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Reserve Currency is Constrained, say Swap Spreads [Eurodollar University, Ep. 195]

Emil Kalinowski
24.7K subscribers
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11K views 3 years ago EURODOLLAR UNIVERSITY
A look at interest rate swap spreads relative to nominal US Treasury yields identifies constrained bank balance sheet capacity. Monetary measures like swap spreads, Eurodollar futures, yield curve flattening are all indicating that the balance of risks is tilting away from recovery and reflation. -----EP. 195 TOPICS----- 00:00 INTRO: Interest rate swap spreads are a peek at bank balance sheet capacity. 01:43 Bank balance sheet capacity represents ledger money; the reserve currency, eurodollar. 03:04 If bank balance sheet capacity is not available, swap spreads will show it. 08:53 Comparing the 5-, 10- and 30-year swap spreads. 11:55 OUTRO: Swap spreads and Eurodollar Futures both turned away from Reflation at same time. ---EP. 195 REFERENCES--- The Money All Agrees: Taper Rejection Meets Policy-Error Error: https://bit.ly/3tg6wpZ The Real Money Doesn’t Spread Inflation: https://bit.ly/3stKscv Alhambra Investments Blog: https://bit.ly/2VIC2wW …...more
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Reserve Currency is Constrained, say Swap Spreads [Eurodollar University, Ep. 195]
657Likes
11,266Views
2022Mar 2
A look at interest rate swap spreads relative to nominal US Treasury yields identifies constrained bank balance sheet capacity. Monetary measures like swap spreads, Eurodollar futures, yield curve flattening are all indicating that the balance of risks is tilting away from recovery and reflation. -----EP. 195 TOPICS----- 00:00 INTRO: Interest rate swap spreads are a peek at bank balance sheet capacity. 01:43 Bank balance sheet capacity represents ledger money; the reserve currency, eurodollar. 03:04 If bank balance sheet capacity is not available, swap spreads will show it. 08:53 Comparing the 5-, 10- and 30-year swap spreads. 11:55 OUTRO: Swap spreads and Eurodollar Futures both turned away from Reflation at same time. ---EP. 195 REFERENCES--- The Money All Agrees: Taper Rejection Meets Policy-Error Error: https://bit.ly/3tg6wpZ The Real Money Doesn’t Spread Inflation: https://bit.ly/3stKscv Alhambra Investments Blog: https://bit.ly/2VIC2wWlin RealClear Markets Essays: https://bit.ly/38tL5a7 ----SEE ALL EPISODES---- Alhambra YouTube: https://bit.ly/2Xp3roy Emil YouTube: https://bit.ly/310yisL ---HEAR ALL EPISODES---- Vurbl: https://bit.ly/3rq4dPn Apple: https://apple.co/3czMcWN Deezer: https://bit.ly/3ndoVPE iHeart: https://ihr.fm/31jq7cI TuneIn: http://tun.in/pjT2Z Castro: https://bit.ly/30DMYza Google: https://bit.ly/3e2Z48M Reason: https://bit.ly/3lt5NiH Spotify: https://spoti.fi/3arP8mY Pandora: https://pdora.co/2GQL3Qg Castbox: https://bit.ly/3fJR5xQ Podbean: https://bit.ly/2QpaDgh Stitcher: https://bit.ly/2C1M1GB PlayerFM: https://bit.ly/3piLtjV Podchaser: https://bit.ly/3oFCrwN PocketCast: https://pca.st/encarkdt SoundCloud: https://bit.ly/3l0yFfK ListenNotes: https://bit.ly/38xY7pb AmazonMusic: https://amzn.to/2UpEk2P PodcastAddict: https://bit.ly/2V39Xjr --------THE TEAM-------- Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Hong Kong Story" by Lazer Boomerang. -----FIND THE TEAM------ Jeff:   / jeffsnider_aip   Jeff: https://alhambrapartners.com/author/j... Emil:   / emilkalinowski   Emil: https://www.EuroDollarEnterprises.com David: https://DavidParkins.com/ Terence: https://www.VisualFocusMedia.com Lazer Boomerang:   / lazerboomerang   Lazer Boomerang:   / user-14207639   ----------TAGS---------- #JeffSnider #InterestRateSwaps #BankBalanceSheets #SwapSpreads
360 episodes
EURODOLLAR UNIVERSITY
Emil Kalinowski

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Emil Kalinowski

24.7K subscribers