Book: Financial Cold War
Author: James A. Fok
ISBN: 9781119862765
Previous: Are Markets Efficient? Part 1
The second half of Chapter 7 is about debt, money printing, and the gap between what markets promise and what they deliver. Fok does not trash central banks for acting in crisis. He asks whether the cure is creating new diseases.
Book: Fixed Income Trading and Risk Management
Author: Alexander Düring
ISBN: 9781119756354 (ePub)
Chapter 8 is short but important. It bridges the gap between “how central banks operate” and “what those operations mean for policy.” The key insight: your operational framework is not neutral. The way you inject liquidity shapes your policy options.
Book: Fixed Income Trading and Risk Management
Author: Alexander Düring
ISBN: 9781119756354 (ePub)
Chapter 7 is the toolkit chapter. After Chapter 6 explained what central banks want to achieve, this one shows the actual levers they pull. If you trade money markets or care about why the Fed does repos vs. outright purchases, this is your chapter.
Book: Fixed Income Trading and Risk Management
Author: Alexander Düring
ISBN: 9781119756354 (ePub)
Chapter 5 shifts from private banks to the institution that sits above them. Düring focuses on the “blue collar” side of central banking (operations and tools) rather than the “white collar” policy debates. But you still need both to understand markets.
Previous: EM Rates and the Fed Cycle
In the first half of this chapter, we talked about how the monetary policy cycle works in EM and how it mirrors (but isn’t identical to) the US cycle. Now we get to the really juicy stuff: why inflation behaves so differently in EM, how to forecast it, and when to actually put trades on around central bank pivots.