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    Gavekal Research

    Daily - Weaker EMU Data and Shakier Euro Fundamentals?

    After the last ECB meeting, the central bank ECB signaled that it would hike rates at tomorrow’s meeting (by using the “vigilant” phrase), in an attempt to pressure EMU CPI rates back down from the current +2.7% toward the ECB’s single medium-term target of +2%. In all likelihood, Jean-Claude Trichet will carry through with his promise (or threat). Yet we cannot help but wonder if he wished he had kept his intentions to himself, as recent...

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    Gavekal Research

    The US$-Euro From Here

    In recent years, the USD’s path of least resistance has been lower, except at times of crisis and financial market stress. And undeniably today, a number of potential “fat tail-risks” could shake markets. These include another flair-up in the EMU crisis, a crisis in one of the several countries around the globe currently exhibiting a high combination of trade and budget deficits (see p. 35 of our Quarterly), a shortage of Dollars abroad to...

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    Gavekal Research

    QSCB - 3Q11 - Life After QE2

    Many of the key risks in global financial markets can ultimately be linked to the Fed's enthusiasm for printing money (which even, to some extent, exacerbates the Euro crisis). Thus, the end of QE2 in June will likely bring the world economy to a cross-roads. For this reason, we have decided to focus our latest Quarterly on what the end of QE2 should entail.

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    Gavekal Research

    A Roadmap For The Coming Changes In Fed Policy

    Following a typically anticlimactic FOMC statement, Ben Bernanke recently held his first post-meeting press conference ever and reviewed what the next steps in America’s unorthodox monetary policy might be. Will US monetary policy continue to weigh on the Dollar and support the already elevated Euro, commodity prices, commodity currencies, etc.? Or will the end of QE2 in June mark a change in trajectory for financial markets? Today, most market...

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    Gavekal Research

    Where the Fed Stands on its Mandates

    When Bernanke took the job as Chairman of the Fed, he took on the legal mandate "to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates." While the desirability of these multiple mandates is debatable, one can see why, in 2008-09, the Fed Chairman felt compelled to aggressively cut rates and buy long-term MBS and UST. Bank loans were contracting, unemployment soaring, CPIs and price...

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    Gavekal Research

    A Catalyst for a Structural Shift in Japanese Trade?

    The 2001 recession was followed by a ‘jobless recovery’ in the US—at least in the US manufacturing sector, where basically all of the layoffs occurred (see chart). That jobless recovery was soon followed by another sharp decline, courtesy of the Great Recession. In a lunch we attended last week, Yale’s Dr. Peter Schott explained that leading up to the 2001 recession, the seeds were already sown for a wave of outsourcing of relatively low-end,...

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    Gavekal Research

    QSCB - 2Q11 - A Structural Turning Point for Markets?

    We would first like to offer our readers an apology: not only are we publishing our Quarterly Strategy Chart Book just 24 hours after the publication of our China Economic Quarterly (with can't miss articles on alternative energy, insurance, RMB deregulation, Mongolia, and the property slowdown), but this quarterly is long as well: a full 74 pages!

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    Gavekal Research

    The ECB Hikes Rates Without Making Headlines

    Whether Fed and the ECB move together, or apart, matters greatly to forex rates. Bernanke and Trichet both responded to the global crisis by flooding their banking systems with excess reserves, thus driving overnight interbank rates down near their respective ‘floor rates,’ the rate paid by central banks for deposits of excess reserves. With the floor rate set at 0.25% in both systems, the short rate spread thus became negligible. However, one...

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    Gavekal Research

    GaveKal Daily - Signs of Returning Pricing Power

    Six months ago, the US was experiencing a ‘soft patch’ that many feared would turn into a ‘double dip’ recession. And with core price measures already quite weak, there were renewed fears of a deflationary spiral. Inflationary expectations according to TIPS were falling fast. In response, the Fed stepped in aggressively, providing QE1.5 in early August, and then talking up QE2 in late August. Inflation expectations started to recover, and are...

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    Gavekal Research

    A Quick Review of US Job Growth in 2010

    Going into 2011, the odds seem to be that the US$ will come out on top of the next round of the ugly contest between the euro, yen and pound (see The UK in 2011); if only because the current momentum of US economic growth should lead the Fed to soon start managing expectations about how much longer its extreme case of monetary incontinence can last (see Easy Money, Easy Fiscal…but For How Long?).

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    Gavekal Research

    It's Never a Good Time for Price Floors, Even Wages

    This document is part of our old archive. It was published on 2010-11-22.You can download it here: GKFiveCorners1011224.pdf

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    Gavekal Research

    QE2 - The Fifth Phase of the Fed's Crisis Response

    This document is part of our old archive. It was published on 2010-11-01.You can download it here: GKAdHocComment1011011.pdf

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    Gavekal Research

    Why QE Has Not Stopped the Yen's Ascent

    This document is part of our old archive. It was published on 2010-10-12.You can download it here: GKDailyReport1010122.pdf

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    Gavekal Research

    Some Real Improvements in US Personal Income

    This document is part of our old archive. It was published on 2010-09-06.You can download it here: GKFiveCorners1009064.pdf

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    Gavekal Research

    Lessons From Bernanke's Testimony

    This document is part of our old archive. It was published on 2010-07-26.You can download it here: GKFiveCorners1007261.pdf

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    Gavekal Research

    China Does Not 'Generally' Export Inflation

    This document is part of our old archive. It was published on 2010-07-12.You can download it here: GKFiveCorners1007122.pdf

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    Gavekal Research

    Quarterly Strategy Chart Book 3Q10 - The Great Rebalancing

    This document is part of our old archive. It was published on 2010-06-10.You can download it here: GKQuarterlyStrategy1006101.pdf

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    Gavekal Research

    The Collapse in M2 Growth

    This document is part of our old archive. It was published on 2010-06-01.You can download it here: GKFiveCorners100601.pdf

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    Gavekal Research

    The Fig Leaf Comes Off

    This document is part of our old archive. It was published on 2010-05-17.You can download it here: GKFiveCorners1005178.pdf

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    Gavekal Research

    Quarterly Strategy Chart Book 2Q 2010- The Return of Country Risk and What It Means

    This document is part of our old archive. It was published on 2010-03-03.You can download it here: GKQuarterlyStrategy1003031.pdf

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    Gavekal Research

    China's UST Sell-off: A Political or Cyclical Event?

    This document is part of our old archive. It was published on 2010-02-22.You can download it here: GKFiveCorners1002222.pdf

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    Gavekal Research

    Will This be a Jobless Recovery?

    This document is part of our old archive. It was published on 2010-02-08.You can download it here: GKFiveCorners1002085.pdf

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    Gavekal Research

    Bernanke & Trichet's Monetary Policy Experiments

    This document is part of our old archive. It was published on 2010-01-11.You can download it here: GKFiveCorners1001113.pdf

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    Gavekal Research

    The Fed Won't Raise Its Target Rate Until It Can Hit It

    This document is part of our old archive. It was published on 2009-12-15.You can download it here: GKAdHocComment091215.pdf

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    Gavekal Research

    Profits as a Leading Indicator

    This document is part of our old archive. It was published on 2009-11-17.You can download it here: GKFiveCorners0911172.pdf

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    Gavekal Research

    The Culture Code

    This document is part of our old archive. It was published on 2009-11-17.You can download it here: GKFiveCorners0911173.pdf

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    Gavekal Research

    DRAM Wars

    This document is part of our old archive. It was published on 2009-10-12.You can download it here: GKFiveCorners0910122.pdf

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    Gavekal Research

    The Fed's Exit Strategy

    This document is part of our old archive. It was published on 2009-09-07.You can download it here: GKAdHocComment0909071.pdf

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    Gavekal Research

    Measuring Risk in an Era of Big Government

    This document is part of our old archive. It was published on 2009-08-24.You can download it here: GKFiveCorners0908245.pdf

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    Gavekal Research

    Enter the Highest Minimum Wage Since 1983

    This document is part of our old archive. It was published on 2009-07-29.You can download it here: GKFiveCorners090729.pdf

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    Gavekal Research

    The Great Moderation Depends on Flexible Labor

    This document is part of our old archive. It was published on 2009-06-30.You can download it here: GKFiveCorners0906307.pdf

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    Gavekal Research

    Why is Broad Money Still Soaring, in a Credit Crisis?

    This document is part of our old archive. It was published on 2009-06-17.You can download it here: GKFiveCorners0906175.pdf

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    Gavekal Research

    The Great US Consumption Binge Was All Healthcare

    This document is part of our old archive. It was published on 2009-06-01.You can download it here: GKFiveCorners0906014.pdf

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    Gavekal Research

    Where to Stand When the Debt Gets Monetized

    This document is part of our old archive. It was published on 2009-05-18.You can download it here: GKFiveCorners0905187.pdf

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    Gavekal Research

    The Belated Bust in US Manufacturing Capacity

    This document is part of our old archive. It was published on 2009-04-07.You can download it here: GKFiveCorners0904071.pdf

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    Gavekal Research

    The Yen's Current Driver--Economic Growth

    This document is part of our old archive. It was published on 2009-03-24.You can download it here: GKFiveCorners0903245.pdf

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    Gavekal Research

    Tech-A Call Option on Growth

    This document is part of our old archive. It was published on 2009-03-10.You can download it here: GKEquityMarkets090310.pdf

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    Gavekal Research

    Starting the Printing Press in Earnest

    This document is part of our old archive. It was published on 2009-01-09.You can download it here: GKLiquidityGrowth090109.pdf

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    Gavekal Research

    Limited Upside, Unlimited Risk

    This document is part of our old archive. It was published on 2008-12-23.You can download it here: GKBondMarkets081223.pdf

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    Gavekal Research

    The Revolution

    This document is part of our old archive. It was published on 2008-09-05.You can download it here: GKFiveCorners09050522.pdf

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    Gavekal Research

    GaveKal Daily Checking the Boxes - Monday April 28 2008

    This document is part of our old archive. It was published on 2008-04-28.You can download it here: GaveKalDailyCheckingtheBoxesMondayApril282008.pdf

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