Archive for August, 2022

Notes From Underground: Dear Jerome

August 24, 2022

I have not been a fan of yours since your January 2019 “Powell Pivot,” when you allowed yourself to be fooled by the markets. In an effort to rein in Ben Bernanke and Janet Yellen’s QE programs you went for what Stan Druckenmiller¬† called the “double shotgun approach” and raised interest rates while reducing the Fed’s balance sheet — what Peter Boockvar called Quantitative Tightening (QT).

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Notes From Underground: Neutral

August 16, 2022

On Friday I sat down with Richard Bonugli at the Financial Repression Authority and Doomberg to discuss the current situation in global energy and tried to peek into the future as to where Europe and the US are going to find the means to provide dependable and affordable energy to power economic growth. Enjoy the podcast and hopefully it will lead to more high levels of discussion on all things global macro.

Click here to view the podcast. 

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Notes From Underground: Dissecting the Fed With Darius Dale

August 3, 2022

I yet another effort to understand where are going with the FED and their so-called NEUTRAL RATE, FRA hosted a podcast with Darius Dale of 42 Macro. It entertains themes familiar to readers of NOTES FROM UNDERGROUND as yield curves and currencies provide the backdrop for a great part of the analysis. We also discussed the next vote of the FOMC to see if the newest GOVERNORS finally find their voice and begin elevating their research into policy. Lisa Cook and Philip Jefferson are well known labor economists that Professor Jason Furman called the most dovish appointees in decades, and yet we have not heard a discouraging word from the FED neophytes.

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Notes From Underground: We’re Back?

August 1, 2022

It has been quite an extended period since my last post, but now I’m trying to catch up on some reading and relevant research on all things pertinent to GLOBAL MACRO. Following the FEDERAL RESERVE’S INTEREST RATE DECISION and the POWELL PRESS CONFERENCE, I sat down with Richard Bonugli, Peter Boockvar and Daniel Lacalle. This 66-minute podcast is packed with several pertinent topics, including yield curves, the dollar, Europe and even ESG investments.¬†Please enjoy and I await your feedback and hopefully disagreements. Only the parochialist in echo chambers pursue validation.

Click here to listen to the recording.

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