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The year 2019 should be remembered as the year of repo. In finance, what happened in September was the most memorable occurrence of the last few years. Rate cuts were a strong contender, the first in over a decade, as was overseas turmoil. Both of those, however, stemmed from the same thing be...

It's all somewhat confusing, once acclimated to this new paradigm . The highest in years can still be nearer the lowest in history. Given that apparent contradiction, it seems as if only one of those perspectives can apply. Which one you focus on often depends upon which way you already lean....

By Dan Crawford Last week Kevin Drum had the following inquiry : [H]ow is it that wages can go up but overall inflation remains so subdued? That seems to be the real disconnect here. During the dotcom boom, wages went up but inflation remained around 3 percent. During the housing ...

Originally published December 16, 2019 Tweaks to current standing repo facility proposals would be an important step toward helping Fed gain more control over its balance sheet. George Selgin is the director of the Cato Institute's Center for Monetary and Financial Alternatives and is...

Originally published on December 23, 2019 The path to capital market stability must include a combination of smarter regulations and strategic liquidity provisions from the Fed. Josh Galper is the Managing Principal of Finadium, an independent consultancy in capital markets based out ...

Editor's note: Originally published at tsi-blog.com on December 25, 2019. [This post is an excerpt from a recent TSI commentary] Over the past three months, the year-over-year rate of growth in US True Money Supply ((TMS)), a.k.a. the US monetary inflation rate, has jumped from a...

The title quote is from Tad Rivelle, Chief Investment Officer of TCW (Los Angeles-based fixed-income management company), who manages one of the largest actively managed bond funds. He goes on to comment about the implications of the negative rate policy that has been implemented by Japan and ...

Editor's note: This article was originally published on December 20, 2019, by James Hamilton here . The Federal Reserve has increased the size of its balance sheet by a third of a trillion dollars over the last 15 weeks, returning to tools that a short while ago we thought it had abandone...

In a post published here in mid-November, I traced the Fed's repo-market troubles to post-2008 changes in the importance and volatility of two of the Fed's non-reserve liabilities: TGA balances and the foreign repo pool. Then, in a companion piece , I made some suggestions for reining-in th...

Is the global economy on the mend as everyone at least here in America is now assuming? For anyone else to attempt to answer that question, they might first have to figure out what went wrong in the first place. Most have simply assumed, and continue to assume, it has been fallout from the "tr...