Notes From Underground: A Podcast for the Road

There were no surprises from the FEDERAL RESERVE on Wednesday. There was no discussion of yield curve control but there was plenty of confirmation about the FED‘s concern surrounding the damage done to the lowest on the employment ladder.

The U.S. central bank will pursue LOWER FOR LONGER IN PURSUIT OF A MODICUM OF SOCIAL JUSTICE FOR LAST HIRED, FIRST FIRED, which impacts minorities far more than those in the higher levels of education. As Chairman Jerome Powell explained, “They didn’t do anything wrong.”

For the record, as a citizen I agree with the assessment but I question this policy position for the chairman. (Please do not turn this into a political discussion. We are all about policy here.)

Enjoy the PODCAST as it represents what I am trying to achieve in the weeks, months and years ahead.

Click here to listen to the podcast featuring myself and Peter Boockvar.

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9 Responses to “Notes From Underground: A Podcast for the Road”

  1. The Bigman Says:

    Did anyone hear David Rosenberg on CNBC this AM? He made a strong case for long bonds partially based on the historical deflation that follows pandemics and the experience in Japan. I know Yra hates long bonds now and rejects that we are turning Japanese That said the long bond has had a great return the last year. Rosenberg sees the 30 yr going to 0.5% which would represent a 36% increase in value Interested in the thoughts of others.

    • yraharris Says:

      Bigman–his case became stronger after the Curve failed to steepen following the DOVISH POWELL—-it is a trade for me and not an investment buying the long end—certainly it is a reactionary instrument so trade it with the feet of Nureyev

  2. Pierre C. Says:

    Conversation with Charles Dumas
    Thought you would enjoy 👍

  3. The Bigman Says:

    Hey remember the “temporary” repo crisis- nothing to see here move along. Well here may be the real story. looks like Blackrock has supplanted Goldman-Sachs as the BFF of the Fed:

    https://wallstreetonparade.com/2020/06/blackrock-authored-the-bailout-plan-before-there-was-a-crisis-now-its-been-hired-by-three-central-banks-to-implement-the-plan/

    • yraharris Says:

      Bigman–one day we will have a coffee—-the fact they hired Blackrock a further stain on the shroud of the FED Chairman

  4. Pierre C Says:

    Bernard Connolly latest book, soon to be released

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