Global Asset Allocation Update
I've put off this update as long as I can now, waiting for some clarity, a change in our indicators that might suggest a change to the portfolio. Alas, despite a Fed meeting, a BOJ [...]
What Actually Is Transitory
The end of the week finds the initial release of “flash” PMI readings across much of the world. In what will be surprising only to economists and policymakers, the commonality is “slowing.” It is never [...]
…And The Treasury Market Is Trying Very Hard To Kill The Legend
As noted earlier today, the bond market is not truly a mystery or middle. In very simple terms that even Alan Greenspan might be able to understand, rising inflation and economic opportunity are reflected in [...]
We Are Stuck In Depression Until The Legend Of The ‘Maestro’ Finally Dies
Alan Greenspan is confused - again. The man who admitted to the world a decade ago he didn’t know much if anything about interest rates is now trying to change that reputation by suggesting yet [...]
Lack of Resale Inventory Further Points To ‘Something’ Changed
The pace of new home sales fell again in August according to the National Association of Realtors. On a seasonally-adjusted annual basis, the rate of resales registered 5.33 million compared to 5.38 million in July [...]
Like Everything Else, History Repeats (Almost Exactly) Because Power Truly Corrupts
With both the Bank of Japan and Federal Reserve today undertaking policy considerations at the same time, it is useful to highlight the similarities of conditions if not exactly in time. As I wrote this [...]
Yellen’s Words Are Irrelevant; ‘It’ Is In Her Numbers
There is absolutely no need whatsoever to pay any attention to what Janet Yellen says. There is even less call for parsing the increasingly ridiculous FOMC statement, particularly with regard to inflation where it will [...]
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