the  forest  for  the  trees


Two things that caught my attention this week, 11/11/18:

  • 2 of 3 UST auctions last week were either the lowest or 2nd lowest bid-to-cover since depths of Great Financial Crisis. This is a sign of USD liquidity stress that if it persists will likely begin setting off alarm bells at the Fed soon.
  • For centuries, the global currency system was based on “good for goods” trade; for the last 47 years, it’s been based on “goods for IOU’s” trade – the US wants to keep both systems but must choose one or the other.


Are you joining us on Tuesday 11/13/18? Registration is OPEN for the “FFTT 2018 Wrap Up”, a 2 hour virtual event.  Seats are limited. $97 per person.  Visit

https://bit.ly/2RfrjWb to register and reserve your seat.  We will hold a presentation with a slide deck and will take as much Q&A as time will allow! See you there!

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Contact Information

Luke Gromen, CFA
Forest for the Trees

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