TSP Smart: The Acceleration Begins
“the sudden appearance of the Bond Vigilantes in the gilts markets (after all these years) was the most portentous market development in a week of portentous developments.”
Recent Posts
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Deflation and Policy Mistakes
When wall street analyst start talking about deflation, they are talking about financial asset prices NOT consumer inflation. Sorry wall street, but bubbles have to deflate.
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TSP Smart: Why Does the NY Fed have a Trading Floor?
Bailing out the Wall Street megabanks that are serially fined and hit with felony counts appears to be catching on as a major career advancement strategy at the New York Fed.
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TSP Smart: The Stench at the Top
After overwhelming evidence was obtained of wrong doing, nothing was done, no body wants to talk about it, minimal changes were made.
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TSP Smart: Supper Credit Bubble Pay Back Time
The Super Credit Bubble is at the brink.
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TSP Smart: Sword of Damocles
I fear the next phase of financial asset repricing will be both disorienting and destabilizing.
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TSP Smart: Bear Market Rally Top?
This dynamic has become all too familiar: when instability turns sufficiently serious, markets instinctively anticipate dovish central bank policy responses.
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TSP Smart: The Soft Pivot & The Everything Squeeze
And if the recent loosening of financial conditions has been spectacular, just wait until the next de-risking/deleveraging-induced tightening. Let’s call it what it is: Epic Monetary Disorder.
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TSP Smart: Crazy Talk
Reliance on some “neutral rate” to calibrate monetary policy is deeply flawed doctrine. The Fed’s assumptive 2.5% neutral rate may have seemed reasonable during the recent “Risk Off” backdrop. In the current squeeze rally environment, however, it is Indefensible – or, in the words of Mohamed El-Erian, “comical.”
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TSP Smart Rant: What Top vs Bottom Means
The billionaires own the media on the Left and Right. Don’t expect to read much about their real agenda in the news until it is too late.