03.16.2023 – Will the SVB Stop the FOMC?
The fast-moving developments surrounding the Silicon Valley (SVB) and Signature (SBNY) bank failures, along with warnings regarding the stability of C...
03.09.2023 – Sublime Services
As economies around the world navigate an uneven period of Covid recovery and monetary policy adjustment, one of the bright spots across the globe has...
03.02.2023 – Beware of the Bear
After an overtly bullish January for both stocks, bonds and credit spreads, last month proved much more challenging as resurgent inflation data, the s...
02.16.2023 – The Response Rate Debate
As financial markets digest the latest economic data pointing to resilient consumer spending, durable labor market strength and chronically high infla...
02.09.2023 – As the Curve Flattens
In what has become a familiar pattern during several, post-FOMC meeting new conferences over the past year, seemingly dovish comments delivered by Fed...
02.02.2023 – Dovish Fed Redux?
Federal Reserve Chairman Powell surprised investors and markets yesterday with a curiously dovish set of comments regarding goods disinflation and loo...
01.27.2023 – Fed Action and M2 Contraction
As those regular readers of this publication will know, we have long lamented the meteoric rise in money supply and the excess inflation created by ex...
01.20.2023 – Has Retail Sailed?
This week’s economic data was headlined by Producer Price Index (PPI) and Retail Sales releases for December, which revealed further disinflation in...
01.13.2023 – Third Time’s A Charm?
This week’s Consumer Price Index (CPI) data revealed a third, consecutive month of moderating prices as the cumulative effects of 425 basis points of...
01.06.2023 – New Year’s Bounce
Both stock and bond markets rallied to start 2023 as investors look forward to the end of the most aggressive FOMC tightening in over 40 years amidst...