Category: Market Internals

Balance Sheets Drive All

The dollar denominated sum of the Japan, ECB and FED balance sheets continues to mark lows on a lagged basis.  The surges are in part caused by strengthening yen inflating the dollar value of the Japanese holdings.

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It's still all about the Central Banks, now isn't it?

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Not Quite Right

Weak oil prices are likely behind the surge in new lows. Regardless, it's not a healthy sign.  

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Relative Central Bank Balance Sheets Drive the Currency

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Currency Drives Equities

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