All-Stars #67 Jeff Snider: Reconciling extreme treasury demand with declining bid-to-cover ratios

Macro Voices

Hedge Fund Manager Erik Townsend

Business, Investing, Business:investing

4.8 • 3.4K Ratings

🗓️ 8 October 2019

⏱️ 27 minutes

🔗️ Recording | iTunes | RSS

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Summary

All-Star Jeff Snider responds to listeners who have questioned how Jeff can say there’s a treasury shortage when bid-to-cover ratios are declining in treasury auctions. Link: http://bit.ly/2Vmfd0L

Transcript

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0:00.0	This is a special edition of Macrovoises with hedge fund manager Eric Townsend.
0:14.2	The premier financial podcast targeting professional finance, high net worth individuals, family
0:19.8	offices, and other sophisticated investors.
0:23.0	Now for this special edition of Macrovoises, here's hedge fund manager Eric Townsend.
0:29.9	Macrovoises All Stars episode 67 was recorded on October 7th, 2019.
0:35.8	I'm Eric Townsend.
0:37.4	All-star Jeff Snyder from Alhambra Partners is back with us today.
0:42.0	Jeff, as usual, has prepared an excellent slide deck which I highly recommend that you
0:46.5	download.
0:47.5	You can find the download link on our homepage at macrovoises.com in the description of today's
0:53.6	interview.
0:54.6	Jeff, in your last appearance, you talked a lot about things which you say are all connected
1:00.7	back to what happened in the repo markets in mid-September.
1:04.7	So just for the benefit of any new listeners, the upshot of it is that a global dollar shortage
1:09.8	that's been building for more than a year finally suddenly broke out in public for the
1:15.1	first time.
1:16.4	So what changed wasn't the existence of the shortage, frankly, that's really not new
1:20.9	news to Macrovoises listeners.
1:23.4	What's changed is the mainstream has finally picked up on it and started to pay attention.
1:28.2	One of the key factors that you connected to these monetary problems is bond yields, particularly
1:34.5	those for safe instruments, securities like US Treasuries.
1:38.8	It's a topic that has provoked impassioned responses on the part of our listeners.
	...

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