Recent Commentaries

Heartbreaker, your time has come

I made a conscious decision to lie low during the month of April, writing only one commentary. I felt that during the first quarter of 2022 I had written more than enough on the idea that excessive Fed hawkishness would lead to stresses for risk assets. And there was...

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The inflation killing fields

The Q1 2022 CPI prints are now in the books; and for the Fed, they leave an ugly mark on an otherwise stellar 40-year record of inflation slaying. The numbers for the last three months accelerated aggressively, coming in at 0.6%, 0.8%, and a whopping 1.2%,...

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