Eurodollar University

Former editor at the Financial Times (Alphaville!) has struck out on her own - why? Is it a commentary on the business press and/or mainstream media and what they refuse to cover? Izabella has lots of questions for Jeff too.

On February 24, 2021 Fedwire broke down for several hours - it was the the feather that broke the economic recovery camel's back. Copper, gold, silver, the yuan, Kiwi dollar, Treasuries, swap spreads, OATs - even bitcoin - all saw their trajectories change for the worse.------EP. 196 TOPICS------00:00 INTRO: Fedwire broke for hours on February 24, 2021 and took recovery down with it.01:18 Many headlines in February 2021 suggest economic recovery and a boom was ahead.03:00 At 11:15 AM Fedwire, FedCash, FedLine, Check 21 all experienced disruptions.04:37 Fed's Treasury Market Practices Group says it was not a cyberattack; everything was fine.05:17 The IMF says they too do not know what happened; no details were provided.06:01 Fedwire's break resulted in a sea-change across global markets in risk perceptions.09:05 Headlines were positive in early 2021 but underneath there was rot in the world economy12:22 Lots of markets inflected away from recovery in response to the Fedwire blackout.16:00 OUTRO: Russia in 2022, like Covid in 2020, will be blamed for preexisting slowing.----EP. 196 REFERENCES----A Year Later, The Fact Fedwire Is Still There Tells Us Why Markets Have Done What They’ve Done: https://bit.ly/3srvhAgAlhambra Investments Blog: https://bit.ly/2VIC2wWlinRealClear Markets Essays: https://bit.ly/38tL5a7-----SEE ALL EPISODES-----Alhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisL----HEAR ALL EPISODES-----Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr---------THE TEAM---------Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Hong Kong Story" by Lazer Boomerang.------FIND THE TEAM-------Jeff: https://twitter.com/JeffSnider_AIPJeff: https://alhambrapartners.com/author/jsnider/Emil: https://twitter.com/EmilKalinowskiEmil: https://www.EuroDollarEnterprises.comDavid: https://DavidParkins.com/Terence: https://www.VisualFocusMedia.comLazer Boomerang: https://www.facebook.com/lazerboomerang/Lazer Boomerang: https://soundcloud.com/user-14207639

A look at interest rate swap spreads relative to nominal US Treasury yields identifies constrained bank balance sheet capacity. Monetary measures like swap spreads, Eurodollar futures, yield curve flattening are all indicating that the balance of risks is tilting away from recovery and reflation.------EP. 195 TOPICS------00:00 INTRO: Interest rate swap spreads are a peek at bank balance sheet capacity.01:43 Bank balance sheet capacity represents ledger money; the reserve currency, eurodollar.03:04 If bank balance sheet capacity is not available, swap spreads will show it.08:53 Comparing the 5-, 10- and 30-year swap spreads.11:55 OUTRO: Swap spreads and Eurodollar Futures both turned away from Reflation at same time.----EP. 195 REFERENCES----The Money *All* Agrees: Taper Rejection Meets Policy-Error Error: https://bit.ly/3tg6wpZThe Real Money Doesn’t *Spread* Inflation: https://bit.ly/3stKscvAlhambra Investments Blog: https://bit.ly/2VIC2wWlinRealClear Markets Essays: https://bit.ly/38tL5a7-----SEE ALL EPISODES-----Alhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisL----HEAR ALL EPISODES-----Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr---------THE TEAM---------Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Hong Kong Story" by Lazer Boomerang.------FIND THE TEAM-------Jeff: https://twitter.com/JeffSnider_AIPJeff: https://alhambrapartners.com/author/jsnider/Emil: https://twitter.com/EmilKalinowskiEmil: https://www.EuroDollarEnterprises.comDavid: https://DavidParkins.com/Terence: https://www.VisualFocusMedia.comLazer Boomerang: https://www.facebook.com/lazerboomerang/Lazer Boomerang: https://soundcloud.com/user-14207639

An insider's view of regulations, bond markets, bank reserves, central banks, quantitative easing, fancy wines, when it's inappropriate to drink cappuccinos, government-guaranteed bank loans and more! Alfonso "Macro Alf" Peccatiello of The Macro Compass joins Jeff Snider (and Emil).------EP. 194 TOPICS------00:00:00 INTRO: Introducing Alfonso Peccatiello, @MacroAlf and The Macro Compass.00:04:08 Equities can qualify as high quality liquid assets - if you do it correctly.00:05:47 Regulations to make banks safe and restrict activity are cosmetic and worked around.00:08:13 Bank Reserves are inert, non-yielding burdens to the bank portfolio manager.00:13:17 Will bank reserves be inflationary because the reserves can be turned into cash?00:15:30 Will bank reserves force a portfolio reallocation into higher (inflationary?) risk?00:18:27 Do banks replace QE-sold sovereign bond assets with more sovereign bond assets?00:22:30 Are regulations holding back banks from credit/money creation in the real economy?00:24:11 Three factors, in alignment, are required for banks to lend / take-on risk.00:27:57 Bank reserves are immaterial in inflationary AND deflationary environments.00:32:56 Would government-guaranteed bank loans break the economy out of the depression?00:41:16 The world's equilibrium interest rate is heading lower with each cycle.00:43:17 Rehypothecation is a necessity as fewer AAA collateral assets are available.00:47:14 OUTRO: Follow Alfonso on Twitter (@MacroAlf) and Substack (The Macro Compass).----EP. 194 REFERENCES----Alfonso Peccatiello's Substack: https://TheMacroCompass.substack.com/Alfonso Peccatiello's Twitter: https://twitter.com/MacroAlfJeff's Twitter: https://twitter.com/JeffSnider_AIPEmil's Twitter: https://twitter.com/EmilKalinowski-----SEE ALL EPISODES-----Alhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisL----HEAR ALL EPISODES-----Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr---------THE TEAM---------Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "When To Stop" by Lofive from Epidemic Sound.------FIND THE TEAM-------Jeff: https://twitter.com/JeffSnider_AIPJeff: https://alhambrapartners.com/author/jsnider/Emil: https://twitter.com/EmilKalinowskiEmil: https://www.EuroDollarEnterprises.comDavid: https://DavidParkins.com/Terence: https://www.VisualFocusMedia.com-----------TAGS-----------#AlfonsoPeccatiello #MacroAlf #TheMacroCompass #SearchForYield

Mohamed El-Erian appeared on Hidden Forces, a great podcast by Demitri Kofinas. But instead of challenging consensus narratives or thinking critically about the power shaping our world El-Erian obfuscated and misdirected Kofinas and the audience about economics, the Fed and history.------EP. 193 TOPICS------00:00:00 INTRO: Reviewing Mohamed El-Erian's appearance on Hidden Forces with Demitri Kofinas.00:00:56 El-Erian claims the Federal Reserve has made a "policy mistake" in three phases.00:02:12 El-Erian: the economy's problem is not insufficient demand, but insufficient supply.00:04:43 Snider: the supply of goods was inelastic during the 2020-21 covid and shutdowns.00:06:10 El-Erian: the Fed made a mistake in calling consumer price increases "transitory".00:08:32 El-Erian: the Fed's rate hikes will be too much for the economy to handle. 00:10:21 El-Erian: labor shortages is proof of a world of insufficient supply; not enough workers.00:15:15 El-Erian: QE helps keep asset prices elevated through psychological, behavior forces.00:23:39 Kofinas: Why doesn't the Fed factor financial instability into its actions?00:25:53 El-Erian: the Fed stopped tightening monetary conditions in Q4 2018 because of stocks.00:35:45 El-Erian: the market has noticed that we are missing market liquidity.00:40:35 El-Erian: the 1970s Great Inflation began with an oil shock, expanding from there.00:43:45 El-Erian: supply shocks can kick off (monetary, persistent and pervasive) inflation.00:45:47 El-Erian: adaptive expectations in the private economy can lead to inflation.00:47:15 El-Erian: in the 2020s we are following in the footsteps of the 1970s.00:51:31 El-Erian: the marketplace is pushing the Fed to increase rates 5 times in 2022.00:54:01 OUTRO: Check out Demitri Kofinas and the excellent Hidden Forces podcast.----EP. 193 REFERENCES----Hidden Forces: https://hiddenforces.io/Demitri Kofinas: https://twitter.com/kofinasMohamed El-Erian Episode: https://bit.ly/3poVQ7f-----SEE ALL EPISODES-----Alhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisL----HEAR ALL EPISODES-----Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr---------THE TEAM---------Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Hong Kong Story" by Lazer Boomerang.------FIND THE TEAM-------Jeff: https://twitter.com/JeffSnider_AIPJeff: https://alhambrapartners.com/author/jsnider/Emil: https://twitter.com/EmilKalinowskiEmil: https://www.EuroDollarEnterprises.comDavid: https://DavidParkins.com/Terence: https://www.VisualFocusMedia.comLazer Boomerang: https://www.facebook.com/lazerboomerang/Lazer Boomerang: https://soundcloud.com/user-14207639

Anne Stevenson-Yang has been living in, writing about and/or focusing her work on China for more than 35 years. We discuss: employment not being a bureaucrat's concern, the transition to uneconomic activity, disinterest in simple social improvements, the 20th National Party Congress, and more!------EP. 191 TOPICS------00:00:00 INTRO: Anne Stevenson-Yang spent several decades living, working and thinking in China.00:01:20 Anne introduces herself and J Capital Research, her China and equities firm.00:03:30 Anne moved to China in 1985; Tiananmen Square massacre changed the nation's trajectory.00:06:22 Is unproductive debt used to keep people employed?00:09:36 How long can China's uneconomic investment continue?00:11:14 Where is the capital / financing for uneconomic investment in China coming from?00:13:10 Capital flows to China is now predominantly portfolio flows, not foreign direct investment.00:16:00 China's economic trajectory changed in 2011-12, 2014-16. Why?00:20:35 Simple social improvements would benefit the masses; Party members aren't interested.00:21:56 Does the Communist Party believe the post-Mao system has run its course?00:25:58 Are the regular households of China satisfied with CCP / Beijing leadership?00:26:46 What or who is the Chinese Communist Party concerned by? What keeps it up at night?00:28:11 The 19th National Party Congress.00:34:29 The 20th National Party Congress.00:39:15 China is walling itself off from foreigners with a quarantine air lock of rooms.00:44:15 Might China withdraw from the global stage and turn inwards?----EP. 191 REFERENCES----Anne's Book: China Alone, The Emergence from and Potential Return to Isolation: https://amzn.to/3h19zg4Anne's LinkedIn: https://bit.ly/3sWo9LlKeeping the Flies Out: https://bit.ly/3HcbglsJ Capital Research: https://www.jcapitalresearch.com/J Cap Twitter: https://twitter.com/jcap_researchJ Cap YouTube: https://bit.ly/3Ha2xAh-----SEE ALL EPISODES-----Alhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisL----HEAR ALL EPISODES-----Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr---------THE TEAM---------Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. ------FIND THE TEAM-------Jeff: https://twitter.com/JeffSnider_AIPJeff: https://alhambrapartners.com/author/jsnider/Emil: https://twitter.com/EmilKalinowskiEmil: https://www.EuroDollarEnterprises.comDavid: https://DavidParkins.com/Terence: https://www.VisualFocusMedia.com

Jeff Snider & Emil Kalinowski dive into debunking central banking myths, explaining the effects of the past on our current time, and more in this November 2021 episode of Blockworks' "On the Margin" with Mike Ippolito.Jeff Snider & Emil Kalinowski dive into debunking central banking myths, explaining the effects of the past on our current time, and more in this week’s episode of On the Margin.Jeff & Emil are hosts of Eurodollar University, a podcast dedicated to analyzing the 2007 malfunction of the monetary system – and how its continuing disorder – affects finance, politics and society.Jeff & Emil share their thoughts on the myth of central banking, the Fed’s effect on financial markets, why QE is not money printing, the interest rate fallacy & the role of Bitcoin & digital assets.They also covered:The post 2008 global depressionWealth inequalityand more!“On the Margin” is a two-part show. Once a week, Mike interviews industry experts, and then at the end of the week he is joined by a co-host where they break down the top crypto and macro stories. Episodes go live every Wednesday and Saturday morning.Subscribe to “On the Margin” today on Apple or Spotify, or watch episodes on YouTube.https://blockworks.co/podcasts/on-the-margin/https://blockworks.co/https://twitter.com/mikeippolito_

A collateral call in Belgium! Foreign officials are selling US Treasuries! American banks extending less credit to the rest of the world! Japan borrowing more! These, and other, *nerdy* insights for December 2021 from the Treasury International Capital System! Tell all your friends!------EP. 190 TOPICS------00:00 INTRO: TIC data for December was mixed, some positives, mostly negatives00:55 Belgium reported a stunning one-month increase in holdings of US Treasuries.09:11 Foreigners were buying UST overall, though officials were selling US securities.11:21 US banks borrowed significantly less from the rest of the world in December 2021.14:42 Japanese banks borrowed more from the US, a reflation positive!18:10 OUTRO: Markets are sending deflationary signals, which officials will ignore.----EP. 190 REFERENCES----The Global Money Spec-TIC-le In December: https://bit.ly/3sR49cWTreasury International Capital System: https://bit.ly/3H1VWaWAlhambra Investments Blog: https://bit.ly/2VIC2wWlinRealClear Markets Essays: https://bit.ly/38tL5a7-----SEE ALL EPISODES-----Alhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisL----HEAR ALL EPISODES-----Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr---------THE TEAM---------Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "When To Stop" by Lofive from Epidemic Sound.------FIND THE TEAM-------Jeff: https://twitter.com/JeffSnider_AIPJeff: https://alhambrapartners.com/author/jsnider/Emil: https://twitter.com/EmilKalinowskiEmil: https://www.EuroDollarEnterprises.comDavid: https://DavidParkins.com/Terence: https://www.VisualFocusMedia.com

Consumer inflation expectations peaked in October/November 2021, according to the Federal Reserve Bank of New York's Survey of Consumer Expectations. Market based inflation expectations (Treasury Inflation Protected Securities) also peaked then. What in the CPI is going on here?------EP. 189 TOPICS------00:00 INTRO: The Federal Reserve intends to raise short term interest rates because...???00:53 The Federal Reserve is not a central bank (it doesn't do money supply / demand).03:07 The Fed will hike rates because of tight labor market is tight... 04:52 Can we trust a low unemployment rate? 06:12 How many workers short is the USA of recovery?08:57 The Fed was (very) recently fooled by a (very) low unemployment rate.11:07 The Fed will hike rates because of (rising?) inflation expectations...15:47 The FRBNY asks consumers what their expectations are for inflation.19:00 Market-based inflation expectations peaked in Oct/Nov 2020, like consumer expectations.21:42 A review of FRBNY survey details of consumer inflation expectations for 3 years ahead.24:30 High CPI is unlikely to persist because: logistic resolution and economic weakness.25:21 A review of FRBNY survey details of consumer inflation expectations for 1 years ahead.----EP. 189 REFERENCES----Federal Reserve’s Own Inflation Expectations Surveys More Agree w/Euro$ Futures Inversion Than Rate Hikes: https://bit.ly/3GYESmbSurvey of Consumer Expectations: https://nyfed.org/3GYrIWgWhy Do We Think That Inflation Expectations Matter for Inflation? (And Should We?): https://bit.ly/3gRFyiIAlhambra Investments Blog: https://bit.ly/2VIC2wWlinRealClear Markets Essays: https://bit.ly/38tL5a7-----SEE ALL EPISODES-----Alhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisL----HEAR ALL EPISODES-----Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr---------THE TEAM---------Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "When To Stop" by Lofive from Epidemic Sound.------FIND THE TEAM-------Jeff: https://twitter.com/JeffSnider_AIPJeff: https://alhambrapartners.com/author/jsnider/Emil: https://twitter.com/EmilKalinowskiEmil: https://www.EuroDollarEnterprises.comDavid: https://DavidParkins.com/Terence: https://www.VisualFocusMedia.com

Caution! Ignore this market warning at your peril. The Eurodollar futures market inversion had deepened and broadened. Eurodollar yields inverted before, for example in 2000, 2005 and 2018. Turned out that Economic Hades was about 18 months away then. What about now?------EP. 188 TOPICS------00:00 INTRO: The Eurodollar futures curve has deepened AND broadened its inversion.00:39 The Eurodollar yield curve is like the US Treasury yield curve but global.02:38 The E$ curve had been getting flatter heading into December 2021, then it inverted.05:13 The E$ curve raised itself higher in January 2022, good news? No, the inversion stayed.08:29 The Federal Reserve does not think much of markets, like eurodollar futures.10:31 Bill Dudley, manager of the Fed's portfolio, blew off the E$ market in 2007.14:15 The E$ curve inversion spread from one point to many contracts in February 2022.19:09 What does it mean when Eurodollar future contracts are grouped by color (packet)?22:14 OUTRO: The Eurodollar market does not believe Fed rate hikes are justified.----EP. 188 REFERENCES----Major Euro$ Curve Developments (also not clickbait): https://bit.ly/3BtPTuyEuro$ Curve Chromodynamics: https://bit.ly/3JF7jaLAlhambra Investments Blog: https://bit.ly/2VIC2wWlinRealClear Markets Essays: https://bit.ly/38tL5a7-----SEE ALL EPISODES-----Alhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisL----HEAR ALL EPISODES-----Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr---------THE TEAM---------Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "When To Stop" by Lofive from Epidemic Sound.------FIND THE TEAM-------Jeff: https://twitter.com/JeffSnider_AIPJeff: https://alhambrapartners.com/author/jsnider/Emil: https://twitter.com/EmilKalinowskiEmil: https://www.EuroDollarEnterprises.comDavid: https://DavidParkins.com/Terence: https://www.VisualFocusMedia.com