Trading Inflation
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Trading The Fixed Income Inflation And Credit Markets
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Author : Neil C. Schofield
language : en
Publisher: John Wiley & Sons
Release Date : 2011-10-03
Trading The Fixed Income Inflation And Credit Markets written by Neil C. Schofield and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-10-03 with Business & Economics categories.
Trading the Fixed Income, Inflation and Credit Markets is a comprehensive guide to the most popular strategies that are used in the wholesale financial markets, answering the question: what is the optimal way to express a view on expected market movements? This relatively unique approach to relative value highlights the pricing links between the different products and how these relationships can be used as the basis for a number of trading strategies. The book begins by looking at the main derivative products and their pricing interrelationships. It shows that within any asset class there are mathematical relationships that tie together four key building blocks: cash products, forwards/futures, swaps and options. The nature of these interrelationships means that there may be a variety of different ways in which a particular strategy can be expressed. It then moves on to relative value within a fixed income context and looks at strategies that build on the pricing relationships between products as well as those that focus on how to identify the optimal way to express a view on the movement of the yield curve. It concludes by taking the main themes of relative value and showing how they can be applied within other asset classes. Although the main focus is fixed income the book does cover multiple asset classes including credit and inflation. Written from a practitioner's perspective, the book illustrates how the products are used by including many worked examples and a number of screenshots to ensure that the content is as practical and applied as possible.
Trading Inflation
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Author : Dariush Mirfendereski
language : en
Publisher: Palgrave Macmillan
Release Date : 2016-02-12
Trading Inflation written by Dariush Mirfendereski and has been published by Palgrave Macmillan this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-02-12 with Business & Economics categories.
Trading Inflation takes a practical, hands-on approach to the subject, with numerous examples to go beyond the 'what' and focus on the 'how' for trading and investing in inflation-indexed products. Written in an accessible style by experienced practitioners, this book provides a consistent and comprehensive framework for understanding and applying the building blocks of this important asset class. Where appropriate, industry-standard Bloomberg-based screenshots are included to show the reader the use of these practical tools. Numerous worked examples are complemented with a set of problems at the end of each chapter with the aim of enhancing understanding. Many of the examples are targeted at using one or both of MS Excel and Bloomberg Professional. Section I covers markets and products and consists of succinct chapters, each a standalone module, covering the essential building blocks in this market. The design of the book allows the reader to pick and choose what are most appropriate modules for their particular uses. Section II focuses on trading and hedging strategies, illustrating various risk measures, models, market peculiarities such as seasonality and relative value analysis. Chapters are included on strategies to express various market views and also how to hedge flows as a market maker. Section III is dedicated to end users of inflation-indexed securities, i.e. the issuers and investors. These in-depth chapters cover detailed examples and case-studies applied to issuer and investor solutions, including the increasingly important area of liability driven investments or LDI.
Protect Your Wealth From The Ravages Of Inflation
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Author : Paul M. King
language : en
Publisher: Apress
Release Date : 2011-10-18
Protect Your Wealth From The Ravages Of Inflation written by Paul M. King and has been published by Apress this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-10-18 with Business & Economics categories.
Protect Your Wealth from the Ravages of Inflation is for people who have financial assets to protect in an unpredictable, inflationary environment. Maybe you have tried traditional financial advice, financial planning, and passive investment management techniques and you're still losing ground. Maybe you're worried that by the time you need to use it, your retirement fund will be worth less than your total contributions. Maybe you believe that high inflation will significantly decrease your standard of living in the future. Maybe all of these issues apply to you. Don't despair; help is at hand. Protect Your Wealth from the Ravages of Inflation is a concise, no-nonsense, straightforward guide that will help you to do three things: 1. Ensure that your emergency fund will still have some purchasing power when you need it. Emergency funds sitting in checking accounts, or near-cash investments, will just be eaten away by inflation. There is a better way to give you access to the cash you need when you need it. This book shows you how. 2. Insulate you from significant changes in the strength of your home currency. If all your income and expenses are in a single currency like the U.S. dollar, you run a significant risk that your home-country currency will lose value. Currency risk in your income-purchasing power and working capital is often overlooked until it's too late to do anything about it. This book deals with this issue and gives you easy-to-follow advice to protect the value of your money. 3. Generate a better risk-adjusted return in your investment accounts. Buying a basket of stocks and mutual funds and then performing the traditional “annual rebalancing of a diversified portfolio” just doesn't generate the returns most people require from their investments. This book shows you simple, powerful, and sophisticated techniques you can use to manage your investment accounts more effectively—and without making it a full-time job. Protect Your Wealth from the Ravages of Inflation can't guarantee that you will meet your financial goals, but it can guarantee that your odds of success will be significantly increased if you follow its advice. The book: Explains why traditional investing methods virtually guarantee a negative rate of return in real terms. Illustrates the pernicious effect of inflation on an average investor's portfolio—and why an inflationary period may be in the offing. Provides a three-step process to withstand emergencies, protect your liquid assets, and produce a superior risk-adjusted return on a stock portfolio compared with conventional investing methods.
Inflation Markets
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Author : Paul Canty
language : en
Publisher:
Release Date : 2012
Inflation Markets written by Paul Canty and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Inflation (Finance) categories.
At a time when unconventional monetary policy has caused uncertainty about the global inflation outlook to rise considerably, Inflation Markets provides a complete and cohesive guide to fast-growing inflation markets and products, encompassing supply and demand dynamics, economics, financial modelling and trading aspects of inflation markets.
What Should Inflation Targeting Countries Do When Oil Prices Rise And Drop Fast
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Author : Nicoletta Batini
language : en
Publisher: International Monetary Fund
Release Date : 2009-05-01
What Should Inflation Targeting Countries Do When Oil Prices Rise And Drop Fast written by Nicoletta Batini and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-05-01 with Business & Economics categories.
After a long period of global price stability, in 2008 inflation increased sharply following unprecedented increases in the price of oil and other commodities, notably food. Although inflation remained lower and growth higher in inflation targeting countries than elsewhere, almost everywhere price stability seemed in jeopardy as consumer prices kept surging and central banks struggled to maintain expectations anchored. The rapid drop in energy and food prices that later accompanied the world slowdown helped avert the worse, but inflation stayed high in many inflation targeting countries. This paper uses a small open-economy DSGE model to design the correct monetary policy response to a protracted supply shock of the kind observed today, and explains how to choose optimal policy horizons under such shock. Using a version of the model with Kalman learning, the paper also evaluates the implications of a loss of target credibility, showing how rules must be adjusted when the authorities' commitment to low inflation has been eroded. The appropriate response to future evolutions of the price of oil, including to a large downward correction as recently observed, is also evaluated.
Trade Inflation And The Dollar
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Author : Thibaut De Saint-Phalle
language : en
Publisher: Greenwood
Release Date : 1984
Trade Inflation And The Dollar written by Thibaut De Saint-Phalle and has been published by Greenwood this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with Business & Economics categories.
Inflation Indexing Of Government Securities
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Author : United States. Congress. Joint Economic Committee. Subcommittee on Trade, Productivity, and Economic Growth
language : en
Publisher:
Release Date : 1985
Inflation Indexing Of Government Securities written by United States. Congress. Joint Economic Committee. Subcommittee on Trade, Productivity, and Economic Growth and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with Government securities categories.
The Inflation Output Trade Off Revisited
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Author : Gauti B. Eggertsson
language : en
Publisher:
Release Date : 2013-05-12
The Inflation Output Trade Off Revisited written by Gauti B. Eggertsson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-05-12 with Business & Economics categories.
A rich literature from the 1970s shows that as inflation expectations become more and more ingrained, monetary policy loses its stimulative effect. In the extreme, with perfectly anticipated inflation, there is no trade-off between inflation and output. Recent literature on the interest-rate zero lower bound, however, suggests there may be some benefits from anticipated inflation when the economy is in a liquidity trap. This study reconciles these two views by showing that while it is true that, at positive interest rates, the greater the anticipated inflation the less stimulative are the effects, the opposite holds true at the zero bound. Indeed, at the zero bound, the more the public anticipates inflation, the greater is the expansionary effect of inflation on output. This leads the authors to revisit the trade-off between inflation and output and to show how radically it changes in the face of demand shocks large enough to bring the economy into a liquidity trap. Instead of vanishing once inflation becomes anticipated, the trade-off between inflation and output increases substantially and may become arbitrarily large. In such cases, raising the inflation target in a liquidity trap can be very stimulative. Figures. This is a print on demand report.
The Way Of The Dollar
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Author : John Percival
language : en
Publisher: BookRix
Release Date : 2020-08-25
The Way Of The Dollar written by John Percival and has been published by BookRix this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-08-25 with Business & Economics categories.
THE WAY OF THE DOLLAR TRADING CURRENCIES FOR PROFIT As readers know, my approach to analysing the currencies – its method – is essentially anti-crowd. We look where the crowd is not looking for an underlying rationale for the direction of the main trend. And we use a series of contrarian* sentiment indicators designed to orient us in the opposite direction to the crowd. This method has worked well, and it is timeless so it should always work. The method is OK. If we can have confidence in it and can apply it, we shall win. "My all-time favourite currency guy is John Percival (now retired and living comfortably in the French countryside I understand). My respect for his insights over the years is immense." "I have been a reader of John’s newsletter for over 20-years. I have learned a great deal from him, through his writings. There is a wealth of insights which I took from a very beaten up copy of his book, The Way of the Dollar, published back in 1991." "Mr. Percival doesn’t know this, but he was the only mentor I had in this market. I read his book from cover to cover to cover ... pages are falling out ... highlighted and notes everywhere. His book provides more insight every time you go back to it. And I go back to it often." "John Percival made a key point in the book that struck me – my belief in what matters when it comes to markets has little to do with trading success. I believed I was well armed given my freshly-minted MBA in finance and economics. I had already worked as a financial analyst and even did a stint in the never-never land of corporate strategic planning (talk about being paid to do absolutely nothing of value). Anyway, Mr. Percival’s book opened my eyes, but at the time I still didn’t understand just how valuable his advice was." "After years of trading and barking up all kinds of analytical trees, with major failure and moderate success in currencies, I went back to Mr. Percival’s book. This time I appreciated what was right there in the introduction:" Finally one had to see if there were other relationships which had any predictive value for currencies like inflation, trade, money supply, oil prices, economic growth, et al. So far, the conclusion is that few such relationships and none of the relationships that most observers seem to rely on are useful for predicting the dollar. "Say what? I thought to myself. Heck, I have all these so-called analytical skills and education and now I’m effectively being told by John Percival if you want to trade currencies and make money, you better pack up that degree and see the market for what it is, not what you think it is with your left brain dominance. John Percival argues in his introduction to The Way of the Dollar:" Because the systems constituent parts are mostly based on human behaviour which doesn’t change, not on fashion, we can be confident it will continue to work. The financial markets, as anyone familiar with them knows, are deeply paradoxical. They have a logic of their own which is why in a way the opposite of normal logic. Hence the market adage “sell on the news” applies to good news not bad news. Hence other bits of market lore like “a bull market climbs a wall of worry: a bear market flows down a river of hope.” Markets do whatever they need to do to confound the greatest number of people. This happens because prices reflect expectations. If everyone expects unemployment to rise, or a trade balance to fall, or inflation to remain steady, there is no intrinsic reason why they should be wrong: the expectation doesn’t affect the outcome. But if everyone expects shares to fall, or the dollar to rise, there is every reason why they should be wrong: because current share price levels already reflect the expectations of lower prices, and the current level of the dollar already discounts a rise. In other words, the expectation vitiates the outcome. "You can see why John Percival is an excellent mentor." "When I first got started focusing on currencies, I did my best to think only about what John Percival talked about in his book and push out all the smart rational analytical skills I was confident I had already learned. I didn’t realize the quality of this little book I stumbled upon; it was a true gem in the world of investment book wasteland where most reside, or should. I went on to do extremely well with my first real trading account." Jack Crooks, Black Swan Capital Copyright Notice and Disclaimer THE WAY OF THE DOLLAR Copyright © John W H Percival 1991
The Effects Of Economic News On Commodity Prices
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Author : Mr.Shaun K. Roache
language : en
Publisher: International Monetary Fund
Release Date : 2009-07-01
The Effects Of Economic News On Commodity Prices written by Mr.Shaun K. Roache and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-07-01 with Business & Economics categories.
The paper uses an event study methodology to investigate which and how macroeconomic announcements affect commodity prices. Results show that gold is unique among commodities, with prices reacting to specific scheduled announcements in the United States and the Euro area (such as indicators of activity or interest rate decisions) in a manner consistent with gold's traditional role as a safe-haven and store of value. Other commodity prices, where such news is significant, exhibit pro-cyclical sensitivities and these have risen somewhat as commodities have become increasingly financialized. These results are important for those trading in the commodity markets on a frequent basis and long-term market participants that take their decisions based on information on price fundamentals, which are reflected in the release of macroeconomic announcements.