Don’t Blame the Banks for Holding Excess Reserves

Continue reading Don’t Blame the Banks for Holding Excess Reserves

Advertisements

Yes, The World Does Have a Shortage of Safe Assets…And Central Banks Aren’t Helping

My latest over at The Huffington Post. A wonkish look at the safe asset shortage and the waning efficacy of quantitative easing: http://www.huffingtonpost.com/european-horizons/yes-the-world-does-have-a_b_14636524.html

Do Record-Low Yields Really Indicate Substantial Duration Risk?

 

Every bond in Japan is yielding less than .4%.  Germany’s ten-year yield is hovering around 25 basis points.  The 10-year U.S. yield is less than the Federal Reserve’s inflation target Continue reading Do Record-Low Yields Really Indicate Substantial Duration Risk?