Showing posts with label monetary base. Show all posts
Showing posts with label monetary base. Show all posts
Wednesday, October 29, 2014

Distinguishing the Fed's securities purchases from monetary expansion

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There has been a bit of confusion about what today's FOMC announcement means with respect to Quantitative Easing. The statement says t...
Saturday, August 3, 2013

QE3: the act of doing the same thing and expecting different results

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As we approach the first anniversary of the Fed's monetary expansion effort (QE3), it's worth comparing the success of the current...
Sunday, May 19, 2013

Fed's action won't influence deposit growth

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A quote from an elevator mechanic in NYC: "You need to push the 'up' button to make the elevator come up. But pushing the ...
Sunday, April 7, 2013

Why has the US broad money supply flat-lined in 2013?

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The US money indicators have been showing something odd in the last few months. While the monetary base (M0) has been rising sharply due t...
Thursday, January 31, 2013

What's driving the rally in crude oil?

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US crude oil prices have been moving up for nearly two months now. There are a number of possible explanations for this strength in crude,...
Sunday, January 20, 2013

Low money multiplier does not justify ultra easy monetary policy

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An number of readers responded to the post ( here ) on growth in US monetary base with "so what?" After all the so-called "...
Sunday, December 23, 2012

The 2012 winner for the best performing currency against the US dollar

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The table below shows the world's top performing currencies against the dollar. Poland, which was somewhat shielded from the Eurozone ...
Thursday, December 6, 2012

Fed lowers mortgage rates without "printing money"

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The Fed remains in a holding pattern. Just as comparison, take a look at the pace of MBS purchases during QE1 in 2009 versus the current p...
Saturday, November 17, 2012

Fed's actions so far have not impacted the monetary base

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So far the Fed's securities purchases have not had a material impact on bank reserve balances. As discussed earlier ( see post ) reser...
Friday, November 9, 2012

Gold lagging previous QE cycles but DB remains bullish

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Deutsche Bank maintains its bullish stance on gold, in spite of missing their aggressive projection a few weeks ago ( see discussion ). Go...
Thursday, July 26, 2012

Swiss base money spikes as the SNB defends the peg

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The Swiss National Bank (SNB) continues to "print" Swiss francs (CHF) in response to the flow of capital out of the Eurozone. As...
Thursday, February 2, 2012

The TARGET2 imbalances reference guide

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For some reason the subject of Eurozone's TARGET2 imbalances continues to be of great interest to many. We keep getting numerous e-m...
Tuesday, January 3, 2012

Eurozone citizens not benefitting from ECB's easing

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The latest report from Capital Economics shows that the ECB’s easy monetary policy is not translating into improved credit conditions. Th...
Tuesday, September 22, 2009

The US quantitative easing has just begun

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With the FOMC meeting currently under way, it's worth reflecting on the Fed's implementation of the monetary policy this year. Sur...
Tuesday, September 8, 2009

Negative interest rates may be a reality in Europe

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The Bank of England is continuing on its aggressive path of quantitative easing. From CNN : The Bank of England announced plans Thursday t...
Thursday, August 27, 2009

Misreading the tea leaves of the money supply

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An article written by Irwin Kellner ( MarketWatch ) proclaims that the Fed is actively taking liquidity out of the market. Guess what? The ...