Sudden Debt

It is not because things are difficult that we do not dare, it is because we do not dare that they are difficult.

Wednesday, December 31, 2025

I Bid 2025 Adieu

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 As we bid 2025 adieu, here is a list of what I think were the major themes of the past year and my views for the future. Donald Trump becam...
5 comments:
Tuesday, December 30, 2025

Why Are Banks Using The Fed's SRF?

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  Banks are repeatedly using the Fed's Standing Repo Facility (SRF)  recently, ie borrowing overnight funds directly from the Fed agains...
Friday, December 26, 2025

The Price Of Memory

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 The title may sound poetic but the subject is prosaic :) I was curious at the large earnings upside surprise announced by Micron Technologi...
1 comment:
Tuesday, December 23, 2025

Interest Rates Disconnect

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Despite recent Fed rate cuts, long Treasury bond yields remain stubbornly high.  The chart below shows 3 month Tbill rates (black line) and ...
3 comments:
Monday, December 22, 2025

The End Of The Yen Carry Trade

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The news are everywhere, particularly amongst the breathless LinkedIn and Facebook pundits: The recent pivot of BOJ towards higher rates mar...
Friday, December 19, 2025

Quantum Computing Questions

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I readily profess that my working knowledge of computing goes back to FORTRAN IV - yes, punchcards and all! Therefore, today I use computers...
1 comment:
Thursday, December 18, 2025

The China Syndrome

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 Almost from the start of this blog what seems eons ago I pointed out that sending manufacturing to China in the name of consumer affordabil...
Tuesday, December 16, 2025

Payrolls In The US

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 The Bureau of Labor Statistics announced its loooong awaited non-farm payroll numbers today, delayed due to the government shutdown.  Here ...
2 comments:

High Prices For US Stocks

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Something has been bugging me for several weeks now: prices for US listed stocks are very high.  I mean absolute prices, not valuations base...
Monday, December 15, 2025

Bank Required Reserves For US Banks? Zero

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 A kind reader (thanks AKOC) asked what are the required reserves for US banks - ie deposits at the Fed or currency in their vaults.  As of ...
1 comment:
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Hellasious
I was educated as a chemical engineer but spent almost my entire career in finance, particularly in money, FX and bond markets. The name stands for Hell-as-IOUs and the picture points to Quixotic endeavors.
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