Grant's Current Yield Podcast

George Selgin, director of the #Cato Institute's center for monetary and financial alternatives, calls in to discuss remarkable recent events in the banking system and the potential implications.

@GeorgeSelgin

1:21 A money market which fails to clear

5:45 Interest on excess reserves: Unintended consequences

11:24 Too much collateral = too much debt?

15:50 More QE on the way

20:10 Fixes to fixes to fixes

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Bianco Research president and eponym Jim Bianco calls in to help us make sense of last week's chaos in short term lending rates. Jonathan Tepper, founding partner at Variant Perception, assesses the commercial landscape and identifies potentially attractive opportunities. @biancoresearch @jtepper2 @VrntPerception 8:15 Why didn't the banks arbitrage those high rates? 13:50 Excess reserves and post-crisis regulation 19:00 Corporate competition on the wane 24:20 Europe set for a rebound? Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

Marty Fridson, chief investment officer Lehmann, Livian, Fridson Advisors LLC and "One of Wall Street's most thoughtful and perceptive analysts" according to the New York Times, stops by to discuss all things credit.

2:54 What's new in high-yield and leveraged loans

7:30 Marty's preferred income-generating assets

13:00 A garden-variety recession: Enough to spur widespread defaults?

19:24 Price controls, central planning and central banking

24:03 Can negative-yielding issuers default?

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Tuomas Malinen, PhD (econ.) CEO of GnS Economics Limited and Adjunct Professor of Economics at the University of Helsinki, calls in to express his concerns with modern theory and practice.

2:00 Applying scientific principals to economics

6:24 Groupthink in action

13:10 Central banks and intellectual dissent

15:20 MMT: the endgame

17:32 Investment implications

Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

Jim Bianco, president of Bianco Research, calls in to discuss the state of markets and central banking following Wednesday's rate cut. @biancoresearch https://www.linkedin.com/in/james-bianco-117619152/ 2:25 Press conference post-mortem 8:01 Inverted yield curve: predictor of recession, or cause? 14:10 Negative rates on the way for the U.S.? 21:41 Jim's interview at the Fed

Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

Jay Van Sciver, head of industrials at Hedgeye Risk Management, comes by to discuss opportunities in cyclicals, the state of the economy and some of our favorite profitless unicorns. @hedgeyelndstrls https://www.linkedin.com/in/jay-v-6740985/ 2:10 Decelerating growth and replacement demand 5:13 Jay's preferred metrics 11:07 Why don't Uber and Lyft make money? 15:38 Down on the farm 18:26 Jay's favorite ideas

Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

Carl E. Walter, longtime bank executive and coauthor of "Red Capitalism," joins the program to discuss important recent happenings in China. 2:55 Reading the tea-leaves 8:12 Baoshang Bank: A small fish causing big problems 14:12 Hong Kong and the mainland 19:56 More stimulus on the way? 24:38 Swapping loans for bonds

Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

Dan Fuss, vice chairman of Loomis, Sayles & Company and fixed income investor extraordinaire, calls in to discuss the state of markets in 2019. @LoomisSayles www.loomissayles.com

https://www.linkedin.com/company/loomis-sayles-&-company/

https://www.facebook.com/pages/Loomis-Sayles/309712695756188

1:36 A rate-hike shock collar

8:12 Negative rates and the nature of safety

17:07 The 1984 bear market retest: Symmetry?

22:44 The "flow of funds phenomenon"

27:00 Dan's positioning

Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

Rob Arnott, founder and chairman of the board of Research Affiliates, LLC, calls in to assess conditions and opportunities around the world.

3:47 "There's no such thing as a bargain in the absence of fear"

8:53 Shiller P/E and central banks

13:06 Bubbles in a negative-rate era

20:13 Deficit spending: Does it matter?

24:36 The nature of indexation

Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com

Jeff Snider (@JeffSnider_AIP), head of global research of Alhambra Investments, calls in to discuss the workings of the modern financial system, and to offer his views on the best ways for investors to position themselves. 1:35 Eurodollars: What they are and why they matter

8:20 "There's something wrong here"

14:55 Paul Volker and the bond bear market. A mirror to today?

18:02 Contrarianism and consensus

Subscribe to Grant's Podcast on iTunes, Stitcher, iHeart Radio and Google Play Music. Grant's Interest Rate Observer is available at http://www.grantspub.com