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Beige Stable

Here is a textual summary of the recent Beige Book released 29th May The overall sentiment is assessed as positive though moderating slightly from the April release There is very

Success is Vulnerability

Our society is dependent on some precarious mechanisms 8230 Doris Lessing US stocks have not taken kindly to a possible return of higher for longer at the Fed We

Nothing To See Here

The macro economic discipline can be thought more or less as an evaluation of a constant stream of surprises many of them unpleasant A constant stream of bad news activates

Exciting Tea

The April Beige Book was released a couple of days ago Textual analysis of the report suggests notable increase in optimism about US economic prospects Overall sentiment rose to the

A Quantity Theory of Reserves

Before the GFC there was a well defined framework for liquidity management That framework no longer exists The ad hoc evolution of policy since 2007 undermined the old arrangements without


During the week I had an extended email conversation with an old friend The interchange highlighted two aspects of the debate about the dollar s exorbitant privilege and the threat

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Exorbitantprivilege unpicks the liquidity links of central banks, the dollar, international equities, bonds, commodities and currencies, plus a few other related themes – such as regulation. It showcases the pet rants of Meyrick Chapman, principal of Hedge Analytics Ltd.

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