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New Year’s resolutions: the quit rate

"Central banks themselves have one thing they all want to quit this year: Quantitative Easing."

Richard Woolnough, Manager of M&G (Lux) Optimal Income Fund.
M&G Investments, Bond Vigilantes, 6 January 2022

US Fed: Behind The Curve and Behind The Crowd

The Coming Bear Market In US Money

Michael J. Howell
Crossborder Capital, December 08, 2021

Three Little Birds - when Lawyers run Central Banks

Rise up this mornin’ Smiled with the risin’ sun Three little birds Pitch by my doorstep Singin’ sweet songs Of melodies pure and true Sayin’, “This is my message to you-ou-ou:” Singin’: “Don’t worry about a thing, worry about a thing, oh! Every little thing gonna be all right. Don’t […]

Vineer Bhansali
Long Tail Alpha, July 20, 2021

What’s up with US M1?

US narrow money M1 has surged since the elections. The stock of M1 jumped by 14.1% between the weeks ending 16 November and 30 November, a larger two-week rise than occurred in March / April in response to Fed easing.

Simon Ward, Economic Adviser
Janus Henderson Investors, Global Perspectives, December 2020

''Adam Smith’s invisible hand has disappeared.''

Quote

Michael Walsh
T. Rowe Price Insights, Investment Ideas for the Next 12 Months, December 2020

M1 Money Stock Spike

A decade of M1 vs. M2

FRED, Board of Governors of the Federal Reserve (US)
Federal Reserve Bank of St. Louis, Economic Research, December 6, 2020

''But although most reports of Powell’s speech focused on inflation, it is arguably the implications for the job market which are the most profound.''

Excerpt

Alan Mudie, Head of Investment Strategy
Societe Generale Private Banking, Weekly Update - Maximum employment - the Fed's new objective, 4 September 2020

Fed to Keep Rate Vol Based Leading to Higher Vols in Other Assets

"Risk can neither be created or destroyed, and repressing volatility in one place accentuates it in another."

Variant Perception Research, July 23, 2020

BoJ Conduct of Monetary Policy

"In addition, in order to maintain stability in financial markets, the Bank has enhanced the U.S. dollar funds-supplying operations, actively purchased exchange-traded funds (ETFs) and Japan real estate investment trusts (J-REITs), and conducted further active purchases of Japanese government bonds (JGBs) and treasury discount bills (T-Bills)."

Haruhiko Kuroda, Governor of the Bank of Japan
Bank of Japan, Semiannual Report on Currency and Monetary Control, May 12, 2020

''Policymakers dealing with challenges should seek to emulate the boldness and imagination Marvin Goodfriend showed two decades ago.''

Takeway & Excerpt

Eric S. Rosengren, Observations on Monetary Policy and the Zero Lower Bound
Federal Reserve Bank of Boston, Six takeaways from Boston Fed President Eric Rosengren’s March 6 remarks at the conference “Current Monetary Policy: The Influence of Marvin Goodfriend”, March 6, 2020
Articles: 1-10 / 73
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