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December 4, 2004

United States
China is backing the US mortgage market

This New York Times article delves into the management of both China and Japan’s reserves.One interesting tidbit -- the article suggests China’s reserves are now close to $600 billion. The last repo…

Blog Post by Brad W. Setser Follow the Money

January 5, 2005

Budget, Debt, and Deficits
Unraveling the mysteries of the Treasury yield curve

If you cannot tell from the title, this is going to be a rather wonky post. Nouriel and I are working on a paper on "Bretton Woods Two," so I have been delving into some data on the Treasury market. …

Blog Post by Brad W. Setser Follow the Money

January 8, 2005

Has the broad dollar fallen enough

A standard rule of thumb, mentioned by Paul Blustein in his excellent look at the impact of a falling dollar on US trade last week, is that a 10% fall in the broad dollar leads to a $100 billion fall…

Blog Post by Brad W. Setser Follow the Money

January 20, 2005

United States
If Asia is financing Europe, who is financing the US?

The global flow of funds in 2003 was pretty easy to figure out once the BIS annual report come out. The US ran a current account deficit of $530 billion. Most other countries - though not Australia…

Blog Post by Brad W. Setser Follow the Money

January 25, 2005

Budget, Debt, and Deficits
When will the bond market wake up

I know, I know, Morgan Stanley’s investors have spoken, and there is no bond market bubble. But the federal government certainly is swimming in a sea of red ink.I hope we have asked the Bank of Japan…

Blog Post by Brad W. Setser Follow the Money