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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: bart13 who wrote (69562)9/9/2006 10:09:55 AM
From: russwinter  Read Replies (1) of 110194
 
Pages 9-12 illustrate my suspicions all along, a strong correlation between FCB reserve holdings and commodities, oil, and even the SPX. In my view this is the inflation and asset inflation driver, with at least twice the influence of the Fed. His chart is dated and lagging though. Of late the FCBs went ballistic with purchases the minute various "buy everything" markets swooned in May. Seems like central banks are only capable of brief fifteen second head dunks. On May 25, custodials were 1,612.2, and now they are 1,685.0. That's nearly 15.5% annualized, a much faster pace than seen in 2005, early 2006.
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