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Marcelo Perez



Articles by Marcelo Perez

Weekly Market Pulse (VIDEO)

4 days ago

Alhambra CEO Joe Calhoun discusses China’s Evergrand, this week’s Fed meeting, the overpriced stock market, and the latest CPI numbers and reports.
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SNB Sight Deposits: Inflation Fear Decreasing, SNB Selling Euros
2021-09-20

Sight Deposits have fallen: The change is -0.2 bn. compared to last week, this means the SNB is selling euros and dollars.

Weekly Market Pulse: Buy The Dip, If You Can
2021-07-26

If you were waiting for a correction in stock prices to put some money to work, you got your chance last week. The Dow Jones Industrial Average was down nearly 1000 points at the low Monday and

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Weekly Market Pulse (VIDEO)

4 days ago

Alhambra CEO Joe Calhoun discusses China’s Evergrand, this week’s Fed meeting, the overpriced stock market, and the latest CPI numbers and reports.
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SNB Sight Deposits: Inflation Fear Decreasing, SNB Selling Euros
2021-09-20

Sight Deposits have fallen: The change is -0.2 bn. compared to last week, this means the SNB is selling euros and dollars.

Weekly Market Pulse: Buy The Dip, If You Can
2021-07-26

If you were waiting for a correction in stock prices to put some money to work, you got your chance last week. The Dow Jones Industrial Average was down nearly 1000 points at the low Monday and

Read More »

Weekly Market Pulse (VIDEO)

11 days ago

Alhambra CEO Joe Calhoun responds to questions about a slowing economy, long-term economic impacts of COVID, stock prices and the business cycle.

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SNB Sight Deposits: Inflation is there, CHF must Rise
2021-09-13

Sight Deposits have risen by +0.2 bn CHF, this means that the SNB is intervening and buying Euros and Dollars.

Weekly Market Pulse (VIDEO)
2021-09-08

Alhambra CEO Joe Calhoun talks about last week’s surprising market reaction to the unemployment numbers and why it’s important to study the bond market.

Weekly Market Pulse: Buy The Dip, If You Can
2021-07-26

If you were

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Weekly Market Pulse (VIDEO)

17 days ago

Alhambra CEO Joe Calhoun talks about last week’s surprising market reaction to the unemployment numbers and why it’s important to study the bond market.
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SNB Sight Deposits: Inflation is there, CHF must Rise
2021-09-13

Sight Deposits have risen by +0.2 bn CHF, this means that the SNB is intervening and buying Euros and Dollars.

Weekly Market Pulse: Happy Anniversary!
2021-08-16

Today is the 50th anniversary of the “Nixon shock”, the day President Richard Nixon closed the gold window and ended the post-WWII Bretton Woods currency agreement. That agreement, largely a product of John Maynard Keynes, pegged

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Ask Bob: Withholding Taxes From Social Security

July 22, 2021

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SNB Sight Deposits: Inflation is there, CHF must Rise
2021-07-19

Sight Deposits have risen by +0.2 bn CHF, this means that the SNB is intervening and buying Euros and Dollars.

RRP No Collateral Coincidences As Bills Quirk, Too
2021-07-12

So much going on this week in the bond market, it actually overshadowed the ridiculous noise coming from the Fed’s reverse repo. Some maybe too many want to make a huge deal out of this RRP if only because the numbers associated with it have gotten so big.

Another Round of Transitory: US Retail Sales & (revised) IP
2021-06-16

Same stuff,

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Weekly Market Pulse (VIDEO)

July 19, 2021

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SNB Sight Deposits: Inflation is there, CHF must Rise
2021-07-19

Sight Deposits have risen by +0.2 bn CHF, this means that the SNB is intervening and buying Euros and Dollars.

Weekly Market Pulse: As Clear As Mud
2021-07-19

Is there anyone left out there who doesn’t know the rate of economic growth is slowing? The 10 year Treasury yield has fallen 45 basis points since peaking in mid-March. 10 year TIPS yields have fallen by the same amount and now reside below -1% again. Copper prices peaked a little later (early May), fell 16% at the recent low and are still down nearly 12% from the highs.

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Weekly Market Pulse (VIDEO)

July 7, 2021

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Weekly Market Pulse interview with Joe Calhoun.

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SNB Sight Deposits: Inflation Fear Decreasing, SNB Selling Euros
2021-07-05

Sight Deposits have fallen: The change is -0.5 bn. compared to last week, this means the SNB is selling euros and dollars.

Weekly Market Pulse (VIDEO)
2021-06-22

Weekly Market Pulse on June 21, where we look at significant things from last week’s events with Joe Calhoun.

Weekly Market Pulse: The Market Did What??!!
2021-04-19

One of the most common complaints I hear about the markets is that they are “divorced from reality”, that they aren’t acting as the

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Weekly Market Pulse (VIDEO)

June 22, 2021

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Weekly Market Pulse on June 21, where we look at significant things from last week’s events with Joe Calhoun.

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Weekly SNB Sight Deposits and Speculative Positions: Inflation is there, CHF must Rise
2021-06-21

Update June 21 2021: SNB intervening. Sight Deposits have risen by +1.1 bn CHF, this means that the SNB is intervening and buying Euros and Dollars.

Weekly Market Pulse (VIDEO)
2021-06-15

Weekly Market Pulse with Alhambra Investments, interview with Joe Calhoun.

Weekly Market Pulse: The Market Did What??!!
2021-04-19

One of the most common complaints I hear about the markets

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Monthly Macro Monitor: Doom & Gloom, Good Grief

October 12, 2019

When I first got in this business oh so many years ago, my mentor told me that I shouldn’t waste my time worrying about the things everyone else was worrying about. As I’ve related in these missives before, he called those things “well worried”. His point was that once everyone was aware of something it was priced into the market and not worth your time. That has proven to be valuable advice over the years and I think still relevant today.
We continue to hear, on an almost daily basis, about all the bad things going on in the world. Trade wars, real wars, Ukraine, impeachment, black listed Chinese companies, retaliation for black listing Chinese companies, tariffs on European goods (scotch??#$%^&!), climate scolding by woke teens, manufacturing recession, pension

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Monthly Macro Monitor – June 2019 (VIDEO)

June 8, 2019

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Alhambra Investments CEO reviews economic charts from the past month and his opinion of what they mean.

Related posts: Monthly Macro Monitor – March 2019 (VIDEO)
Monthly Macro Monitor – February (VIDEO)
Monthly Macro Monitor – December 2018 (VIDEO)
Monthly Macro Chart Review – April 2019 (VIDEO)
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Tags: Alhambra Research,Featured,Monthly Macro Monitor,newsletter

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Monthly Macro Monitor – March 2019 (VIDEO)

March 31, 2019

Alhambra CEO discusses all the talk about the recent yield curve inversion and how he views it.
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Related posts: Monthly Macro Monitor – February (VIDEO)
Monthly Macro Monitor – December 2018 (VIDEO)
Monthly Macro Monitor – October 2018 (VIDEO)
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Monthly Macro Monitor: Well Worried
Monthly Macro Monitor – November 2018

Tags: Featured,Monthly Macro Monitor,newsletter

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Monthly Macro Chart Review – March (VIDEO)

March 17, 2019

Alhambra CEO discusses the most important economic reports from the past month.
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Related posts: Monthly Macro Chart Review – March
Monthly Macro Monitor – February (VIDEO)
Monthly Macro Monitor – October 2018 (VIDEO)
Monthly Macro Monitor – December 2018 (VIDEO)
Monthly Macro Monitor – September 2018
Monthly Macro Monitor – January 2019
Monthly Macro Monitor – September

Tags: Featured,Monthly Macro Monitor,newsletter

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Bloomberg Interview with Jeffrey Snider

November 2, 2018

Why Eurodollars Might Be Key to the Market Sell-Off (Podcast)
There’s a huge market out there that doesn’t get much attention: Eurodollars. These have nothing to do with the euro-dollar exchange rate. Instead, eurodollars are U.S. dollar-denominated deposits at foreign banks and overseas branches of American banks. They’re effectively a source of dollars that operates outside the control of the U.S., and have at various times been blamed for exacerbating interbank lending crunches. Jeff Snider, Head of Global Research at Alhambra, has a theory that recent market volatility might have its roots in some eurodollar drama. He speaks with Odd Lots about how this market grew in tandem with globalization, and how we should

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Monthly Macro Monitor – September

September 20, 2018

This has already been one of the longest economic expansions on record for the US and there is little in the data or markets to indicate that is about to come to an end. Current levels of the yield curve are comparable to late 2005 in the last cycle. It was almost two years later before we even had an inkling of a problem and even in the summer of 2008 – nearly three years later – there was still a robust debate about whether the US could avoid recession. The answer was, of course, no but we didn’t know that for sure until Lehman failed in September of 2008. 
Our views on the economy are driven more by market based indicators than the economic data itself. We use these monthly reviews to look at all the data and try

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Bi-Weekly Economic Review (VIDEO)

June 24, 2018

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Information and opinions about the economy and markets from Alhambra Investments CEO Joe Calhoun.

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Bi-Weekly Economic Review: Oil, Interest Rates & Economic Growth

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Bi-Weekly Economic Review – VIDEO

June 4, 2018

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Interview with Joe Calhoun about BiWeekly Economic Review 01/06/2018.

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Bi-Weekly Economic Review: Growth Expectations Break Out?

May 22, 2018

There are a lot of reasons why interest rates may have risen recently. The federal government is expected to post a larger deficit this year – and in future years – due to the tax cuts. Further exacerbating those concerns is the ongoing shrinkage of the Fed’s balance sheet. Increased supply and potentially decreased demand is not a recipe for higher prices. In addition, there is some fear that the ongoing trade disputes may impact foreign demand for Treasuries. There are also, as our Jeff Snider has reported, some stresses in the Eurodollar market that are impacting Treasuries. 
An unappreciated source of volatility is the mortgage market. Holders of mortgage securities, such as mortgage REITs, hedge with Treasuries

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Bi-Weekly Economic Review

April 20, 2018

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Bi-Weekly Economic Review

April 5, 2018

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Bob Williams and Joseph Y. Calhoun talks about Bi-Weekly Economic Review for April 01, 2018.

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Bi-Weekly Economic Review

March 19, 2018

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Bob Williams and Joseph Y. Calhoun talks about Bi-Weekly Economic Review for March 15, 2018.

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Forget It, China’s Not Booming

January 28, 2018

Jeffrey Snider
Jeffrey Snider, head of global investment research at Alhambra Investments, says China is in fact not growing rapidly, which sounds disheartening for commodity investors. He reckons a crucial investment metric has weakened, pointing to slower economic expansion:
https://www.bnn.ca/video/forget-it-china-s-not-booming-money-manager~1310003

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