ASSETS.I know I just talked about Beachballs and Robots and you may be thinking “WTF is Yield Curve Control” but honestly you don’t need to know all the details because it gets really really hairy and technical….YOU CAN JUST FEEL IT IN THE AIR.$1,900,000,000,000.000 YES THAT’S 1.9 TRILLION barely affected the markets today…That’s absolutely ridiculous. That’s because there’s a $200 trillion dollar beach ball being shoved down into a pool, starting to rise, and breaking everything. The only way to fix it is to bring in the other robot and shove that water up, over the edge, up over the walls of the stadium, and out the freaking top. REMINDER: THE WATER = ASSETS.The rich will get richer. Those that hold assets will see those assets explode in value. And the bottom 90% will get screwed. I’m sending this email as a warning shot. If you don’t know what YCC is, you should do your research, or read my other letters. If you do, or you can FEEL the beach ball analogy simply like I can, you need to get your money OUT OF CASH and into ASSETS.Honestly anything ELSE is better than holding cash in a bank account right now.This year is going to be WILD, and one of the biggest WEALTH TRANSFERS in the HISTORY OF THE WORLD.I simply want you to be on the right side of that transfer. I hope this made sense. Let me know in the comments. Subscribe, for heavens sake. I gave out my asset PRICE PREDICTIONS to SUBSCRIBERS ONLY on FRIDAY, and you may have missed it….You can read it for free for 30 days…Kale Get on the email list at thekaleletter.substack.com

In this video, we look at the next moves for the Fed, which may include both Operation Twist and full Yield Curve Control. We look at what each of those are, and why they matter. TLDR: The entire bond market is about to get eaten by the Fed.

Hey everyone!Hope you had an amazing weekend. For those of you who follow the markets closely, you know it’s been a pretty crazy 12 months. The stock market/bitcoin/and pretty much any other asset (think home prices, rare art, etc) have hit ALL TIME HIGHS. This, coupled with the fact that much of the World has been SHUT DOWN, begs the question…Does the government actually WANT to pump these assets to the moon?They have to be doing SOMETHING behind the scenes to be causing this, right?Otherwise, it makes no sense!Well, I won’t speak to whether they WANT to or NOT… (although, let’s be honest, most politicians are HEAVILY invested in whatever Wall Street is invested in…..)I will say this…They have NO CHOICE but to pump assets to the moon. Last week was a great example of what will happen if they DON’T intervene.ALL of the headlines blamed rising interest rates for the total bloodbath that was the stock market, bitcoin, and every other asset last week. I actually wrote a very detailed letter on why this matters last week, so read that one too if you haven’t already -> LINKBut basically, it all comes down to this…1) The government is in a crap ton of debt, we all know this.2) If interest rates RISE, the government will be in an EVEN WORSE position, because the interest payments on their DEBT will rise. Pretty soon they won’t even be able to pay the interest….3) The only way to keep interest rates down is to print money to buy back their own debt.4) Printing money BOOSTS ASSETS, because it DEVALUES the currency that is being printed. 5) Thus, assets aren’t necessarily getting more VALUABLE, the currency is just getting LESS valuable.You should probably stop and read those 5 points again. I’m serious.If you understand those 5 points, you already know MORE than 99.99999% of the population, who has no idea about finance or saving or wealth.Get the basic idea of those 5 points? Good.Now, let’s take this one step further okay?In point #3, I said -> 3) The only way to keep interest rates down is to print money to buy back their own debt.Now, there are a bunch of different ways to do this, the main ones are words you have probably heard of….A) Quantitative EasingB) Yield Curve ControlLet’s break these two down real quick I promise they aren’t that scary. Quantitative easing is literally just the government pledging to buy back a certain amount of their debt. I.e. they will announce, “We are going to purchase $1 trillion of 10 year Treasury Bonds (their own debt)”QE is basically just a fancy term for “money printer go brr…”Yield Curve Control, on the other hand, is even MORE aggressive. Remember how I said that if interest rates go UP the government gets screwed?How they have NO CHOICE but to print money to correct it?Well, sometimes, they will simply CAP interest rates. Yield Curve Control simply means that they will CONTROL the YIELD (the interest rate).See?So… for instance, the Gov could step in and say…“INTEREST RATES ON 10 YEAR TREASURIES ARE CAPPED AT 1.5%.”In normal person speak that means…“WE WILL BUY AN UNLIMITED AMOUNT OF OUR OWN DEBT BACK FROM OURSELVES IN ORDER TO NEVER EVER EVER EVER LET THE INTEREST RATE GO ABOVE 1.5%.”Read that sentence back to yourself real quick.Sounds pretty aggressive huh?And yeah, it is. Oh, and if you think this is something that would never happen, maybe check out the headline from MoneyWeek, TODAY…I’m here to tell you that YCC is coming, and probably coming sooner than we thought.Last week was the perfect example.Absolute bloodbath because interest rates went up.This morning, everything in the GREEN, because the GOV made comments about making sure that those rates are never able to rise….If this type of manipulation of the markets seems wrong to you…It’s because it IS.However, it doesn’t matter, because like I said, the Gov has no choice but to keep on doing it, or there will literally be a global financial crisis.If they were to let interest rates go up…Stocks would crash by 50%-70%+Mortgage rates would skyrocketRetirement funds would be gutted.And the snowball effect of those 3 things alone would likely lead us into a depression 10x greater than 2008 as the dominos fell around the World.I don’t know much about the Gov..But I do know this…They don’t get re-elected by causing global depressions.So they WILL continue to do everything in their power to stop that.And the best tool they have in their arsenal is YCC.Expect to hear more and more about it in the coming months and for them to actually implement it sometime this summer…When they do, or if markets even catch a WHIFF of it…You might as well hold up a GIANT BILLBOARD that says…PUMP STOCKS, BITCOIN, AND THE PRICE OF ANY SCARCE ASSET TO THE MOON!!!! I’m serious. See you on the moon, and see you subscribers tomorrow.KaleTHIS LETTER IS STILL AVAILABLE AS A FREE TRIAL FOR 30 DAYS WHAT ARE YOU DOING :) -> Get on the email list at thekaleletter.substack.com

In today's update, we'll talk about the Fed's corporate and high-yield bond purchase program, if the Fed will announce Yield Curve Control on Wednesday, look at how hedge-fund managers are positioned in the futures market, and the Fed's upcoming QE purchase schedule. #DollarBullish #BondBullish #GoldBearish Have a question for the show? From time to time I answer your questions. E-mail Steve or, send him a message on Facebook, LinkedIn or Twitter. http://stevenvanmetre.com/about/contact/ https://www.facebook.com/svmfin/ https://www.linkedin.com/in/steven-van-metre-b4a08b182/ https://twitter.com/MetreSteven http://www.stevenvanmetre.com/portfolio-shield/ Watermark Artwork by Jasmine Miller Twitter: @jazcreative The content of this video is provided as educational information only and is not intended to provide investment or other advice. This material is not to be construed as a recommendation or solicitation to buy or sell any security, financial product, instrument, or to participate in any particular trading strategy. This video was prepared by Steven Van Metre in my own personal capacity. The opinions expressed in this video are my own and do not reflect the view of Atlas Financial Advisors, Inc. or Steven Van Metre Financial.

In tonight's update, we review Fed Vice Chair Clarida's speech where he discusses the Fed's position on Yield Curve Control and then we will become monetary scientists as we try to determine how QE affects Treasury yields and the dollar. #DollarBullish #BondBullish #GoldBearish Have a question for the show? From time to time I answer your questions. E-mail Steve or, send him a message on Facebook, LinkedIn or Twitter. http://stevenvanmetre.com/about/contact/ https://www.facebook.com/svmfin/ https://www.linkedin.com/in/steven-van-metre-b4a08b182/ https://twitter.com/MetreSteven http://www.stevenvanmetre.com/portfolio-shield/ Watermark Artwork by Jasmine Miller Twitter: @jazcreative The content of this video is provided as educational information only and is not intended to provide investment or other advice. This material is not to be construed as a recommendation or solicitation to buy or sell any security, financial product, instrument, or to participate in any particular trading strategy. This video was prepared by Steven Van Metre in my own personal capacity. The opinions expressed in this video are my own and do not reflect the view of Atlas Financial Advisors, Inc. or Steven Van Metre Financial.

The Federal Reserve has started to talk about YCC as a possible next monetary policy step for the US. Japan got there first - it's not actually had to buy many bonds to “pin” yields at zero. Is that a bug or a feature?

Jim Bullard, St. Louis Fed President, says there are more questions than answers about yield curve control right now. Jonathan Golub, Credit Suisse Chief U.S. Equity Strategist, says government action has massively prevented the amount of company bankruptcies throughout this recession. Megan Greene, Harvard Kennedy School Senior Fellow, says it will be difficult to avoid a double dip recession without state and local funding from the federal government. Chris Krueger, Cowen Managing Director, describes how crucial the November election will be for President Trump. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

The RBA's decision to start quantitative easing via Yield Curve Control is where we start this look at the universe of fixed income and bonds, the biggest of all the asset classes but rarely covered in the media. Here Martin Whetton of CBA talks through some of the realities of fixed income markets, and explains why there are "different types of money" when it comes to bank funding.Support this show http://supporter.acast.com/the-bip-show. See acast.com/privacy for privacy and opt-out information.

The US Federal Reserve pinned the Treasury yield curve at fixed levels during WW2. This caused some dislocations once the war was won, but eventually allowed the Fed to gain independence from the Treasury. With debt levels heading to wartime amounts again is there anything to learn from the Fed's experiences in the 40s and 50s?