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文章时间: 2012-3-05 周一, 下午8:29    标题: Notes 引用回复

Rydex bullish at 10 year high
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文章时间: 2012-3-05 周一, 下午8:35    标题: 引用回复

money market and bear fd level near 10 year low
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文章时间: 2012-3-08 周四, 下午2:10    标题: 引用回复

Definition of 'Sterilized Intervention'

A method used by monetary authorities to equalize the effects of foreign exchange transactions on the domestic monetary base by offsetting the purchase or sale of domestic assets within the domestic markets. The process limits the amount of domestic currency available for foreign exchange.


Investopedia explains 'Sterilized Intervention'

Sterilized intervention is a way for a country to alter its debt composition without affecting its monetary base. It is used to counter undesirable exchange-rate movements. For example, a decrease in the value of a country's domestic currency would cause a debt instrument issued in a foreign country and denominated in that foreign country's currency to be made more expensive.
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文章时间: 2012-3-08 周四, 下午2:14    标题: 引用回复

WSJ, rumor mill
Goldman Sachs now expects sterilized Twist to be the Fed’s next move in coming months.

Zach Pandl, Goldman economist, argues the Fed will see the benefits outweighing the costs. He acknowledges sterilized QE may raise short-term interest rates, and therefore tighten financial conditions modestly relative to an unsterilized expansion of the balance sheet.

But Pandl also sees the bright side, arguing that sterilized QE may improve the functioning of money markets by allowing a broader set of financial institutions to be counterparties to the Fed’s balance sheet expansion, which is in contrast to QE1 and QE2.

Here are the pros and cons Pandl points out:

For instance, many investors and the broader public seem to view sterilized QE more favorably than unsterilized QE, even though we believe the distinction should be considered nearly irrelevant from a macroeconomic perspective. If a subset of the population holds these beliefs—wrongly or not—unsterilized QE could affect inflation expectations and possibly commodity prices beyond its impact on the growth outlook. Sterilizing may therefore be a low-cost way to avoid, or at least to hedge against, possible negative side effects of further easing action.

Additionally, sterilized QE may improve the functioning of money markets by allowing a broader set of financial institutions to be counterparties to the Fed’s balance sheet expansion. Under QE1 and QE2, with asset purchases financed through reserve creation, only banks could lend to the Fed to finance its purchases. Other money market investors, such as money market mutual funds, are forced to compete for a smaller pool of assets, which has driven down short-term yields to very low levels.

The broad takeaway?

“Sterilized QE would provide more risk-free short-term assets to this broader investor base, helping normalize money market rates,” Pandl says.


"This is a statement that says we will step on the gas and then equally apply the brakes which means you go absolutely nowhere. It is a statement that is total gobbledegook to deflect the fact that QE is going to infinity. " Jim Sinclair says.
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文章时间: 2012-3-13 周二, 下午6:33    标题: 引用回复

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文章时间: 2012-3-13 周二, 下午6:34    标题: 引用回复

GLobal Manufacturing index 2/2012
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文章时间: 2012-3-13 周二, 下午6:46    标题: 引用回复

Short interest
http://www.nyse.com/financials/1143717022567.html
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