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25 Jan 2023

M2 continues its record collapse

M2 continues its record collapse: down 5.4% over the final 3 months of 2022 & down 1.3% over the past year. Source: Willie Delwiche

22 Jan 2023

Central Banks Gold Reserves

Breakdown of global central bank gold reserves shows U.S. way out in front in terms of nominal reserves; yet, as % of total reserves, France and Germany are catching up. Source: Arbor Research

22 Jan 2023

Fed's deleveraging continues

Total assets have shrank another €19.5bn past week. Since start of QT, the Fed's balance sheet has shrunk ONLY by $476bn. Source: Bloomberg, HolgerZ

17 Jan 2023

U.S. quantitative tightening is underway!

The amount of U.S. Treasury bonds held by the Federal Reserve (FED) has dropped by the largest amount ever (over $40 billion in two weeks). The reduction of the FED's balance sheet is in full swing. Source: Bloomberg, T.Costa

16 Jan 2023

The Federal Reserve's hiking cycle: close to the end?

For the first time in this rate hike cycle, the 2-year U.S. Treasury yield is below the federal funds rate (lower bound). The market seems to be more and more convinced that this rate hike cycle of the US central bank will end soon.

14 Jan 2023

So far in January, BoJ has bought 13 trillion Yen in JGBs to hold its 0.5% cap on 10-year yield. That's almost 26 trillion if we extrapolate this pace to the rest of the month. Unsustainable.

Time is rapidly running out for BoJ yield curve control. Source: Robin Brooks

13 Jan 2023

Bank of Japan's daily government bond purchases at an all-time high!

The Bank of Japan is buying huge amounts of government bonds in order to cap the yield on Japanese 10-year government bonds to 0.5%. Yesterday the BoJ bought 4.6 trillion yen and today it is close to 5t yen. Note that at the last meeting, the BoJ had decided on a 9t yen bond buying program ...per month! Source: Bloomberg

9 Jan 2023

SWISS NATIONAL BANK POSTS $143 BILLION LOSS IN 2022, THE LARGEST IN ITS 115-YEAR HISTORY

The Swiss National Bank posted an annual loss of 132 billion Swiss francs ($143 billion) in 2022, it said on Monday, the biggest in its 115-year history as falling stock and fixed-income markets hit the value of its share and bond portfolio - source: Bloomberg

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