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All-Star Jeff Snider and Erik discuss: 

  • Jeff explains why banks are willing to pay thru the nose for negative-yielding sovereign debt
  • If sovereign bonds serve as an insurance policy for the banking system, what do they see coming they need to insure against?
  • Why the problem is not really term premia, as Janet Yellen recently suggested
  • Graphs and charts are presented as evidence against the term premia argument
  • Why Gold is up so much despite dollar strength
  • The Long Eurodollar Futures trade and why it’s become so popular lately

Jeff Snider Chartbook 2019 08 26 

Collateral Reserves: What Is Behind Record Low and Negative Yields 

                                                                  Eurodollar University: Diagramming Repo Reserves And Negative Yields

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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.