It looks like we’re in for another volatile week. Last night the Federal Reserve held an emergency session in lieu of its meeting scheduled for later this week. It was part of a coordinated action with other central banks. Fed Chairman Jerome Powell announced several steps to support the economy as it weathers “disruptions caused […]
Author Archives: Jason Kelly
China Has ‘Curbed’ the Virus
OVERVIEW Virus Update: Xi visited Wuhan. China has "curbed" the virus. Demographics Don't Lie: 3,158 Chinese have died from the coronavirus since Jan 20—and 1,391,284 have died from other causes. Stimulus and Sentiment: There is a 99.6% chance of a three-quarter-point cut in the fed funds rate. The BOE cut today. The Vix is at […]
Posted in Weekday Digest
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Weekday Digest
OVERVIEW Virus Update | The rate of spread is leveling off. The WHO seems optimistic, even as it considers declaring a pandemic. Virus Fears and Oil War Hit Financial Markets | Nice timing, Petrostates. Treasury yields and stocks are down. Fear is up. Our Portfolio Status | Buy or hold. Do not sell. BRIEFING 1. […]
Posted in Weekday Digest
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Coronavirus Digest
OVERVIEW Rate of Virus Spread is Slowing | China's new case report is at its lowest since January 20. America's spending package is bigger than expected. Economic Impact | The OECD sees risk of global recession. China's manufacturing has collapsed. At least pollution is down. Portfolio Status | Yesterday's strong rebound in the […]
Posted in Coronavirus Digest
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2016 NIRP Did Not Matter
From The Kelly Letter Note 7 sent February 14, 2016: The age of NIRP [negative interest-rate policies] sent Martin Armstrong, of Armstrong Economics, into a tirade last week. He wrote: “We are on the precipice of what can only be described as a rising systemic risk for all markets. The Fed is now hinting that […]
Posted in Kelly Letters Past
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