Obviously, all market attention has shifted focus to the fallout from the SVB receivership announcement on Friday and the Fed/Treasury response this evening. This failure marks the first potential systemic risk to arise from the Fed's tightening. And the SBNY...
I have had some truly exceptional discussions with clients over these past few weeks. This notion that monetary policy tightenings do not pack the same punch as they used to because of the legacy effects from QE losses has caught a lot of attention. And as I...
During this past week, while seeing clients in Europe, I had a revelation. It was one of those “lightbulb above the head” moments where I thought to myself, “How could I have not seen this before??” It kept me up quite late for a couple of nights as I worked through...
Last week, Jay took what I would call a mini victory lap. It was not some sort of politically pressured Burnsian policy pivot forced on him by the administration or Congress. Rather, it was a subtle, but aggressive, premeditated attack on all those demand-side...
