Last week President Trump nominated the head of his Council of Economic Advisors, Stephen Miran, to fill a vacant seat on the board of the Federal Reserve. Miran will fill the seat recently vacated by Adriana Kugler but supposedly only to complete her term, which ends on January 31st, 2026. I say supposedly because I suspect that he'll be there [...]
When the June employment figures were released last month, I said there was likely a seasonal adjustment problem with the numbers and that a large part of the government jobs supposedly created would likely be revised away. The employment report was reported as better-than-expected but the details weren’t as positive. Of the total of 147k new jobs reported, only 74k [...]
So if you think your life is complete confusionBecause you never win the gameJust remember that it's a grand illusionAnd deep inside we're all the sameWe're all the same So if you think your life is complete confusionBecause your neighbors got it madeJust remember that it's a grand illusionAnd deep inside we're all the same Styx, The Grand Illusion Money [...]
Jerome Powell's tenure as the Chairman of the Federal Reserve has ended. Not literally, of course, because apparently Scott Bessent has, for now, talked President Trump out of firing him. But despite that reprieve, there are now several Chairmen of the Federal Reserve, none of them named Powell. He is the lamest of ducks. A lame duck, literally, is a [...]
Last week President Trump announced, via a letter posted on his social media site, that products from Brazil would face a 50% tariff, starting August 1st, due to their treatment of former President Jair Bolsonaro, who is on trial for trying to overturn his 2022 election loss. The President also cited Brazil's treatment of US social media companies, which the [...]
The first half of this year saw a lot of old trends turned upside down. Foreign stocks outperformed US stocks, gold had its best first half performance since 2007 and the dollar its worst start to a year since 1973. It was that year that the Bretton Woods system of fixed exchange rates breathed its last. It had started to [...]
If, at the beginning of the year, anyone had predicted what actually happened in the first half of 2025, they would have been ridiculed and dismissed as delusional. If you were told that... Between January and April, the average US tariff rate will rise from 2.5% to 27% Among the Trump administration's first moves on trade will be to impose [...]
Note: I wrote most of this commentary prior to the US strike on Iran and I decided to go ahead with it anyway. I don't know any more than you do about what is going on in the Middle East and trying to predict what will happen in the coming days and weeks is a fool's errand. We have a [...]
Oil jumped 7.5% last Friday in the wake of the Israeli attack on Iran but the reaction in most other markets was surprisingly muted. The dollar, which normally catches a bid in these situations, was up just 0.27% and US Treasuries actually sold off on the news. Gold was the preferred safe haven this time, up 1.4% on the week. [...]
In about five weeks, the pause on President Trump's "liberation day" tariffs will expire. So far, the US has come to an agreement, of sorts, with exactly one country - the UK. That outline of an agreement so far doesn't mean anything because the full terms haven't been agreed to nor implemented. In other words, we don't yet have a [...]
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