Alhambra Portfolios

Weekly Market Pulse: Currency Illusion

By |2022-11-28T09:49:07-05:00November 28th, 2022|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Markets, Real Estate, Stocks|

When we think about the challenges facing an investor today, the big problems, the things we worry about that could cause a lot more harm than some interest rate hikes, are mostly outside the United States. China is prominent this weekend because of demonstrations against their zero-COVID policies. The Chinese people appear to be pretty well fed up with the [...]

Weekly Market Pulse: I Don’t Know

By |2022-11-21T09:22:35-05:00November 21st, 2022|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks|

Is the US economy on the verge of recession? Is it already in recession? We have several indications that the US economy is slowing and at least one that points to recession soon and maybe now. From the Conference Board's release of its Leading Economic Indicators last week: “The US LEI fell for an eighth consecutive month, suggesting the economy [...]

Weekly Market Pulse: Good News, Bad News

By |2022-11-14T07:21:49-05:00November 14th, 2022|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks|

One thing I can tell you for certain about last week's big rally on Thursday and Friday: there were a lot of people who desperately wanted a good excuse to buy stocks. And buy they did after a better-than-expected CPI report Thursday morning, pushing the S&P 500 up nearly 6% on the week with all of that coming on Thursday [...]

Weekly Market Pulse: It’s Always Different This Time

By |2022-11-07T09:29:26-05:00November 6th, 2022|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks|

The FOMC met last week and did what everyone expected them to do - raised the Fed Funds rate by 0.75%. The bond and stock markets reacted not to this action but to the commentary provided by the committee in its statement and by Chairman Jerome Powell at his post meeting press conference. The former had a new phrase, a [...]

Weekly Market Pulse: Rational Optimist

By |2022-11-01T05:55:25-04:00October 31st, 2022|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks|

I have often been accused over the years of being too optimistic and I will plead guilty to having a little rose-colored tint in my glasses. I am an optimist by nature and I search constantly for good things to write about. There are more than enough people out there willing to tell you the world is coming to an [...]

Weekly Market Pulse: Did Powell Just Blink?

By |2022-10-24T06:28:12-04:00October 23rd, 2022|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks|

Did Jerome Powell blink last Friday? It was just before the market open Friday and interest rates were jumping higher, as they had all week. The 10-year Treasury yield was up to 4.33%, another 11 basis points higher than the previous close and 32 basis points higher than the previous week's close. Then, "the article" hit the front page of [...]

Weekly Market Pulse: Just A Little Volatility

By |2022-10-17T07:39:17-04:00October 16th, 2022|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks, Taxes/Fiscal Policy|

Markets were rather volatile last week. That's a wild understatement and what passes for sarcasm in the investment business. Stocks started the week waiting with bated (baited?) breath for the inflation reports of the week. It isn't surprising that the market is focused firmly on the rearview mirror for clues about the future since Jerome Powell has made it plain [...]

Weekly Market Pulse: The Real Reason The Fed Should Pause

By |2022-10-10T07:12:05-04:00October 9th, 2022|Alhambra Portfolios, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks|

The Federal Reserve has been on a mission lately to make sure everyone knows they are serious about killing the inflation they created. Over the last two weeks, Federal Reserve officials delivered 37 speeches, all of the speakers competing to see who could be the most hawkish. Interest rates are going up they said, no matter how much it hurts, [...]

Weekly Market Pulse: Jerome Powell, Tough Guy

By |2022-09-26T11:50:30-04:00September 26th, 2022|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks|

Jerome Powell wants everyone to know that he's read Paul Volcker's autobiography, "Keeping At It". He has used this phrase repeatedly since Jackson Hole, apparently believing that he needs to channel Mr. Volcker's gruff demeanor in order to get markets to do what he thinks they should do. He and others on the FOMC were not pleased with the stock [...]

Weekly Market Pulse: What Changed?

By |2022-09-19T06:29:13-04:00September 18th, 2022|Alhambra Portfolios, Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Real Estate, Stocks|

The S&P 500 fell 4.8% last week and is now down 19.4% year-to-date. Bonds were also down with yields up all across the yield curve. Gold was down 2.5% and the GSCI commodity index was down 2.3%. Rate-sensitive REITs were down nearly 6%. The list of what went up last week would be quicker: the dollar, platinum, silver, and some [...]

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