A look at interest rate swap spreads relative to nominal US Treasury yields identifies constrained bank balance sheet capacity. Monetary measures like swap spreads, Eurodollar futures, yield curve flattening are all indicating that the balance of risks is tilting away from recovery and reflation.

------EP. 195 TOPICS------
00:00 INTRO: Interest rate swap spreads are a peek at bank balance sheet capacity.
01:43 Bank balance sheet capacity represents ledger money; the reserve currency, eurodollar.
03:04 If bank balance sheet capacity is not available, swap spreads will show it.
08:53 Comparing the 5-, 10- and 30-year swap spreads.
11:55 OUTRO: Swap spreads and Eurodollar Futures both turned away from Reflation at same time.

----EP. 195 REFERENCES----
The Money *All* Agrees: Taper Rejection Meets Policy-Error Error: https://bit.ly/3tg6wpZ
The Real Money Doesn’t *Spread* Inflation: https://bit.ly/3stKscv
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7

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---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Master of ceremonies, Emil Kalinowski. Illustrations by David Parkins. Audio and video editor, Terence. Episode intro/outro music is "Hong Kong Story" by Lazer Boomerang.

------FIND THE TEAM-------
Jeff: https://twitter.com/JeffSnider_AIP
Jeff: https://alhambrapartners.com/author/jsnider/

Emil: https://twitter.com/EmilKalinowski
Emil: https://www.EuroDollarEnterprises.com

David: https://DavidParkins.com/
Terence: https://www.VisualFocusMedia.com

Lazer Boomerang: https://www.facebook.com/lazerboomerang/
Lazer Boomerang: https://soundcloud.com/user-14207639

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(From Youtube)