if US yields were selling off and everyone else was rallying, that would be evidence my framing was losing coherence. The fact they are all selling off together is supportive evidence
More on size and use of Eurodollar market (cf Josh Younger on odd lots 3 parter). Will peel the veil on how $ dominance was policy driven (vs Keynes bancor, vs oil invoice in £).
The BIS chart C3 “global credit to nf sector” the top 2 left charts look to be duplicates
your argument in favor of continued USD benchmark is solid, but i think there's a valid argument for USD weakness here .... capital flows from all foreigners into the US (both for equity and for bonds) has been so strong for so long that moderation or even repatriation (which many governments may choose to force) could end the relative strength in the FX exchange rate (not the centrality of the USD in the other ways you document)
Love this!
Yields in G7 are all rising at once and so is gold. Do we see some short term risks from these signals?
if US yields were selling off and everyone else was rallying, that would be evidence my framing was losing coherence. The fact they are all selling off together is supportive evidence
More on size and use of Eurodollar market (cf Josh Younger on odd lots 3 parter). Will peel the veil on how $ dominance was policy driven (vs Keynes bancor, vs oil invoice in £).
The BIS chart C3 “global credit to nf sector” the top 2 left charts look to be duplicates
Great point on stables
The system is killing the US. There isn’t an alternative because they see the side effects. No one wants the burden.
your argument in favor of continued USD benchmark is solid, but i think there's a valid argument for USD weakness here .... capital flows from all foreigners into the US (both for equity and for bonds) has been so strong for so long that moderation or even repatriation (which many governments may choose to force) could end the relative strength in the FX exchange rate (not the centrality of the USD in the other ways you document)