Recent Commentaries

Fiscal Fantasyland

From late 1989 to early 1992 the Nikkei dropped from 38,916 to 14,820, or 61.9%. This pop of the Japanese stock market bubble (along with an ensuing collapse in economic activity) brought with it emphatic calls for aggressive fiscal and monetary stimulus....

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More dissents & more disappointments

Botched FOMC guidance last Wednesday set the tone for this recent bout of risk-off. And to add insult to injury, incongruous statements by various Fed officials this week only exacerbated the move. Since the FOMC meeting, spoos are down 150 points, gold is down $110...

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Dissent and Disappointment

I’ll start today where I ended Tuesday’s note: “... we should seriously consider the possibility that this meeting could have more room for dissent and disappointment than is readily apparent.” Well, there is no doubt that this FOMC meeting brought with it both...

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