On December 7, 2009, NOTES FROM UNDERGROUND published its first post and we’ve shared a few thousand thoughts since then (all archived at WordPress and for those on CQG they available thanks to… more
Global macro
We at Notes From Underground on Oct. 31 wrote a post titled, "The Odious Designs of ECB Policy." It noted that during the ECB post-meeting press conference President Christine Lagarde said - in… more
It’s been. another week in which headline inflation concerns has jolted markets, particularly in the interest rate space, but not as much as many investors and traders would have expected. The… more
The U.S. and Canadian unemployment data both were somewhat stronger than expected. The markets were trading in focus with the robust U.S. data — equities higher, DOLLAR firm, and bonds trying to… more
I’m posting this week’s podcast with the highly respected Peter Boockvar. This is one of the best interviews we’ve done with Richard Bonugli as we get into foreign currency, yield curves, energy… more
After FEDERAL RESERVE Chairman Jerome Powell’s Jackson Hole speech, the jobs data may have taken on added significance. Inflation was not a concern for Powell as that is considered transitory… more
First of all, my offer of any part of a $10,000 bet with 10-1 odds against Jerome Powell being renominated as FED CHAIR is OFFICIALLY RESCINDED. The Fed Chair’s speech was so pathetic that it can… more
There is a wonderful song from the tumultuous 1960s by the band Buffalo Springfield that is so apropos for the financial markets over the last two weeks (staying away from Kabul). The lyrics for… more
On Sunday, we acknowledge the 50-year anniversary of Richard Nixon’s decision to close the GOLD EXCHANGE WINDOW and put an end to the post-World War monetary system known as Bretton Woods. I can… more
Early last week Senator Elizabeth Warren made her case against Chair Jerome Powell. In a Financial Times article, the senator blasted Powell for his light regulatory touch while praising the… more