Markets

Eurodollar University’s Making Sense; Episode 19, Part 3: Gold, Dollars, and Bonds, Oh Yes

By |2020-07-31T15:42:14-04:00July 31st, 2020|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

----------WHERE---------- AlhambraTube: https://youtu.be/QjYJSF28W5QApple: https://apple.co/3czMcWN iHeart: https://ihr.fm/31jq7cI Castro: https://bit.ly/30DMYza TuneIn: http://tun.in/pjT2Z Google: https://bit.ly/3e2Z48M Spotify: https://spoti.fi/3arP8mY Castbox: https://bit.ly/3fJR5xQ Breaker: https://bit.ly/2CpHAFO Podbean: https://bit.ly/3enSAkr Stitcher: https://bit.ly/2C1M1GB Overcast: https://bit.ly/2YyDsLa PocketCast: https://pca.st/encarkdt PodcastAddict: https://bit.ly/2V39Xjr   ----------WHO---------- Twitter: https://twitter.com/JeffSnider_AIP Twitter: https://twitter.com/EmilKalinowski Art: https://davidparkins.com/ Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, slowing it way down à la Major Marquis Warren.  Artwork by David Parkins, descendant of Arthur Eld ancient King of All-World.   Podcast intro and outro is [...]

It Was Bad. The End. (not quite)

By |2020-07-30T18:33:04-04:00July 30th, 2020|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

If that wasn’t the most anticlimactic worst economic quarter in history. The numbers were just as bad as people were expecting – which is the point. It’s not like this economic collapse snuck up on anyone, nor did its scale and depth. We’ve all known from the very beginning what the deal was going to be. Headline real GDP fell [...]

Eurodollar University’s Making Sense; Episode 19, Part 2: Gold, Dollars, and Bonds, Oh Crap

By |2020-07-29T19:25:23-04:00July 29th, 2020|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

----------WHERE---------- AlhambraTube: https://youtu.be/QjYJSF28W5QApple: https://apple.co/3czMcWN iHeart: https://ihr.fm/31jq7cI Castro: https://bit.ly/30DMYza TuneIn: http://tun.in/pjT2Z Google: https://bit.ly/3e2Z48M Spotify: https://spoti.fi/3arP8mY Castbox: https://bit.ly/3fJR5xQ Breaker: https://bit.ly/2CpHAFO Podbean: https://bit.ly/3enSAkr Stitcher: https://bit.ly/2C1M1GB Overcast: https://bit.ly/2YyDsLa PocketCast: https://pca.st/encarkdt PodcastAddict: https://bit.ly/2V39Xjr   ----------WHO---------- Twitter: https://twitter.com/JeffSnider_AIP Twitter: https://twitter.com/EmilKalinowski Art: https://davidparkins.com/ Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, slowing it way down à la Major Marquis Warren.  Artwork by David Parkins, descendant of Arthur Eld ancient King of All-World.   Podcast intro and [...]

That’s Probably Why Only Half a “V”

By |2020-07-29T19:19:39-04:00July 29th, 2020|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Why only half a “V?” If the latest PMI’s are anywhere close to accurate, and they don’t have to be all that close, then the production side of the economy may have stalled out somewhere nearer the trough of this contraction. The promise of May’s big payroll report surprise has dissipated in more than just the bond market. This isn’t [...]

OMG The Dollar!!!

By |2020-07-29T17:37:12-04:00July 29th, 2020|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The way you hear it nowadays, the dollar just can’t catch a break. If it’s not a load of “V’s” indicated by some obscure data point (like the otherworldly spike in US home ownership levels), then it is Jay Powell who is clearly gunning for the US currency. He can’t kill it fast enough, having had more than enough of [...]

The Fastball Behind Strike 3

By |2020-07-28T19:26:54-04:00July 28th, 2020|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

For a brief few weeks, reopening euphoria gripped the bond market. Well, not the bond market exactly, it was limited to the commentary surrounding a minor back up in nominal yields. Really, not much. This culminated in the May 2020 payroll report which was released on June 5. That was the one which “surprised” everyone because, apparently, nobody pays attention [...]

Strike 1: Gold; Strike 2: Dollar; Strike 3: Inflation Expectations

By |2020-07-28T17:33:47-04:00July 28th, 2020|Markets|

When people accuse the Federal Reserve of anything when it comes to inflation, they say the central bank is cooking the books to hide it. Back in 2000, for example, monetary observers were aflutter as policymakers shifted away from the CPI and to the PCE Deflator as their ultimate standard for broad consumer price behavior. The bastards, the latter widely [...]

Would The Real Dollar Please Stand Up

By |2020-07-27T19:46:53-04:00July 27th, 2020|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

On December 3, 2015, Europe’s central bank, the ECB, supposedly disappointed markets especially those trading European equities. Losses were large because Mario Draghi’s gang of policymakers merely extended its first QE rather than accelerating the pace of purchases. Investors, such as they were, had been told to expect more than that. To make matters worse, according to the mainstream narrative, [...]

A Tactical Update: Whither Goest The Dollar

By |2020-07-27T16:17:46-04:00July 27th, 2020|Alhambra Portfolios, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

Our Fortress strategic asset allocation includes 5 distinct asset classes: The Fortress allocation has historically produced better risk-adjusted returns than the traditional 60% stocks/40% bonds allocation. The bond allocation is varied to adjust the risk of the portfolio. A Fortress allocation with 20% bonds has produced a higher return with lower standard deviation (volatility) than the 60/40 portfolio. In a [...]

Eurodollar University’s Making Sense; Episode 19, Part 1: Gold, Dollars, and Bonds, Oh My

By |2020-07-27T15:06:23-04:00July 27th, 2020|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

----------WHERE---------- AlhambraTube: https://youtu.be/QjYJSF28W5QApple: https://apple.co/3czMcWN iHeart: https://ihr.fm/31jq7cI Castro: https://bit.ly/30DMYza TuneIn: http://tun.in/pjT2Z Google: https://bit.ly/3e2Z48M Spotify: https://spoti.fi/3arP8mY Castbox: https://bit.ly/3fJR5xQ Breaker: https://bit.ly/2CpHAFO Podbean: https://bit.ly/3enSAkr Stitcher: https://bit.ly/2C1M1GB Overcast: https://bit.ly/2YyDsLa PocketCast: https://pca.st/encarkdt PodcastAddict: https://bit.ly/2V39Xjr     ----------WHO---------- Twitter: https://twitter.com/JeffSnider_AIP Twitter: https://twitter.com/EmilKalinowski Art: https://davidparkins.com/ Jeff Snider, Head of Global Investment Research for Alhambra Investments with Emil Kalinowski, slowing it way down à la Major Marquis Warren.  Artwork by David Parkins, descendant of Arthur Eld ancient King of All-World.   Podcast intro and outro [...]

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