Janitor, Not Central Bank

PART 01: What should a central bank be? What does one do? Is what the Fed does 'central banking'? What did Ben Bernanke promise in 2002 that the Fed would never do again -- learning the lesson of the 1930s -- and how did he break his promise less than 5 years later?

PART 02: In March 2020 long-term US Treasury yields shot higher - why? Aren't these safe assets? Did the 'Treasury market break'? No. Yields shot higher due to illiquidity. And liquidity is JOB #1 of a central bank. So... here's looking at you Federal Reserve.

PART 03: Central banks inject liquidity into money markets to PREVENT a crisis. Let us review the last 14 years: Global Financial Crisis I (2008), European Sovereign Debt Crisis (2011), Chinese Reserve Crisis (2015), Global Financial Crisis II (2020). Not too good. Do they know what they're doing?

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Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL

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--------REFERENCES--------
When You Aren’t Actually A Central Bank, Part 1: The Real Inflation: https://bit.ly/350rgXe
The Fed Is the Perpetual Janitor, Cleaning Up After Itself: https://bit.ly/3ird5Cw
When You Aren’t Actually A Central Bank, Part 2: The Stubborn Deflation: https://bit.ly/3x5fMxt
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 "Right Timing" by Cushy at Epidemic Sound.