Greatest Liquidity Event Since Noah?
Jeff Snider (@JeffSnider_AIP) and Emil Kalinowski (@EmilKalinowski) review three topics: repurchase agreement stresses, low interest rates signalling disorder and why LIBOR doesn't think the Fed's new program is the greatest liquidity event since Noah.
Audio is streamed directly from the publisher (pdcn.co) as published in their RSS feed. Play Podcasts does not host this file. Rights-holders can request removal through the copyright & takedown page.
Show Notes
Jeff Snider, Alhambra Investments Chief Investment Officer (@JeffSnider_AIP) and Emil Kalinowski (@EmilKalinowski) review three topics. We review three articles Jeff wrote this week, trying to explain them a bit more than perhaps may be apparent at first glance.
Firstly, why repurchase agreement stresses materialize prior to quarter-end. Secondly, why low-low-low-limbo-proof interest rates (e.g. effective Federal Funds, overnight repo market rates) are not signalling success but further interbank stress. Thirdly, why LIBOR and near-month Eurodollar futures are rising despite the "greatest liquidity event since Noah".