Monthly Archives: July 2012
Spain’s exposures to Financials
Spanish Credit Institutions’ Impairment Allowances
Gross Financing Needs of Developed Economies
Spanish Autonomous Regions
Student Loans – Crisis?
Here’s the latest press release from the New York Federal Reserve: NEW YORK – In its latest Quarterly Report on Household Debt and Credit, the Federal Reserve Bank of New York today announced that student loan debt reported on consumer credit reports reached $904 billion in the first quarter of 2012, a $30 billion increase… Read More »
Global Tax Revenues
ECB Deposit Facility after the rate cut
At its monthly Governing Council meeting, ECB last week decided to cut the rate offered by its deposit facility by 25 basis points, bringing the rate down to 0.00%. See ECB announcement here. The new rate became effective this past Wednesday. Since the new rate came into effect, we have seen some significant changes in… Read More »
Demography is destiny
… was the recent tagline of the morning briefing that Dr. Ed Yardeni sent out to his clients on June 13th. He achieved rock star following on Wall Street when he prognosticated in the late eighties that the Dow will reach 10,000 following the down-fall of communism in Europe. He argued that worldwide prosperity and… Read More »
Risk-on or Risk-off
The chart below plots the ratio of Morgan Stanley Cyclical Index (CYC) to Morgan Stanley Consumer Index (CMR). Ratio of Cyclical Index to Consumer Index The direction of this ratio tells us what the markets expect for the US economy. Since the ratio peaked on March 15, it has been trending down, implying that cycle… Read More »