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	<description>Where 2+2=5 is also a beautiful thing</description>
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		<title>Notes From Underground</title>
		<link>http://yragharris.com</link>
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		<item>
		<title>Notes From Underground: Did The Chinese Fudge The PMI???</title>
		<link>http://yragharris.com/2013/05/23/fudge/</link>
		<comments>http://yragharris.com/2013/05/23/fudge/#comments</comments>
		<pubDate>Fri, 24 May 2013 01:11:02 +0000</pubDate>
		<dc:creator>Yra</dc:creator>
				<category><![CDATA[Fed]]></category>
		<category><![CDATA[Abenomics]]></category>
		<category><![CDATA[China PMI]]></category>
		<category><![CDATA[collateral]]></category>
		<category><![CDATA[IOER]]></category>
		<category><![CDATA[Nikkei]]></category>
		<category><![CDATA[QE]]></category>
		<category><![CDATA[repo]]></category>

		<guid isPermaLink="false">http://yragharris.com/?p=2085</guid>
		<description><![CDATA[First, Happy Memorial Day to all the readers of Notes From Underground. If you are a veteran of the U.S. Military, thank you for your service. If you aren&#8217;t a veteran, take the time to thank those who have served to fight for the freedom to write blogs and entertain the free interchange of ideas. [&#8230;]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=yragharris.com&#038;blog=10969950&#038;post=2085&#038;subd=yrah53&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>3</slash:comments>
	
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		<item>
		<title>Notes From Underground: The Jazzman Testifies</title>
		<link>http://yragharris.com/2013/05/22/lisasimpson/</link>
		<comments>http://yragharris.com/2013/05/22/lisasimpson/#comments</comments>
		<pubDate>Thu, 23 May 2013 04:08:20 +0000</pubDate>
		<dc:creator>Yra</dc:creator>
				<category><![CDATA[Currency]]></category>
		<category><![CDATA[Fed]]></category>
		<category><![CDATA[Ben Bernanke]]></category>
		<category><![CDATA[MBS]]></category>
		<category><![CDATA[SNB]]></category>
		<category><![CDATA[Thomas Jordan]]></category>
		<category><![CDATA[William Dudley]]></category>
		<category><![CDATA[Yen]]></category>

		<guid isPermaLink="false">http://yragharris.com/?p=2083</guid>
		<description><![CDATA[     When the Jazzman&#8217;s Testifying       A Faithless Man Believes      He Can Sing You Into Paradise      Or Bring You to Your Knees                          &#8211;Carole King Last night&#8217;s BLOG warned that the Twitter feeds would create great volatility as the Fed chairman appeared [&#8230;]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=yragharris.com&#038;blog=10969950&#038;post=2083&#038;subd=yrah53&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://yragharris.com/2013/05/22/lisasimpson/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
	
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		<title>Notes From Underground: Everybody Is Talking At Me, Can&#8217;t Hear a Word They&#8217;re Saying (Only the Echoes of the Bonds)</title>
		<link>http://yragharris.com/2013/05/21/echoes/</link>
		<comments>http://yragharris.com/2013/05/21/echoes/#comments</comments>
		<pubDate>Wed, 22 May 2013 00:58:06 +0000</pubDate>
		<dc:creator>Yra</dc:creator>
				<category><![CDATA[BoJ]]></category>
		<category><![CDATA[Fed]]></category>
		<category><![CDATA[algo trading]]></category>
		<category><![CDATA[Ben Bernanke]]></category>
		<category><![CDATA[BOJ]]></category>
		<category><![CDATA[FOMC]]></category>
		<category><![CDATA[MBS]]></category>
		<category><![CDATA[portfolio balance channel]]></category>
		<category><![CDATA[QE]]></category>
		<category><![CDATA[shadow banking]]></category>
		<category><![CDATA[William Dudley]]></category>
		<category><![CDATA[zombie banks]]></category>

		<guid isPermaLink="false">http://yragharris.com/?p=2081</guid>
		<description><![CDATA[This week has been loaded with FED OFFICIALS filling the airwaves with thoughts about ending QE or just tapering, with the markets left to discern how, when and how much. Today, the NY FED President presented a speech at the Japan Society in New York City, titled, &#8220;Lessons at the Zero Bound: The Japanese and U.S. [&#8230;]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=yragharris.com&#038;blog=10969950&#038;post=2081&#038;subd=yrah53&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://yragharris.com/2013/05/21/echoes/feed/</wfw:commentRss>
		<slash:comments>4</slash:comments>
	
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		<title>Notes From Underground: All Quiet On the Western Front (From a News Perspective)</title>
		<link>http://yragharris.com/2013/05/19/front/</link>
		<comments>http://yragharris.com/2013/05/19/front/#comments</comments>
		<pubDate>Mon, 20 May 2013 00:12:16 +0000</pubDate>
		<dc:creator>Yra</dc:creator>
				<category><![CDATA[BoJ]]></category>
		<category><![CDATA[Currency]]></category>
		<category><![CDATA[Europe]]></category>
		<category><![CDATA[Bernard Connolly]]></category>
		<category><![CDATA[China]]></category>
		<category><![CDATA[EU]]></category>
		<category><![CDATA[Germany]]></category>
		<category><![CDATA[Japan]]></category>
		<category><![CDATA[JGB]]></category>
		<category><![CDATA[solar tariffs]]></category>
		<category><![CDATA[Yen]]></category>

		<guid isPermaLink="false">http://yragharris.com/?p=2079</guid>
		<description><![CDATA[There were no real market-moving news stories this past week, but that didn&#8217;t stop the precious metals from coming under severe pressure on the Asian opening as prices in gold and, especially silver, fell prey to liquidation and downside stops were elected in a relatively illiquid market environment. The DOLLAR/YEN was also under initial pressure [&#8230;]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=yragharris.com&#038;blog=10969950&#038;post=2079&#038;subd=yrah53&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://yragharris.com/2013/05/19/front/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
	
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		<title>Notes From Underground: Jackson Hole is Running On Empty (September 3 REISSUE)</title>
		<link>http://yragharris.com/2013/05/14/reissuejackson/</link>
		<comments>http://yragharris.com/2013/05/14/reissuejackson/#comments</comments>
		<pubDate>Tue, 14 May 2013 22:24:53 +0000</pubDate>
		<dc:creator>Yra</dc:creator>
				<category><![CDATA[Fed]]></category>
		<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[Ben Bernanke]]></category>
		<category><![CDATA[Jackson Hole]]></category>
		<category><![CDATA[Federal Reserve]]></category>

		<guid isPermaLink="false">http://yragharris.com/?p=2075</guid>
		<description><![CDATA[Notes From Underground will resume Thursday night. I wanted to issue an old piece from the day after the Jackson Hole Symposium of August 2012. It refreshes where were then and looking at the world now. Yes, we&#8217;ve reissued this piece before, but once you reread, you&#8217;ll see it&#8217;s still wildly relevant. I also want to remind [&#8230;]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=yragharris.com&#038;blog=10969950&#038;post=2075&#038;subd=yrah53&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://yragharris.com/2013/05/14/reissuejackson/feed/</wfw:commentRss>
		<slash:comments>1</slash:comments>
	
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			<media:title type="html">Yra</media:title>
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		<title>Notes From Underground: Does Tapering Lead to a Narrow PEG of a Pant Leg?</title>
		<link>http://yragharris.com/2013/05/13/pegleg/</link>
		<comments>http://yragharris.com/2013/05/13/pegleg/#comments</comments>
		<pubDate>Tue, 14 May 2013 01:05:18 +0000</pubDate>
		<dc:creator>Yra</dc:creator>
				<category><![CDATA[BoJ]]></category>
		<category><![CDATA[Currency]]></category>
		<category><![CDATA[Fed]]></category>
		<category><![CDATA[Australian dollar]]></category>
		<category><![CDATA[Ben Bernanke]]></category>
		<category><![CDATA[BOJ]]></category>
		<category><![CDATA[FOMC]]></category>
		<category><![CDATA[JGBs]]></category>
		<category><![CDATA[portfolio balance channel]]></category>
		<category><![CDATA[QE]]></category>
		<category><![CDATA[RBA]]></category>

		<guid isPermaLink="false">http://yragharris.com/?p=2073</guid>
		<description><![CDATA[Now that the FED has provided the U.S. and world financial system with a suit of liquidity, it is trying to figure out how to reduce the amount of material. The word &#8220;TAPER&#8221; is not my favorite for it fails to define what I believe is the goal of the FOMC. Who cares if the [&#8230;]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=yragharris.com&#038;blog=10969950&#038;post=2073&#038;subd=yrah53&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>11</slash:comments>
	
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		<title>Notes From Underground: Searching for Clarity in the Age of Monetary Policy On Steroids</title>
		<link>http://yragharris.com/2013/05/12/steroids/</link>
		<comments>http://yragharris.com/2013/05/12/steroids/#comments</comments>
		<pubDate>Mon, 13 May 2013 00:56:25 +0000</pubDate>
		<dc:creator>Yra</dc:creator>
				<category><![CDATA[ECB]]></category>
		<category><![CDATA[Fed]]></category>
		<category><![CDATA[ABS]]></category>
		<category><![CDATA[ECO]]></category>
		<category><![CDATA[G-7]]></category>
		<category><![CDATA[Jon Hilsenrath]]></category>
		<category><![CDATA[LTRO]]></category>
		<category><![CDATA[QE]]></category>
		<category><![CDATA[Richard Fisher]]></category>
		<category><![CDATA[WSJ]]></category>

		<guid isPermaLink="false">http://yragharris.com/?p=2071</guid>
		<description><![CDATA[The much-awaited piece from Jon Hilsenrath about FED &#8220;tapering&#8221; appeared in the weekend WSJ, and, as promised by the abundant tweets, it delivered very little in providing any new insights into Fed halting of security purchases. The headline, &#8220;Fed Maps Exit From Stimulus,&#8221; wasn&#8217;t a map of any kind and merely seemed to provide the [&#8230;]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=yragharris.com&#038;blog=10969950&#038;post=2071&#038;subd=yrah53&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>7</slash:comments>
	
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			<media:title type="html">Yra</media:title>
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		<title>Notes From Underground: Why Are The G-7 Finance Ministers Meeting In England This Weekend?</title>
		<link>http://yragharris.com/2013/05/10/meeting/</link>
		<comments>http://yragharris.com/2013/05/10/meeting/#comments</comments>
		<pubDate>Fri, 10 May 2013 09:05:39 +0000</pubDate>
		<dc:creator>Yra</dc:creator>
				<category><![CDATA[Currency]]></category>
		<category><![CDATA[RBA]]></category>
		<category><![CDATA[RBNZ]]></category>
		<category><![CDATA[Australian dollar]]></category>
		<category><![CDATA[Bundesbank]]></category>
		<category><![CDATA[currency war]]></category>
		<category><![CDATA[Fed]]></category>
		<category><![CDATA[France]]></category>
		<category><![CDATA[G-7]]></category>
		<category><![CDATA[Germany]]></category>
		<category><![CDATA[IMF]]></category>
		<category><![CDATA[Japanese yen]]></category>
		<category><![CDATA[Kiwi]]></category>
		<category><![CDATA[Korean won]]></category>
		<category><![CDATA[QE]]></category>

		<guid isPermaLink="false">http://yragharris.com/?p=2067</guid>
		<description><![CDATA[There was a Reuters story yesterday by William Schomberg, &#8220;G7 Finance Chiefs to Discuss Bank Reform Push.&#8221; Very few people picked up on this but it seems strange that all the sudden a meeting is called  to discuss what elements of  bank reform. Are they going to try to persuade Germany to get behind the [&#8230;]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=yragharris.com&#038;blog=10969950&#038;post=2067&#038;subd=yrah53&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>11</slash:comments>
	
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		<title>Notes From Underground: My Response To Larry Summers</title>
		<link>http://yragharris.com/2013/05/07/larry/</link>
		<comments>http://yragharris.com/2013/05/07/larry/#comments</comments>
		<pubDate>Wed, 08 May 2013 00:08:25 +0000</pubDate>
		<dc:creator>Yra</dc:creator>
				<category><![CDATA[Austerity]]></category>
		<category><![CDATA[Currency]]></category>
		<category><![CDATA[Fed]]></category>
		<category><![CDATA[RBA]]></category>
		<category><![CDATA[Australian dollar]]></category>
		<category><![CDATA[Carmen Reinhart]]></category>
		<category><![CDATA[Glenn Stevens]]></category>
		<category><![CDATA[Kenneth Rogoff]]></category>
		<category><![CDATA[Larry Summers]]></category>
		<category><![CDATA[QE]]></category>

		<guid isPermaLink="false">http://yragharris.com/?p=2065</guid>
		<description><![CDATA[First, the RBA finally cut the lending rate by 25 basis points to 2.75%. By the close of the market, the Aussie dollar remained weak as some were surprised by the move. As I promised my readers of NOTES it is the 2/10 yield curve where the indicator of further currency and bank action will [&#8230;]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=yragharris.com&#038;blog=10969950&#038;post=2065&#038;subd=yrah53&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>12</slash:comments>
	
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			<media:title type="html">Yra</media:title>
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		<title>Notes From Underground: Are the French Kicking the Hornet&#8217;s Nest?</title>
		<link>http://yragharris.com/2013/05/06/nest/</link>
		<comments>http://yragharris.com/2013/05/06/nest/#comments</comments>
		<pubDate>Mon, 06 May 2013 23:41:43 +0000</pubDate>
		<dc:creator>Yra</dc:creator>
				<category><![CDATA[Austerity]]></category>
		<category><![CDATA[France]]></category>
		<category><![CDATA[Germany]]></category>
		<category><![CDATA[RBA]]></category>
		<category><![CDATA[unemployment]]></category>
		<category><![CDATA[austerity]]></category>
		<category><![CDATA[Hollande]]></category>
		<category><![CDATA[IMF]]></category>
		<category><![CDATA[Merkel]]></category>
		<category><![CDATA[Pierre Moscivici]]></category>
		<category><![CDATA[Spain]]></category>
		<category><![CDATA[U.S. nonfarm payrolls]]></category>
		<category><![CDATA[Weidmann]]></category>
		<category><![CDATA[yield curve]]></category>

		<guid isPermaLink="false">http://yragharris.com/?p=2062</guid>
		<description><![CDATA[First, the unemployment report offered no surprises as the market was close to the actual release. The real surprise was in the upward revisions to the February and March numbers. The negative surprise was the average work week shrinking by 0.2% of an hour. The shorter work week may be an aberration but it may [&#8230;]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=yragharris.com&#038;blog=10969950&#038;post=2062&#038;subd=yrah53&#038;ref=&#038;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>1</slash:comments>
	
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