Alhambra Research

SPECIAL REPORT: It Was The Eurodollars All Along

By |2019-11-13T06:43:50-05:00November 13th, 2019|Alhambra Research, Economy, Markets|

The Global Financial Crisis of 2008 was felt far and wide, in places with no connection at all to the US mortgage market. That is, or should be, a clue that the crisis wasn’t really about sub-prime mortgages at all. There were places, though, that avoided much of the turmoil. One of the oddest and unexpected might be Argentina, a [...]

Monthly Macro Monitor: Doom & Gloom, Good Grief

By |2019-10-23T15:08:21-04:00October 10th, 2019|Alhambra Research, Markets|

When I first got in this business oh-so-many years ago, my mentor told me that I shouldn't waste my time worrying about the things everyone else was worrying about. As I've related in these missives before, he called those things "well-worried". His point was that once everyone was aware of something it was priced into the market and not worth [...]

SPECIAL REPORT: Money Market Turmoil

By |2019-10-08T16:03:17-04:00October 8th, 2019|Alhambra Research, Economy, Federal Reserve/Monetary Policy|

Jeffrey Snider's Follow The Money Series: Money Market Turmoil On Monday, September 16, funding markets came under significant pressure. In repo, the GC rate (UST) jumped to 2.876% from 2.288% the Friday before. Repo rates and other money rates like federal funds had been elevated already but this 60-basis point move was highly unusual. Our Special Report on the Money [...]

Monthly Macro Monitor: Market Indicators Review

By |2019-10-23T15:08:22-04:00August 29th, 2019|Alhambra Research, Bonds, Commodities, Currencies, Markets|

This is a companion piece to last week's Monthly Macro report found here. The Treasury market continues to price in lower nominal and real growth. The stress, the urgency, I see in some of these markets is certainly concerning and consistent with what we have seen in the past at the onset of recession. The move in Treasuries is by [...]

Hedgeye Podcast: One-On-One With Joe Calhoun

By |2019-08-27T12:08:30-04:00August 27th, 2019|Alhambra Research, Economy, Federal Reserve/Monetary Policy|

Our very own Joe Calhoun, founder and CEO of Alhambra Investments, was invited to feature on Hedgeye's 20th episode of In the Arena. He joins Hedgeye's Daryl Jones in a lively discussion on the current investing landscape and hurdles facing the U.S. economy:

Monthly Macro Monitor: Does Anyone Not Know About The Yield Curve?

By |2019-10-23T15:08:22-04:00August 21st, 2019|Alhambra Research, Bonds, Markets|

The yield curve's inverted! The yield curve's inverted! That was the news I awoke to last Wednesday on CNBC as the 10 year Treasury note yield dipped below the 2 year yield for the first time since 2007. That's the sign everyone has been waiting for, the definitive recession signal that says get out while the getting is good. And [...]

Monthly Macro Monitor: Market Indicators Review

By |2019-10-23T15:08:23-04:00July 19th, 2019|Alhambra Research, Bonds, Commodities, Currencies, Economy, Markets|

The markets we use to monitor the economy (and those that influence it, which amounts to the same thing) have been tracking an economic slowdown since the 4th quarter of last year. That's when interest rates, real and nominal, long term and short term, started to decline, credit spreads started to widen and the copper to gold ratio started to [...]