Recent Commentaries

Treetops over Weeds

Not a day goes by without a note coming through my inbox that contains a catchphrase like “in the weeds” or “under the hood” or “deep dive” or “market internals.” Now, to be sure, going for a deep dive in the weeds in order to study those market internals under the...

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BBHCs to throw their UST toys out of the pram

In the coming weeks, possibly even at this week’s FOMC meeting, the Fed is likely to indicate that it is not renewing the changes it made last year to the supplementary leverage ratio (SLR) rule for big bank holding companies (BBHCs). The original decision had...

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Inflation is never and nowhere a fiscal phenomenon

The single most famous quote by Milton Friedman is almost certainly “Inflation is always and everywhere a monetary phenomenon.” And while we have all come to accept that there are many other cyclical and structural factors besides monetary policy affecting inflation,...

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