Fed Reverse Repos Hit Record $2.4T

The Fed Funds market is not really a market. | Continue reading


@thesoundingline.com | 1 year ago

Mark Mobius: Clients Don't Want to Hear About China

"Clients say immediately 'We don't want to talk about China.'" | Continue reading


@thesoundingline.com | 1 year ago

No, Hungary Isn't the Only EU Country Importing Russian Gas

Someone forgot about... Ukraine... | Continue reading


@thesoundingline.com | 1 year ago

US Workforce Population Maxed Out

There is very little that can be done to reverse this trend | Continue reading


@thesoundingline.com | 1 year ago

China Consumer Confidence Implodes

Something big is happening in China. | Continue reading


@thesoundingline.com | 1 year ago

World Population Growth Capacity Ex-Africa Has Peaked

See Japan post-1998 | Continue reading


@thesoundingline.com | 2 years ago

No, Russia Did Not Make the Ruble Gold-Backed

Nothing of the sort | Continue reading


@thesoundingline.com | 2 years ago

30-Year Mortgage Rising at Fastest Pace Since 1981

Expect it to get worse | Continue reading


@thesoundingline.com | 2 years ago

Russia Restarts Gas Exports to Germany via Yamal for First Time in 2 Months

Cash grab | Continue reading


@thesoundingline.com | 2 years ago

The Big Mac Index and the PPP Fallacy

A real pet peeve | Continue reading


@thesoundingline.com | 2 years ago

China's Rare Earth Monopoly Is Diminishing

Mine output is only half the equation | Continue reading


@thesoundingline.com | 2 years ago

Population Growth Matters

The risk from this point forward is not runaway inflation. It's Japanification | Continue reading


@thesoundingline.com | 2 years ago

Africa's Biggest Economies

South Africa no longer... | Continue reading


@thesoundingline.com | 2 years ago

More Inflows into Equities in Last 12 Months Than Prior 19 Years

Overboard | Continue reading


@thesoundingline.com | 2 years ago

M.D. Nalapat: US-India Alliance China's Greatest Fear

Predicts conventional China-India war | Continue reading


@thesoundingline.com | 2 years ago

Stagflation Here We Come

Predictable | Continue reading


@thesoundingline.com | 2 years ago

China USD Hy Bonds Crashing to Covid Lows as Most Indebted Company Downgraded

Peak China | Continue reading


@thesoundingline.com | 2 years ago

Banks Are Picking Up Less Than a Percent to Carry Mortgages

Banks are becoming the vestigial organ of finance | Continue reading


@thesoundingline.com | 2 years ago

US Birth-to-Death Ratio Nearing One

Japan, here we come | Continue reading


@thesoundingline.com | 2 years ago

Junk Bond Market Hits Record Negative Real Yield

Getting back to normal is going to look an awful lot like a recession | Continue reading


@thesoundingline.com | 2 years ago

Long Term EPS Forecasts Are a Wild Guess at This Point

Nobody knows where profits are headed | Continue reading


@thesoundingline.com | 2 years ago

Global Negative Yielding Debt Ticks Up to $15T

The new 'New Normal' is just the old 'New Normal' on steroids | Continue reading


@thesoundingline.com | 2 years ago

Chris Whalen: Economist Class Has Run Out of Ideas

Not exactly news... | Continue reading


@thesoundingline.com | 2 years ago

What Is the Point of Profits in a Negative-Real-Junk-Bond Rate World?

The new rules of the road | Continue reading


@thesoundingline.com | 2 years ago

S&P 500 Price to Sales Hits New Record, Double the Average Since 1990

Up 38% over the five year average | Continue reading


@thesoundingline.com | 2 years ago

Retail Sales: Brace for Landing

Will this just be the next excuse for more stimulus? | Continue reading


@thesoundingline.com | 2 years ago

Leland Miller: Record Credit Squeeze in China

"It's hard for people to understand the degree to which China is really squeezing the credit spigot right now" | Continue reading


@thesoundingline.com | 2 years ago

Imported Autos Hit Highest Share of US Market Since GM Bankruptcy

It is now apparently easier to import an entire car than it is for Ford and GM to source the semiconductors they need to keep their American factories running | Continue reading


@thesoundingline.com | 2 years ago

Federal Taxes as Percent of Spending Since the Nation’s Founding

The race is on to spend as much money as quickly as possible for as long as possible | Continue reading


@thesoundingline.com | 2 years ago

Global Carbon Emissions -4.4% in 2020; US Emissions -14% in 2019, -12.5% in 2020

Emissions from the entire developed world have been declining for 15 years and are lower than they were in the late 1970s | Continue reading


@thesoundingline.com | 3 years ago

Gold Miner Free Cash Flow Yield Surpasses Big Tech for First Time in 25 Years

Negative real rates seem to be the Fed's objective | Continue reading


@thesoundingline.com | 3 years ago

What Happens When This Chart Hits Zero?

Foreign purchases of financial assets are the primary mechanism that recycles back into the US the US Dollars accumulating overseas as a result of our ever widening trade deficits | Continue reading


@thesoundingline.com | 3 years ago

Why Inflation Targeting Is a Bad Idea and So Many Feel Inflation Is High

An idea whose time has past | Continue reading


@thesoundingline.com | 3 years ago

The Rise of Zombie Companies Continues

How many companies capable of withstanding higher borrowing costs will be left? | Continue reading


@thesoundingline.com | 3 years ago

US Working Age Population Is Now Shrinking

Just as the tide was starting to turn on the opioid epidemic and manufacturing employment saw its biggest jump in 30 years, Covid struck | Continue reading


@thesoundingline.com | 3 years ago

Chart: Why Uncertainty About the Future of the Eurozone Never Quite Goes Away

Technocrats and central bankers seem incapable of grasping how zero interest rates and centralized over-regulation lead to 'winner takes all effects' | Continue reading


@thesoundingline.com | 3 years ago

Record Money Supply Growth Just Keeps Climbing Higher

This is something new | Continue reading


@thesoundingline.com | 3 years ago

Short Interest on S&P Hits New Lows

If you're looking for a definition of central banking induced moral hazard, you'd be hard pressed to imagine a more conspicuous example | Continue reading


@thesoundingline.com | 3 years ago

Wage Growth Is Above Rent Inflation;First Time in a Decade for the Wrong Reasons

Why on Earth is the Fed still averaging the inflation rate on your home with the inflation rate on your iPad? | Continue reading


@thesoundingline.com | 3 years ago

It’s Official: US National Debt Rose $4.23T in FY2020

To put $4.23 trillion in perspective, the increase in the national debt this year was 96% the size of all federal spending in FY2019. | Continue reading


@thesoundingline.com | 3 years ago

Germany’s Biggest Economic Problem: All of Its Neighbors

One has to wonder how Germany will generate economic growth on a sustained basis moving forward | Continue reading


@thesoundingline.com | 3 years ago

What the Federal Reserve Owns

The Fed is still overwhelmingly about financing our otherwise unfinancable federal deficits and propping up the US housing market | Continue reading


@thesoundingline.com | 3 years ago

Market Implied Inflation Expectations Are Already Higher Than Pre-Covid

The Fed is already moving the goal posts | Continue reading


@thesoundingline.com | 3 years ago

Structure of US Dollar Reserve System Has Already Broken Down

The US fiscal situation has reached the point of no return | Continue reading


@thesoundingline.com | 3 years ago

US and Russian Nuclear Arsenals Have Shrunk

As China has supplanted Russia as the leading military and economic rival to the US, its absence from arms controls agreements have rendered them obsolete | Continue reading


@thesoundingline.com | 3 years ago

Fed Slows QE-Unlimited Further. Now ‘Just’ $65B a Week

The Fed is moderating its massive monetary response to the ongoing economic crisis and reverting back to a more 'traditional' form of QE | Continue reading


@thesoundingline.com | 3 years ago

Fed Prints Another $205B This Week, M2 Growing at Fastest Pace on Record

This new breed of massive monetization is not your 'old-fashioned' QE | Continue reading


@thesoundingline.com | 4 years ago

Clearer Signs Emerge That the Coronavirus Outbreak Is Losing Momentum

Several of the largest outbreaks are already peaking | Continue reading


@thesoundingline.com | 4 years ago