Recent Commentaries

Spoos and ????

Imagine you found yourself back in time on 4-Jan-2021, the opening day for markets last year. At that time the headline CPI was 1.1%, real GDP growth was -2.8%, and the unemployment rate was 6.7%. There were also 9.7 million fewer jobs in the economy than at the...

read more

A long way from the Fed put strike

With the Fed nomination saga and trading scandal now behind us, the risks surrounding monetary policy (mis)communications have dissipated sharply. And to be sure, with his political shackles removed, Jay was in top form at last week’s presser. He presented a hawkish...

read more

Asset prices speak the truth, economists not so much

Spoos just off record highs, 10yr notes sub-1.50%, and 5y5y breakevens at 2.10% all imply that the current inflationista narrative is a complete sham. This crackpot notion that the Fed is way behind the curve, that they have made a colossal mistake by remaining too...

read more
error: Content is protected !!