https://www.youtube.com/watch?v=TcPC1zKlaZY Interest rate swap spreads are negative. These ‘underwater’ derivatives indicate very high market demand relative to money dealer supply. So, if bank balance sheet capacity remains constrained–available only at a premium–that means there’s not enough ‘money’ in the world economy. Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Follow…