Steno Signals #83 – A striking divergence between EUR and USD money trends
Welcome to our flagship editorial!It is about this time of the year when we conclude that all year-ahead outlooks have already been blown to...
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Portfolio Watch: The Yellen Put
Takeaways:– Equities are currently a preferred refuge over bonds. – US is still the place to be relative to peers– Recession risks have diminished...
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US Inflation Watch: Methodology Matters – Upside surprise in PCE according to CPI?
Granted, methodology does not have a very sexy ring to it, but a return-making edge may be hidden in the details. In this untraditional edition of...
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USD Liquidity Watch: Treasury Selling Due to Bank Reserves Influx?
There are signs of increasing liquidity stress in US Treasury markets again, but how is that possible during a regime of increasing bank reserves...
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EUR-Flation Watch: Why the ECB Is off by Miles in the Q1 Forecast
After having updated our models, we see March HICP printing at 1.84% versus ECB at 2.9% (Q1-average) and a market pricing of 2.25% (or thereabout)
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