Doug Noland

Credit Bubble Bulletin

Contributor since: 26 Jan 2015

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• Just the Facts

  Published 02 October 2017 | viewed 0 times

  My apologies.  Unexpected demands on my time today. For the Week: The S&P500 increased 0.7% (up 12.5% y-t-d), and the Dow added 0.2% (up 13.4%).…

• Q2 2017 Z.1 Report

  Published 23 September 2017 | viewed 0 times

  I found the Fed's latest (Q2) Z.1 report particularly interesting. It brought back memories. In general, debt growth was steady and rather uninteresting. As such,…

• Monetary Disorder

  Published 16 September 2017 | viewed 0 times

  Global Credit, Bubble and market analysis is turning more interesting. China August Credit data were out Friday. Total (aggregate) Social Financing jumped to 1.48 TN…

• Strong Data and Conspicuous Bubble Excess

  Published 02 September 2017 | viewed 0 times

  Analysis surrounding economic data is especially interesting these days. As always, there's ample opportunity to pick and choose data points to support a particular perspective.…

• Yellen in Jackson Hole

  Published 26 August 2017 | viewed 0 times

  "A resilient financial system is critical to a dynamic global economy -- the subject of this conference. A well-functioning financial system facilitates productive investment and…

• Crisis of Confidence

  Published 19 August 2017 | viewed 0 times

  Global markets are indicating heightened vulnerability. Thursday trading saw the S&P500 decline 1.54%, the second biggest decline of 2017. The session also saw the junk…

• Doubled-Down

  Published 12 August 2017 | viewed 0 times

  "The real trouble with this world of ours in not that it is an unreasonable world, nor even that it is a reasonable one. The…

• Data and a Carefree Bond Market

  Published 05 August 2017 | viewed 0 times

  July non-farm payrolls gained 209,000 versus estimates of 180,000. June payrolls were revised 9,000 higher to 231,000. It's worth noting that manufacturing added 16,000 jobs…

• Five Years of Whatever it Takes

  Published 29 July 2017 | viewed 0 times

  July 25 - Bloomberg (Paul Gordon and Carolynn Look): "Five years ago today, Mario Draghi was talking about bumblebees. The European Central Bank president's speech…

• New Age Mandate

  Published 22 July 2017 | viewed 0 times

  A journalist's question during Mario Draghi's ECB post-meeting press conference: "...There was a sharp reaction from financial markets to your Sintra speech. You must have…

• Yellen on Inflation

  Published 16 July 2017 | viewed 0 times

  Global Markets rallied sharply this week. The DJIA rose 223 points to a record 21,638. The S&P500 gained 1.4% to a new all-time high. The…

• Wonderful Monetary Policy and Beautiful Deleveragings

  Published 08 July 2017 | viewed 0 times

  "Generally speaking (depending on the country), it is appropriate for central banks to lessen the aggressiveness of their unconventional policies because these policies have successfully…

• The Road to Nornaliization

  Published 01 July 2017 | viewed 0 times

  The past week provided important support for the "peak monetary stimulus" thesis. There is mounting evidence that global central bankers are monitoring inflating asset prices…

• Washington Finance and Bubble Illusion

  Published 25 June 2017 | viewed 0 times

  June 18 - Financial Times (Mohamed El-Erian): "In hiking rates and, more notably, reaffirming its forward policy guidance and setting out plans for the phased…

• Peak Stimulus Has Passed

  Published 17 June 2017 | viewed 0 times

  Bloomberg Radio/Television's Tom Keene, Wednesday June 14, 2017: "Professor, what is the question you want to ask chair Yellen at the press conference here in…

• Crowded Longs, Shorts and a New Z1

  Published 10 June 2017 | viewed 0 times

  It was a week that saw Mario Draghi cling stubbornly to ultra-dovish monetary policy, the UK's Brexit strategy thrown into even greater disarray after Prime…

• Liquidity Trade

  Published 03 June 2017 | viewed 0 times

  It's not quite 1999 at this point, but it's been moving in that direction. In about five months' time, the Nasdaq 100 (NDX) has posted…

• Moody's Downgrades China

  Published 28 May 2017 | viewed 0 times

  Marie Diron, Moody's associate managing director, Sovereign Risk Group, commenting Wednesday on Moody's Chinese downgrade (Bloomberg Television): "It is likely to be a very medium-term…

• Just the Facts

  Published 20 May 2017 | viewed 0 times

  For the Week: The S&P500 slipped 0.4% (up 6.4% y-t-d), and the Dow declined 0.4% (up 5.3%). The Utilities lost 0.5% (up 6.1%). The Banks…

• The VIX and the Scheme

  Published 13 May 2017 | viewed 0 times

  There was little market reaction to Emanuel Macron's widely-anticipated big victory in the French presidential election. The euro actually retreated somewhat, in a "sell the…