Recent Commentaries

Cement in the toilet

During the GFC, as foreclosures and evictions skyrocketed, angry homeowners began to take out their frustrations directly on their residences. Many folks never really understood the 2/28 or 3/27 pay-option ARM mortgage contracts into which they entered. And when the...

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The Handoff

The price action since last Monday, after the Pfizer vaccine announcement, has offered up a courtside seat for what’s in store during the upcoming recovery phase of this cycle. Even though it will be a few quarters until the needles start pricking, forward-looking...

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A hard center, an easy Fed, and a firm labor market

Here are a few quick thoughts on the election, the Fed, and payrolls: 1. While there still exists plenty of election uncertainty, the main takeaway is that radicalism on all sides appears to have been repudiated. Republicans are almost certain to keep the Senate and...

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