Bank of England

Frontrunning: March 8

  • GOP Disagrees on How—and Whether—to Pay for Tax Cuts (WSJ)
  • 'It's like kumbaya:' Trump's genial private meetings with CEOs jar with public attacks (Reuters)
  • New Health Plan Sparks Debate Over Obamacare Comparisons (WSJ)
  • China Grants Preliminary Approval to 38 New Trump Trademarks (BBG)
  • Questions About Loyalty to Trump Stall Treasury Picks (BBG)
  • Women in U.S. plan to stay off the job, rally in anti-Trump protests (Reuters)

The Beginning Of The End Of Calm Bond Markets

Although the market is convinced the Federal Reserve will get aggressive with their rate hikes, I am not sure market participants have thought this through. Let’s not forget the Federal Reserve is sitting on the largest balance sheet in history.

Can Yellen Keep The Boom Going?

Yellen, like notorious previous Fed chiefs including Strong, Martin, and Greenspan, can now claim success in having prolonged and strengthened an asset price inflation which otherwise may well have been about to enter its severe end phase. If history is any guide, the result of that success is to be feared.

Frontrunning: February 27

  • Epic Oscars Mistake: Faye Dunaway, Warren Beatty Announce Wrong Best Picture Winner (Variety)
  • Oscar host Jimmy Kimmel turns Trump into recurrent punch line (Reuters)
  • After Mix-Up, Hollywood Searches for an Explanation (WSJ)
  • Trillions at Risk When Trump Speaks to Congress (BBG)
  • Bond Market Is Flashing Warning Signal on Trump Reflation Trade (WSJ)
  • Mexico Warns U.S. It'll Cut Off Nafta Talks If Tariffs Proposed (BBG)

Are Rate Hikes Bad For Gold?

Gold does not necessarily rise and fall with interest rates, jewelry demand in India, or any other widely believed nonsense. Rather, gold has moved in conjunction with perceptions as to whether or not the Fed and central banks have everything under control.

Frontrunning: February 23

  • Trump to Brainstorm on Job Policies With Corporate CEOs (BBG)
  • Border-Adjustment Tax Divides Energy Sector (WSJ)
  • French Bonds Rally After Macron Boosts Presidential Campaign (BBG)
  • Boeing Fighter Jet, Feared Dead, Gets New Life From Trump Tweets (BBG)
  • Treasury Secretary Steven Mnuchin Sees Tax Overhaul by August (WSJ)
  • Why Mexico Is Trump’s First Line of Defense on Immigration (BBG)

Frontrunning: February 22

  • Euro Slips, Bonds Gain as Investors Turn Cautious (BBG)
  • Fed Minutes Could Offer Hints on Timing of Rate Rises, Balance Sheet Moves (WSJ)
  • Trump's new security advisor differs from him on Russia, other key issues (Reuters)
  • Tillerson, Kelly Head to Mexico for Talks Amid Diplomatic Tensions (WSJ)
  • Why Trump’s Immigration Crackdown Could Sink U.S. Home Prices (BBG)

Alan Greenspan: Ron Paul Was Right About The Gold Standard

"When I was Chair of the Federal Reserve I used to testify before US Congressman Ron Paul... we had some interesting discussions... We would never have reached this position of extreme indebtedness were we on the gold standard, because the gold standard is a way of ensuring that fiscal policy never gets out of line."

Frontrunning: February 16

  • Futures dip as Wall Street navigates unchartered territory (Reuters)
  • Trump's Russia crisis deepens (Reuters)
  • Government Landlord Pays Millions Each Year to Trump Company (WSJ)
  • Protests call for U.S. immigrants to stay home from work, school (Reuters)
  • Trump Hates Trade Deficits, But Which Ones Really Matter? (BBG)
  • French Election Puts ‘Frexit’ on the Agenda (WSJ)