I am talking about China's reserves, not the US current account deficit.  Both are likley to approach $1 trillion in 2006.Today, we learned that China's reserves soared in December, and now total $81…

It just seems like yesterday when the euro broke $1.50 and oil broke $100. Now the euro trades closer to $1.54 than $1.50 and oil trades closer to $105. Macroman doesn’t watch his Bloomberg screen…

The Economist -- in the course of its analysis of the Fed’s response to the credit crisis -- noted that only a few years ago the Fed got rid of its Agency holdings because it didn’t want its asset pu…

Agency spreads have widened. See John Jansen for all the gory details. The New York Fed’s custodial holdings of Agencies haven’t grown at anything like their typical pace over the past few weeks. …