A collateral call in Belgium! Foreign officials are selling US Treasuries! American banks extending less credit to the rest of the world! Japan borrowing more! These, and other, *nerdy* insights for December 2021 from the Treasury International Capital System! Tell all your friends!
------EP. 190 TOPICS------
00:00 INTRO: TIC data for December was mixed, some positives, mostly negatives
00:55 Belgium reported a stunning one-month increase in holdings of US Treasuries.
09:11 Foreigners were buying UST overall, though officials were selling US securities.
11:21 US banks borrowed significantly less from the rest of the world in December 2021.
14:42 Japanese banks borrowed more from the US, a reflation positive!
18:10 OUTRO: Markets are sending deflationary signals, which officials will ignore.
----EP. 190 REFERENCES----
The Global Money Spec-TIC-le In December: https://bit.ly/3sR49cW
Treasury International Capital System: https://bit.ly/3H1VWaW
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
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Emil YouTube: https://bit.ly/310yisL
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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