News
Everything you need to know about the Dollar
3+ hour, 18+ min ago (497+ words) Robin J Brooks | Substack Everything you need to know about the Dollar This post explains why I continue to expect Dollar weakness despite big foreign inflows One of my readers - Golden Helm Securities - recently challenged me to explain why I…...
UK yields aren't nearly as bad as they look
3+ day, 3+ hour ago (331+ words) Robin J Brooks | Substack UK yields aren't nearly as bad as they look UK yields are high because QT has been much more aggressive than elsewhere In October 2022, at the height of the bond market blow-up in the UK, something…...
Are high UK yields good or bad?
4+ day, 3+ hour ago (564+ words) Robin J Brooks | Substack Are high UK yields good or bad? The UK gets widely panned for being a fiscal basket case, but the opposite is true There's no denying that long-term yields on UK government bonds are considerably higher…...
How big is this shock really?
5+ day, 3+ hour ago (593+ words) Robin J Brooks | Substack How big is this shock really? The signal from manufacturing surveys is that it isn't all that big One of my pet peeves - ever since Russia invaded Ukraine in 2022 - is that oil gets sensationalized. For journalists,…...
How worrying is the US inflation picture?
2+ week, 2+ day ago (624+ words) Robin J Brooks | Substack How worrying is the US inflation picture? Core PCE inflation was worryingly high in February, but there's a benign reason The Bureau of Economic Analysis yesterday reported that core PCE inflation - the Fed's preferred inflation measure…...
What happened to "Sell America?"
2+ week, 6+ day ago (637+ words) Robin J Brooks | Substack What happened to "Sell America?" There never was a "Sell America" trade and there's no "Hedge America" trade either One year ago, amid the chaos of the reciprocal tariff roll-out, the Dollar fell sharply amid a…...
Central Bank Gold Selling
3+ week, 1+ day ago (347+ words) Robin J Brooks | Substack Central Bank Gold Selling Turkey is the only EM central bank to use its gold holdings to bolster FX reserves What central banks do with their international reserves is opaque. Data are often available only at…...
How Big is the Oil Price Spike?
3+ week, 2+ day ago (695+ words) Robin J Brooks | Substack How Big is the Oil Price Spike? There's a lot of different oil prices floating around now - the one that matters is $112 Where there used to be just one benchmark for global oil prices, there's now…...
Right versus Wrong in Emerging Markets
3+ week, 4+ day ago (417+ words) Robin J Brooks | Substack Right versus Wrong in Emerging Markets Egypt has rightly allowed its currency to devalue in this shock, while Turkey is resisting Earlier this week, I wrote a series of posts about Turkey's central bank, which sold…...
Are Central Banks Selling Gold?
4+ week, 3+ hour ago (436+ words) Robin J Brooks | Substack Are Central Banks Selling Gold? Gold holdings of Turkey's central bank are down a lot, but Turkey is an outlier in EM When the war with Iran began, I wrote a series of pieces about which…...