PART 01: On May 26, 2021 the Earth will witness a Super Flower Blood Moon - a sure sign of the apocalypse (again). It is no wonder then that, with the end upon us all, the Federal Reserve took the opportunity to confess in their recent meeting minutes that bank reserves are not money.
PART 02: There may be no better view into the incomprehensibly complex global monetary order than the Treasury International Capital report. We review the March TIC report and find a number of positive, good reflationary signals. We also find a number of bad, anti-reflationary warnings.
PART 03: A review of three economic accounts and three monetary accounts produce the same message: "Meh". Retail Sales, Fixed Asset Investment and Industrial Production point to continued economic deceleration. Meanwhile the People's Bank of China is not bothering to stimulate. Why?
---------SEE IT-----------
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
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--------REFERENCES--------
Inflation Huge: Jay Powell Did Blink, But It Had *Nothing* To Do With ‘Taper’: https://bit.ly/3vnrJOz
Minutes of the Federal Open Market Committee (April 27–28, 2021): https://bit.ly/3bVjnpJ
TIC Reflation Rolling (Over?): https://bit.ly/3fQwPwg
China Repeats Its Same Case For No-Inflation Bond Yields: https://bit.ly/3wHPMrT
The Chinese Money Behind Global Inflation Baseball: https://bit.ly/3fwgdev
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7
---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins. Podcast intro/outro is "Scary Stairsteps" by Stationary Sign at Epidemic Sound.
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