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Treasury Bonds
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European Union Lifts Bond-Sale Ban for Some Banks-June 18 (Europe bout to get stimmy’s!)

When the EU is¬≠sued ‚ā¨20 bil¬≠lion, equiv¬≠a¬≠lent to $24 bil¬≠lion, of bonds on Tues¬≠day to raise funds for a fis¬≠cal stim¬≠u¬≠lus pack¬≠age, it ex¬≠cluded some of the world‚Äôs largest banks be¬≠cause of their par¬≠tic¬≠i¬≠pa¬≠tion in car¬≠tels in bond and cur¬≠rency mar¬≠kets in ear¬≠lier years. The banks had been pe¬≠nal¬≠ized for those ac¬≠tions in 2019 and 2021.

The EU ex¬≠pects to sell up to ‚ā¨60 bil¬≠lion of long-dated debt this year and ‚ā¨150 bil¬≠lion an¬≠nu¬≠ally through 2026, and plans to use the funds to sup¬≠port mem¬≠ber states‚Äô eco¬≠nomic re¬≠cov¬≠ery through a mix of grants and loans. The pro¬≠gram, the first ma¬≠jor pan-Eu¬≠ropean debt pro¬≠gram, will even¬≠tu¬≠ally raise around ‚ā¨800 bil¬≠lion over five years.https://www.wsj.com/articles/european-union-lifts-bond-sale-ban-for-some-banks-11624032927?st=sdfl0wx5i7g2h8u&reflink=article_copyURL_share

John Crockett
Independent Global Macro Investor

Inflation Vs. Deflation (Goods vs. Services): Quick Thoughts & Analysis of Peter Boockvar's Views

Just watched another good Peter Boockvar video on the inflation debate. Was basically a re-hash of his RVDB interview the other week with Ed Harrison, with some interesting caveats and additional thoughts. Link here:

We currently have a ton going on in the inflation versus deflation debate, and yesterday's meltdown in the value/commodity & PM (and tech strength) space could either be a watershed moment for the next few months/weeks -- or it just could have been a small bump in the road for the commodity supercycle. Or something in between (more likely)?

I follow a lot of people on RV, Twitter and just on YouTube. On the inflationista side of the equation (i.e. inflation is NOT transitory, at least for the next 2-3 quarters) we've got guys like Peter Boockvar, Jared Dillian, Tony Greer, Keith McCullough, Jeff Gundlach & Julian Brigden (among others). Raoul and guys like Scott Minerd from Guggenheim are currently still in the 'it's transitory, yields going back down' camp. They have been right the last few weeks, but whatever side you're on, all of them make pretty good cases either "for" or "against" continuing inflation.

For me at least, Boockvar's overview really spells out the battle clearly and concisely and I think he's right that we're ultimately going to see more service industry inflation for in the coming months for sure.

Reasons being:

  1. Rent portion of services inflation poised to really break out in the coming months (PCE undercounts it though)
  2. healthcare component also going... (More)