Saturday , September 18 2021
Home / Video / Making Sense Eurodollar University Episode 91

Making Sense Eurodollar University Episode 91

Summary:
Glowing Orange: Repo Market Collateral Rumble Early-morning action in the repo market shows a musical chairs-like collateral scramble; it has the Fed's attention. But the Fed is blasé about it (i.e. 'too much cash'). Yet these collateral scrambles resemble what we saw in March 2020. Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Topics & Time Codes 01:41 Montana Senator Daines asked a Jeff-Snider-question to Jerome Powell in testimony. 04:50 Jerome Powell stated the Fed is focusing on the [dead] Federal Funds rate / range. WHY?! 06:17 In later testimony Powell changes his mind from "too much cash" to "not little collateral" 10:59 The NYFed notices that most repo transactions take place very early in the morning. Why? 13:27 Early morning

Topics:
Jeffrey P. Snider considers the following as important:

This could be interesting, too:

Tyler Durden writes Restaurants Remove Crab From Menus Due To Skyrocketing Prices

Tyler Durden writes More US Troops & Aircraft Will Deploy To Australia After New ‘Counter China’ Pact Unveiled

Tyler Durden writes Watch: Tourist Attacks NYC Restaurant Hostess Over Vaccination Proof To Dine

Tyler Durden writes How Bitcoin Fixes The Money, Saves The World

Glowing Orange: Repo Market Collateral Rumble

Early-morning action in the repo market shows a musical chairs-like collateral scramble; it has the Fed's attention. But the Fed is blasé about it (i.e. 'too much cash'). Yet these collateral scrambles resemble what we saw in March 2020.



Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski.



Topics & Time Codes

01:41 Montana Senator Daines asked a Jeff-Snider-question to Jerome Powell in testimony.

04:50 Jerome Powell stated the Fed is focusing on the [dead] Federal Funds rate / range. WHY?!

06:17 In later testimony Powell changes his mind from "too much cash" to "not little collateral"

10:59 The NYFed notices that most repo transactions take place very early in the morning. Why?

13:27 Early morning collateral scrambles? The repo market? These took place in March 2020.

17:41 The NYFed offers several other reasons for the scramble: fees and liquidity.

18:55 The NYFed notes that more trades are taking place pre-market (to preempt the scramble?)

20:15 Monday, July 19 UST Bond yields dropped - but that was not a Jeff Snider "collateral day"

23:20 Tuesday, July 20 UST Bill yields traced out a fang-like drop in an early morning scramble

25:13 Show Conclusion: collateral scrambles are not rainbow/unicorn-reflationary phenomena



References

Lower Yields And (fewer) Bills: https://bit.ly/3BDZSxi

Why Don't Bonds Reflect CPI Alarm About Inflation?: https://bit.ly/3kMx2oq

Sorry, One More On Bills: Today A Really Good Example of All The Things We’ve Been Focused On Lately: https://bit.ly/3i20FAo

Intraday Timing of General Collateral Repo Markets: https://nyfed.org/2VbxIZv

Alhambra Investments Blog: https://bit.ly/2VIC2wW

RealClear Markets Essays: https://bit.ly/38tL5a7



Follow

Twitter: https://twitter.com/JeffSnider_AIP

Twitter: https://twitter.com/EmilKalinowski

Alhambra YouTube: https://bit.ly/2Xp3roy



Podcast Locations

Vurbl: https://bit.ly/3rq4dPn

Apple: https://apple.co/3czMcWN

Deezer: https://bit.ly/3ndoVPE

iHeart: https://ihr.fm/31jq7cI

TuneIn: http://tun.in/pjT2Z

Castro: https://bit.ly/30DMYza

Google: https://bit.ly/3e2Z48M

Spotify: https://spoti.fi/3arP8mY

Pandora: https://pdora.co/2GQL3Qg

Breaker: https://bit.ly/2CpHAFO

Castbox: https://bit.ly/3fJR5xQ

Podbean: https://bit.ly/2QpaDgh

Stitcher: https://bit.ly/2C1M1GB

PlayerFM: https://bit.ly/3piLtjV

Podchaser: https://bit.ly/3oFCrwN

PocketCast: https://pca.st/encarkdt

SoundCloud: https://bit.ly/3l0yFfK

ListenNotes: https://bit.ly/38xY7pb

AmazonMusic: https://amzn.to/2UpEk2P

PodcastAddict: https://bit.ly/2V39Xjr
Jeffrey P. Snider
As Head of Global Investment Research for Alhambra Investment Partners, Jeff spearheads the investment research efforts while providing close contact to Alhambra’s client base.

Leave a Reply

Your email address will not be published. Required fields are marked *