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Tag Archives: Featured

FX Daily, August 04: The BOE Owns Today, but Tomorrow is a Different Story

Swiss Franc The Swiss Franc appreciated today against the euro. Given that the Bank of England started monetary easing, this slight appreciation is unexpectedly weak – reason was probably intervention. The SNB intervention level should be around 1 billion francs. Numbers revealed in next week’s sight deposits. Click to enlarge. Bank of England The Bank of England owns today, though tomorrow will be about the US...

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“Mystery” Buyer Revealed: Swiss National Bank’s US Stock Holdings Rose 50 percent In First Half, To Record $62BN

In a month, quarter and year, in which many have scratched their heads trying to answer just who is buying stocks, as both retail and smart money investors have been aggressively selling… Click to enlarge. … yesterday we got the answer. In the second quarter, the Swiss National Bank added $7.3 billion to its US equity portfolio, and according to its just filed 13-F, is now long a record $61.8 billion in US stocks, up...

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Jailing Banksters Will Not Resolve the Economic Crisis

Meet the Scapegoats Last week, an Irish court sentenced three prominent banksters for their roles in the 2008 financial crisis.  Judge Martin Nolan, who pronounced judgment, said that the bansksters had committed “a very serious crime.”  He continued: “The public is entitled to rely on the probity of blue chip firms. If we can’t rely on the probity of these banks we lose all hope or trust in institutions.”* Meet the...

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Swiss Consumer Sentiment Remains Subdued

Bern, 04.08.2016 – Consumer sentiment remained unchanged between April and July 2016* and is now below the long-term average for the fifth quarter in a row. Most sub-indices also saw no major change, except regarding inflation, with the 1,200 or so individuals questioned expecting prices to rise more sharply over the next twelve months than they had in April. There was also a belief in July that prices had been rising...

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Carney Gets Ahead of Market Expectations; Sterling Slumps, Gilts Soar

Summary: BOE cuts rates and expands QE. Door is open to more easing. Sterling stabilizes after selling off 2 cents. Sterling has slumped two cents in the wake of the Bank of England’s announcement.  It cut the base rate 25 bp and announced a resumption of its asset purchase program.  It will buy GBP60 bln of Gilts and added corporate bonds to its purchase plan, which will be completed over the next six...

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Why Americans Get Poorer

  Secular Stagnation OUZILLY, France – Both our daughters have now arrived at our place in the French countryside. One brought a grandson, James, now 14 months old. He walks along unsteadily, big blue eyes studying everything around him. He adjusted quickly to the change in time zones. And he has adjusted to the French culture, too – he likes gnawing on a piece of tough local bread. But when she has trouble getting...

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Real vs. Nominal Interest Rates

What is the real interest rate? It is the nominal rate minus the inflation rate. This is a problematic idea. Let’s drill deeper into what they mean by inflation. You can’t add apples and oranges, or so the old expression claims. However, economists insist that you can average the prices of apples, oranges, oil, rent, and a ski trip at St. Moritz. This is despite problems that prevent them from agreeing on what should...

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FX Daily, August 03: Consolidation Featured

Swiss Franc Click to enlarge. FX Rates The US dollar is consolidating yesterday’s losses.  The greenback’s upticks have thus far been shallow and unimpressive, except perhaps against the New Zealand dollar, which is off 0.8% ahead of next week’s RBNZ meeting.  Softer than expected labor cost increase reinforces the conviction that a 25 bp rate cut will be delivered next week. The asset markets are more...

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Swiss National Bank’s U.S. equity holdings hit record $61.8 billion last quarter

Investec Switzerland. © Vividrange | Dreamstime.com The value of the Swiss National Bank’s U.S. stock portfolio jumped to a record in June, helped by equity market gains. The holdings climbed to $61.8 billion from $54.5 billion at the end of March, according to calculations by Bloomberg based on the central bank’s regulatory filing to the U.S. Securities and Exchange Commission and published on...

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Swiss National Bank’s U.S. equity holdings hit record $61.8 billion last quarter

Investec Switzerland. © Vividrange | Dreamstime.com The value of the Swiss National Bank’s U.S. stock portfolio jumped to a record in June, helped by equity market gains. The holdings climbed to $61.8 billion from $54.5 billion at the end of March, according to calculations by Bloomberg based on the central bank’s regulatory filing to the U.S. Securities and Exchange Commission and published on...

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