Blockworks Macro, Released on 4/24/23 (Recorded on 4/21/23)

Ultra short-term Treasurys have rallied so much that the 1 month bill now yields over 150 basis points less than similar instruments at the Federal Reserve. Jeff Snider, chief strategist at Atlas Financial and host of Eurodollar University, joins Jack Farley to discuss. Filmed on Friday, April 21, 2023.

00:00 Intro
04:30 Money Is Getting Herded Into Highest Tier Of Collateral
07:54 Liquidity Preference Is Extreme
15:21 Treasurys Role In Banks’ Asset & Liability Management
18:47 Credit Crunch
22:35 Public Ad
23:39 Are The Bank Runs Over?
30:42 Is The “Mild Recession” Forecast Plausible?
33:57 How Many More Rate Hikes Does The Fed Have In The Chamber?
35:41 The Fed’s Efforts To Help The Banking System (BTFP, Discount Window, etc.)
39:40 Were Rate Hikes To Blame For The Collapse of Silicon Valley Bank (SVB)?
43:08 Impact of Quantitative Easing (QE) On Bank Deposit Levels
44:50 Was There “Money Printing” In 2020?
47:42 Did The Banks Take Too Much Interest Rate Risk in 2020 & 2021?
49:48 Defining “Deflationary Money”
55:12 LIBOR Futures Will Be Phased Out, Right?
56:37 Counterargument: Debt Ceiling Is The Reason Short-Term Treasury Bills Are Trading At Such A Premium
01:02:32 Summary Of Jeff’s Views On Credit Crunch & Deflationary Money

Jeff Snider is head of global investment research for Alhambra Investment Partners, a registered investment advisory based in Palmetto Bay, Florida. As Head of Global Investment Research for Alhambra Investment Partners, Jeff spearheads the investment research efforts while providing close contact to Alhambra’s client base. Jeff is published nationally at RealClearMarkets, ZeroHedge, Minyanville and Yahoo!Finance. Jeff holds a FINRA Series 65 Investment Advisor License.

  economy, investing, jeff snider