To the best of its knowledge and belief, Convex Strategies considers the information contained in this website as accurate only as at the date of publication. All information and opinions on this w…| Convex Strategies
“I have been working in or around central banks for over fifty years. To my regret, as I look back on my career, I can now see that I was often guided by an evolving set of false beliefs about how …| Convex Strategies
The Federal Reserve Board on Wednesday announced that the Bank Term Funding Program (BTFP) will cease making new loans as scheduled on March 11. The program wi| Board of Governors of the Federal Reserve System
“To ensure that a central bank does not prioritise the solvency of the sovereign over its primary mandate of price stability, the European treaties prohibit monetary state financing. In its public …| Convex Strategies
Sorry, but we must return to our often-used Hayek quote yet again. “We are ready to accept almost any explanation of the present crisis of our civilization except one: that the present state of the…| Convex Strategies
“Those whose job it is to manage risk today tend to focus on the things to which probabilities can be attached and shrug their shoulders about everything else.” Niall Feguson, Oct. 2023. Decent not…| Convex Strategies
In our discussions last month about entropy, we introduced the term “arrow of time”. “Like with all things that live in non-ergodic, path dependent space, time dependence matters. Something that ma…| Convex Strategies