An insider's view of regulations, bond markets, bank reserves, central banks, quantitative easing, fancy wines, when it's inappropriate to drink cappuccinos, government-guaranteed bank loans and more! Alfonso "Macro Alf" Peccatiello of The Macro Compass joins Jeff Snider (and Emil).
------EP. 194 TOPICS------
00:00:00 INTRO: Introducing Alfonso Peccatiello, @MacroAlf and The Macro Compass.
00:04:08 Equities can qualify as high quality liquid assets - if you do it correctly.
00:05:47 Regulations to make banks safe and restrict activity are cosmetic and worked around.
00:08:13 Bank Reserves are inert, non-yielding burdens to the bank portfolio manager.
00:13:17 Will bank reserves be inflationary because the reserves can be turned into cash?
00:15:30 Will bank reserves force a portfolio reallocation into higher (inflationary?) risk?
00:18:27 Do banks replace QE-sold sovereign bond assets with more sovereign bond assets?
00:22:30 Are regulations holding back banks from credit/money creation in the real economy?
00:24:11 Three factors, in alignment, are required for banks to lend / take-on risk.
00:27:57 Bank reserves are immaterial in inflationary AND deflationary environments.
00:32:56 Would government-guaranteed bank loans break the economy out of the depression?
00:41:16 The world's equilibrium interest rate is heading lower with each cycle.
00:43:17 Rehypothecation is a necessity as fewer AAA collateral assets are available.
00:47:14 OUTRO: Follow Alfonso on Twitter (@MacroAlf) and Substack (The Macro Compass).
----EP. 194 REFERENCES----
Alfonso Peccatiello's Substack: https://TheMacroCompass.substack.com/
Alfonso Peccatiello's Twitter: https://twitter.com/MacroAlf
Jeff's Twitter: https://twitter.com/JeffSnider_AIP
Emil's Twitter: https://twitter.com/EmilKalinowski
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---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "When To Stop" by Lofive from Epidemic Sound.
------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/
Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com
David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com
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#AlfonsoPeccatiello #MacroAlf #TheMacroCompass #SearchForYield