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/3tg6wpZThe Real Money Doesn’t *Spread* Inflation: https://bit.ly/3stKscvAlhambra Investments Blog: https://bit.ly/2VIC2wWlinRealClear Markets Essays: https://bit.ly/38tL5a7-----SEE ALL EPISODES-----Alhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisL----HEAR ALL EPISODES-----Vurbl: https://bit.ly/3rq4dPnApple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MReason: https://bit.ly/3lt5NiHSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr---------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_AIPJeff: https://alhambrapartners.com/author/jsnider/Emil: https://twitter.com/EmilKalinowskiEmil: https://www.EuroDollarEnterprises.comDavid: https://DavidParkins.com/Terence: https://www.VisualFocusMedia.comLazer Boomerang: https://www.facebook.com/lazerboomerang/Lazer Boomerang: https://soundcloud.com/user-14207639