The Death of the Copper/Gold vs. 10-Year Correlation?
The Copper/Gold ratio has transitioned from useful proxy for the 10-year to a measure of how much interest rates will rise when the Fed ends its monetization crusade
Bank of Japan Remains Pound-for-Pound World Champion of Monetization in 2020
Relative to GDP, the BoJ monetized roughly as much debt (and stocks) in just 2020 as the Fed’s entire balance sheet
Some Thoughts on 2021
I’m more worried about 2022 than 2021
The Fed Is the Treasury Market Now
The level of demand being met by the Fed is larger than all other sources of demand combined (including the Fed) at any prior point in history
My Favorite Charts from 2020
The end of the world as we know it is apparently bullish for stocks
The Siege of Constantinople
By Jean Le Tavernier in 1455
M1 Money Supply Growth Surges to Eye Watering 69%
These figures predate the most recent stimulus bill and, of course, any follow up bill to push the transfer payment checks to $2,000
Ronald Stoeferle: All Fiscal and Monetary Taboos Have Been Broken in 2020
We’re all basically betting that ‘printing’ up trillions upon trillions of dollars and distributing it it all manner of new and creative ways throughout the economy won’t cause precocious inflation or other ‘unforeseen’ problems
Leland Miller Deconstructs China’s Exaggerated Recovery Narrative
China is going to claim in a few weeks that its economy grew almost as fast this year as it did last year…
US Rail Traffic Has Been up Year-over-Year Since October
While carload volume is still lagging 2019 moderately, surging intermodal volume has more than made up for the difference