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The Elephant in the Room: Debt

news.goldseek.com / David Chapman / Friday, 21 July 2017

It’s the elephant in the room; the guest no one wants to talk to—debt! Total global debt is estimated to be about $217 trillion and some believe it could be as high as $230 trillion. In 2008, when the global financial system almost collapsed global […]

Trump, Quarles and Gold

sunshineprofits.com / ARKADIUSZ SIEROŃ / JULY 20, 2017

Last week, Trump nominated Quarles to the Federal Reserve board. What does it mean for the gold market?

The Bank of Japan kept policy unchanged yesterday, so markets were little moved. Investors await now the ECB meeting – the euro appreciated against the U.S. dollar amid the […]

Dollar Licks Wounds as News Stream Doesn’t Improve

marctomarket.com / by Marc Chandler / July 21, 2017

ECB President Draghi did not argue forcefully enough at yesterday’s press conference to dampen the enthusiasm for the euro. The initial dip was quickly bought and the euro chased above last year’s high near $1.1615, and the gains have been extended to nearly $1.1680 today. […]

The ECB Morphs into the Mother of All “Bad Banks”

wolfstreet.com / by Don Quijones • Jul 20, 2017

As part of its QE operations, the ECB continues to pour billions of freshly created euros each month into corporate bonds – and sometimes when it buys bonds via “private placements” directly into some of Europe’s biggest corporations and the European subsidiaries of non-European transnationals. Its […]

Mario Draghi Explains His Apparent Hawkish-to-Dovish Flip-Flop – ECB Press Conference Live Feed

zerohedge.com / by Tyler Durden / Jul 20, 2017 8:25 AM

Bund yields and the euro are lower after the ECB statement seemed to tilt dovishly – with Draghi proclaiming there’s more “whatever it takes” if we need it – painting quite a different picture from his normalization chatter a few weeks back. We are […]

World Stocks Hit Record High For 10th Consecutive Day In “No-Vol Nirvana”

zerohedge.com / by Tyler Durden / Jul 20, 2017 6:47 AM

The relentless risk levitation continued overnight, as global shares extended their stretch of consecutive record highs on Thursday for a 10th day after a cautious BOJ lifted Asian stocks to a decade high with a dovish announcement that offered no surprises, while pushing […]

“ECB Or Not To Be”: A Preview Of What Mario Draghi Will Say

zerohedge.com / by Tyler Durden / Jul 20, 2017 5:48 AM

Looking at today’s main event, the much anticipated ECB announcement in which Draghi may (or may not) announce a hawkish shift to the cental bank’s policies and/or reveal the bank’s tapering plans, Citi (whose titled we borrowed) gives the 30 second summary, and says […]

ECB Keeps Rates, QE Unchanged; Ready To Increase QE “In Size And Duration”

zerohedge.com / by Tyler Durden / Jul 20, 2017 7:53 AM

While nobody was expecting much from the ECB’s policy statement this morning, with all eyes on Draghi’s press conference in 45 minutes, judging by the disappointed market reaction to what were largely canned remarks by the ECB which sent the EURUSD in kneejerk […]

Gradually… And Then Suddenly

zerohedge.com / by Ben Hunt via Epsilon Theory blog / Jul 19, 2017

What do socialism and modern monetary policy have in common? Magical thinking. For both, it’s true on the giddy years up, and it’s true on the sad years down.

If you’ve been reading my notes immediately before and after the June […]

ECB Game Day

marctomarket.com / by Marc Chandler / July 20, 2017

The US dollar is enjoying a firmer tone against the major currencies today. It does not appear to be simply position adjustments ahead of the ECB meeting. Consider that Australia reported strong employment data, and after making new highs, reaching almost $0.8000, it has reversed […]

More Thoughts on the ECB

marctomarket.com / by Marc Chandler / JULY 19, 2017

It was ECB President Draghi’s speech in the central bank conference in Portugal on June 27 that began the current market phase. He seemed to acknowledge the obvious, which that ECB officials may be as surprised as any one with the market’s dramatic response to […]

Global Stocks Hit Record High, Set For Longest Winning Streak Since 2015

zerohedge.com / by Tyler Durden / Jul 19, 2017 6:52 AM

In what has been a less exciting session than the previous two, the euro retraced some recent gains as traders grew concerned they may have overestimated the ECB’s hawkish bias ahead of Thursday’s rate decision; in turn the dollar edged higher after the […]

Dollar Stabilizes on Hump Day, Awaits Thursday’s BOJ and ECB Meetings

marctomarket.com / by Marc Chandler / July 19, 2017

After being shellacked to start the week, the US dollar is being given a small reprieve today as investors await tomorrow’s BOJ and ECB meetings. The US may also report a bounce back in housing starts (residential investment) after a three-month slide. The euro reached […]

The ECB’s Balance Sheet Is Now The Size Of Japan’s GDP

zerohedge.com / by Tyler Durden / Jul 18, 2017 1:08 PM

Yesterday was a landmark day for the ECB. First, the central bank disclosed that its CSPP, or corporate bond, holdings rose above €100Bn for the first time. As DB’s Jim Reids notes this morning, to put things in perspective, a similar market cap […]

Can Japan End its Easy-Money Addiction?

mises.org / Brendan Brown / July 17, 2017

The shock landslide defeat of PM Shinzo Abe’s Liberal Democratic Party (LDP) in the recent Tokyo metropolitan elections — and the triumph there of Tokyo Governor Koike’s new party (Tomin First) — has lit a faint hope that the radical Japanese monetary expansion policy could be […]

Markets Mark Time, Dollar Consolidates Losses

marctomarket.com / by Marc Chandler / July 17, 2017

After falling to new lows for the year against several major currencies in response to disappointing retail sales and uninspiring CPI before the weekend, the US dollar has begun the new week on a more stable note. It is firmer against nearly all the major […]

How High Can the Euro Go on this Reaction – 116 or 125-128?

armstrongeconomics.com / by Martin Armstrong / Jul 16, 2017

This upcoming seminar in Frankfurt Germany will deal with both the short-term and long-term. This has been the Year from Political Hell, and it will not end until after the German elections. With the ECB finally throwing in the towel admitting (but certainly not publicly) […]

Focus Shifts from Fed to ECB

marctomarket.com / by Marc Chandler / July 16, 2017

The focus shifts in the week ahead from Yellen’s testimony and disappointing data to the ECB meeting which is expected to result in a further modest adjustment in its risk assessment. While the focus shifts, the pressure on the dollar will likely remain. It fell […]

Jobs and Inflation: Gradually and Then Suddenly

wolfstreet.com / By Ben Hunt, Chief Investment Strategist at Salient Partners / Jul 13, 2017

The Fed and the ECB believe they can tighten and taper without killing the market so long as they jawbone this constantly.

If you’ve been reading my notes immediately before and after the June Fed meeting (“Tell My […]

Janet Yellen’s Bitcoin Troll Gets $15,000 In Donations

zerohedge.com / by Tyler Durden / Jul 13, 2017

In what was perhaps the most amusing act of protest to occur during testimony by one of the world’s most powerful central bankers since ECB President Mario Draghi was glitter-bombed by far-left activist Josephine Witt two years ago, an anonymous bitcoiner trolled Federal Reserve Chairwoman […]

Sterling, McCafferty, and BOE Policy

marctomarket.com / by Marc Chandler / JUL 13, 2017

Sterling’s advance today is being attributed to comments by a member of the Bank of England’s Monetary Policy Committee McCafferty. However, we suspect it was a news item that was used to justify the price gains that was already underway.

Sterling had been sold to a […]

Draghi Said To Address Jackson Hole Followed By ECB QE Tapering Announcement

zerohedge.com / by Tyler Durden / Jul 13, 2017 7:35 AM

Just in case traders haven’t gotten whiplash from all the hawkish-to-dovish-to-hawkish shifts in central bank posturing over the past month, here is the WSJ which reports that for the first time in three years, ECB’s Mario Draghi is scheduled to address the Fed’s Jackson […]

Global Stocks Hit New All Time High After Dovish Yellen, Strong Chinese Trade Data

zerohedge.com / by Tyler Durden / Jul 13, 2017 6:39 AM

The hawkish tone and global bond tantrum unleashed by central bankers at the Sintra ECB forum two weeks ago is now a distant memory, and after Janet Yellen surprised markets with an unexpectedly dovish (in the market’s interpretation) testimony yesterday, overnight global shares […]

Unwinding QE will be “More Disruptive than People Think”: JP Morgan CEO Dimon

wolfstreet.com / by Wolf Richter / Jul 12, 2017

“We act like we know exactly how it’s going to happen, and we don’t.”

“We’ve never had QE like this before, and we’ve never had unwinding like this before,” said JPMorgan CEO Jamie Dimon at the Europlace finance conference in Paris. “Obviously that should say […]

Has Super Mario Draghi Met His Match?

wolfstreet.com / by Don Quijones / Jul 10, 2017

And this might become a problem for the Fed.

ECB President Mario Draghi wields more power than just about any other public official in Europe, perhaps even including Angela Merkel. The organization he heads not only controls the monetary policy levers of the entire Eurozone, it […]