The US government bond market appears to be out of step with CPI, a booming economy and money printing by central banks - what gives? We review two Federal Reserve officials explain that QE is very, really, super powerful (and that's why the bond market signals are haywire).
------EP. 187 TOPICS------
00:00 INTRO: Federal Reserve officials say QE is very effective.
01:18 The US Treasury yield curve have been flattening for many months now.
03:49 Bill Dudley wrote a column for Bloomberg on August 9... the anniversary of the end.
05:50 Dudley says the economy is booming and bond yields are wrongly way, way way too low.
07:49 Dudley explains the low yields as 1) too much global savings.
09:40 Dudley explains the low yields as 2) QE being very powerful.
10:27 QE is supposed to work via three channels: sentiment, portfolio and bank reserves.
14:19 Fed President Esther George said 12-years of QE has lowered 10-year yields by 1.5%.
19:31 Most all studies of QE show it to be a meek policy with modest, underwhelming results.
21:21 Low bond yields are not a result of meek / modest / underwhelming QE.
22:47 OUTRO: Central bankers are desperate to discredit the bond market.
----EP. 187 REFERENCES----
Bond Yields Can’t Stay This Low Forever: https://bloom.bg/3HLezRO
Another Attempt At QE/Inflation: https://bit.ly/3HIQStl
Everything Is About Obscuring the True State of the Economy: https://bit.ly/3Ls0ivG
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7
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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
CABO by
Superintendent McCupcakes from Epidemic Sound.
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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