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Show Notes
#recession #money #recession2023 #money #inflation #deflation #interestrates #dollar #economy #credit #interestrates #eurodollar #collateral #repo
I've been talking about swap spreads for the last couple months, last week they make a huge move. To understand what it was and why it matters, let's talk about interest rate swaps and what their spreads to US Treasuries really tell us. What is this all about? In simple terms: the most direct window into shadow money and deflation potential.
Eurodollar University's Money & Macro Analysis
BIS Working Papers No 705
An Explanation of Negative Swap Spreads: Demand for Duration from Underfunded Pension Plans
https://www.bis.org/publ/work705.pdf
FRBNY: Negative Swap Spreads
https://www.newyorkfed.org/medialibrary/media/research/epr/2018/epr_2018_negative-swap-spreads_boyarchenko.pdf
Twitter: https://twitter.com/JeffSnider_AIP
https://www.eurodollar.university
RealClearMarkets Essays: https://bit.ly/38tL5a7