#recession #money #recession2023 #money #inflation #deflation #interestrates #dollar #economy #credit #interestrates #eurodollar #collateral #repo I've been talking about swap spreads for the last couple months, last week they make a huge move. To understand what it was and why it matters, let's talk about interest rate swaps and what their spreads to US Treasuries really tell us. What is this all about? In simple terms: the most direct window into shadow money and deflation potential.Eurodollar University's Money & Macro AnalysisBIS Working Papers No 705An Explanation of Negative Swap Spreads: Demand for Duration from Underfunded Pension Planshttps://www.bis.org/publ/work705.pdfFRBNY: Negative Swap Spreadshttps://www.newyorkfed.org/medialibrary/media/research/epr/2018/epr_2018_negative-swap-spreads_boyarchenko.pdfTwitter: https://twitter.com/JeffSnider_AIPhttps://www.eurodollar.universityRealClearMarkets Essays: https://bit.ly/38tL5a7