Markets have shown to advance and move forward in the face of a “wall of worry”. Walls of Worry come in many forms, but most often they look like excessive... read more →
2020 was about COVID and the scientific search for a vaccine. 2021 was about quasi-reopening of the global economy and too much fiscal and monetary stimulus here in the USA... read more →
Today marks the 3-year anniversary of the COVID market low: March 23, 2020. Three years ago today, mankind, civilization and global markets were reeling from the onset of COVID. The... read more →
Over the course of the past 24hrs, odds have dramatically increased that the Fed will hike by +25bps at 2pm today. 2y UST yields two weeks ago were 5.2%. Those... read more →
The events of the past 10 days – including the collapse of Silicon Valley Bank and the extraordinary measures enacted by the Fed to protect/quasi guarantee deposits of any shape... read more →
The death of the nation’s 16th largest bank was both swift and shocking and the events of the past few days as it relates to the bank run that went... read more →
Retail sales remain strong, unemployment claims remain low, and broadly speaking economic growth as measured by consumption and GDP is solid. That’s the good news. The bad news is that... read more →
Three years ago, this week, the world was hit by the onset of the COVID pandemic. Levels of serious illness started to spike and global markets recoiled accordingly. That truly... read more →
Supply and demand drives inflation, including the supply and demand of money itself. Why did inflation spike in early 2022? Because we had record money supply growth in BOTH 2020... read more →
Yesterday’s CPI inflation data notes an economy that still has elevated inflation, but the trajectory of inflation is cooling and cooling very quickly. Core CPI excluding shelter costs was up... read more →
