Sivakumar

To journos pulling quotes off twitter please note this is a personal account not linked to my employer. If you quote me from here I will be asked to shut this account. I use this as a way to educate people on debt market issues and will be sad if it has to go.

I am on the guest chair this time on my podcast! @Vandana_Trivedi hosts this moneynomics episode youtu.be/2WpOovhT0M4?si…

𝗖𝗮𝗻 𝘆𝗼𝘂 𝗿𝗲𝗮𝗹𝗹𝘆 𝘁𝗶𝗺𝗲 𝘁𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁? 📉👀 @AxisMutualFund CIO @eyeofsiva decodes “Buy the Dip” investing strategy in latest episode of Paytm Money Masterclass. 🎥Watch now: youtube.com/watch?v=ZmTx4i… #PaytmMoney #MutualFunds

#DezervWealthSummit | 🚨 " I believe the worst phase of the equity cycle is behind us. Real estate may remain more of a hold asset, while gold should be viewed mainly as a hedge rather than a source of alpha." R Sivakumar (@eyeofsiva), CIO, Axis AMC, in conversation with @N_Mahalakshmi_ at Dezerv Wealth Summit. #Dezerv #BuildingWealth #Investing #WealthManagement #MarketInsights @DezervHQ

This has got to be the craziest chart in the world right now (via @bcaresearch)

I interviewed Neelkanth Mishra, Chief Economist - Axis Bank, on the state of the economy and the risks emanating from the current war in the Persian Gulf. I am sure you'll find it useful.

History not have to repeat. Can an oil shock on top of five years of inflation above target lead to runaway inflation in the coming years if the Fed is unable or unwilling to run tight policy?

I interviewed Sachin Jain, India CEO World Gold Council @GOLDCOUNCIL . We discussed India's traditional love for gold, investing in gold and more. I hope you find it useful and entertaining. youtu.be/03GPfUpOtsQ

Well, isn't that an interesting revision to GDP series.

@QuantPadawan @RBI It does. That is why I said no interest on most liabilities, not all. Usually central banks pay interest on required reserves. Some pay on excess reserves also.

@eyeofsiva @RBI Doesn't RBI pay interest via SDF on excessive reserves?

The @RBI is an exception among central banks that it does not pay interest on bank reserves. Thus most liabilities (currency + bank reserves) are interest free, while most assets (foreign and indian bonds) pay interest.

And RBI further has huge forex gains from depreciation of the rupee.

When gross interest income is net interest income, it is easy to make money. In the last rate cycle major western central banks have lost money as interest paid on bank reserves rose above interest income on (old, low rate) bonds.

My first experience as a host of am interview. With @BSEIndia CEO Sundararaman Ramamurthy youtu.be/2V9yUbMIP6o?si…

My colleague, Shreyash, and I answered some questions on the impact of US Tarriff agreement. youtube.com/live/Fdlhbpcrz…

Pressure on the Indian fixed income markets is visible across segments - from benchmark government bond yields to overnight money market rates and bulk deposit rates. And the list of problems is long — an expected 30 trillion rupee gross bond supply from centre and state govt next year, weak deposit growth, RBI’s FX-Bond dilemma, accounting changes for bank’s bond books. Sharp read by Reuters Dharamraj Dhutia. Read here: reuters.com/world/india/in…

Happy new year. Where did the rain come from, though?

The most interesting thing you will read today, via Howard Marks (@Oaktree): "Is It a Bubble?" oaktreecapital.com/insights/memo/…

I have heard the cries of the poor and the downtrodden. I have removed the paywall from my recent post on fertility quantum vs. tempo. I have also added SEVERAL VERY COOL ADDITIONAL GRAPHS, SUCH AS THIS ONE: (cc @mtkonczal @MattBruenig @JHWeissmann @ModeledBehavior )

Everyone I know seems to be affected or know someone close who is affected by the @IndiGo6E cancellations. Completely avoidable situation. My wife is stuck in Delhi. Flight cancelled while she was in a taxi on the way to the airport. What a mess.

@stepnwlf281 @RMantri I have traded bonds for nearly all my professional life and no official has asked me this question. Many committees have been formed and many reports written. But if market participants are not part of the conversation...

@RMantri I have been hearing about our underdeveloped corporate bond market for decades now lol. Would be good to know what steps have been taken and why it remains under developed. With all the talk about our equity markets, this is one area we still see less discourse.

“India’s high cost of capital, averaging 10.8%, hinders economic growth by discouraging investment and innovation. This is due to underdeveloped bond markets, high inflation, sovereign risk, and capital account restrictions. To address this, reforms are needed to deepen the bond market, expand foreign participation, improve fiscal and monetary coordination, strengthen institutional investors, and build credible market infrastructure.” moneycontrol.com/news/opinion/i… A superb piece by @TVMohandasPai! Must read 💯 This is arguably the single biggest issue holding back Indian manufacturing and high-tech sector x.com/rmantri/status… x.com/rmantri/status… x.com/rmantri/status…