Alhambra Research

Weekly Market Pulse: The Return of Tariff Man

By |2025-10-13T06:30:13-04:00October 12th, 2025|Alhambra Portfolios, Alhambra Research, Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Newsletter, Stocks, Taxes/Fiscal Policy|

You knew something had to shatter the calm. The market had become too complacent, making money was too easy lately. It has been 27 trading weeks since the last big tariff announcement - Trump's "liberation day" when he announced reciprocal tariffs on the entire world last April - and in 17 of those weeks, the S&P 500 traded higher, a [...]

Monthly Macro Monitor: Status Quo

By |2025-10-08T10:40:17-04:00October 7th, 2025|Alhambra Research, Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Newsletter|

There has been a lot of change in economic - and other - policies this year but not much change in the economic outlook. We've had a large tax hike in the form of import taxes (tariffs), a comprehensive tax and spending bill, a DOGE attack on various government departments, more government employee layoffs than has ever happened in one [...]

Weekly Market Pulse: No Data, No Problem

By |2025-10-06T07:21:04-04:00October 5th, 2025|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Markets, Newsletter, Real Estate, Stocks|

The federal government shut down last week so we didn't get the monthly employment report last Friday and I think that may be the best news investors have gotten all year. I expect a lot of government generated economic reports to be missed during the shutdown, which I think could drag on a lot longer than previous versions. With the [...]

Weekly Market Pulse: The Most Interesting Chart In The World

By |2025-09-29T08:07:49-04:00September 28th, 2025|Alhambra Portfolios, Alhambra Research, Commodities, Currencies, Economy, Markets, Newsletter, Stocks|

The price of gold set an all-time record last week, with futures trading over $3800 and spot prices just a bit less. The new price high was also an inflation-adjusted all-time high, breaking the previous record set in 1980 of about $3500 in today's dollars. The most important question facing investors today is this: why has gold more than doubled [...]

Weekly Economic Pulse: A Goldilocks Rate Cut

By |2025-09-25T07:47:05-04:00September 24th, 2025|Alhambra Research, Economy, Federal Reserve/Monetary Policy, Markets, Newsletter|

The Federal Reserve cut their target for the federal funds rate by 25 basis points last week due to concerns about labor market weakness. Job creation has certainly been weak the last 3 or 4 months but that is largely due to the uncertainty created by the Trump administration's  haphazard implementation of their economic program. Well, not entirely. It is [...]

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