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All-Star Jeff Snider and Erik discuss:

  • Anomalous behavior of EFF relative to IOER in 2018/19
  • Why the Fed describes IOER as a floor or double-floor BELOW EFF
  • Why it doesn’t work that way in the real world
  • Contrasting Jeff’s views with Luke Gromen’s “balance sheet capacity” argument
  • Why treasuries and other sovereign credits are really balance sheet instruments, not investments
  • Japanese vs. U.S. over-indebtedness and implications

Jeff Snider Chartbook July 30 2019 

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Mr. Snider is Chief Investment Strategist and Head of Global Research at Alhambra Investment Partners.  Through detailed and comprehensive investigation of the global monetary and banking system, he was one of the few analysts to sound the alarm during the run-up to the panic of 2008 and then to predict the rebound in 2009.  His current commentary focuses on the global implications of the ongoing monetary deconstruction including the failure of Federal Reserve and central bank policy.  Mr. Snider is published nationally at RealClearMarkets, NewsMax, David Stockman's Contra Corner, and other places.