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March 16, 2018

Capital Flows
The (Balance of Payments) World Changed in 2014

Reserve growth stopped as private investors in Europe and Japan started buying a lot of the rest of the world's bonds.

The (Balance of Payments) World Changed in 2014

January 3, 2018

China
China’s Impact on the U.S. Bond Market Gets Too Much Attention. And Europe's Too Little

The ECB has almost certainly had a bigger impact on U.S. rates over the last three years than the PBOC, without buying (or selling) any Treasuries.

China’s Impact on the U.S. Bond Market Gets Too Much Attention.   And Europe's Too Little

May 3, 2017

European Union
Reprieve or Reform in Europe?

MILAN – The first round of the French election turned out much as expected: the centrist Emmanuel Macron finished first, with 24% of the vote, rather narrowly beating the right-wing National Front’s …

A demonstrator wears an EU flag.

July 16, 2012

Europe and Eurasia
More Evidence That LIBOR Is Hazardous to Economic Health

Central bankers necessarily spend a great deal of time studying economic and market data that they believe to be forward-looking indicators of the economy’s health.  One such is the so-called “LIB…

More Evidence That LIBOR Is Hazardous to Economic Health