Recent Commentaries

Signs of Synchrony on Wall Street and Main Street

Even with all the noise in the economic data over the last four months, it is hard not to be impressed with the US payroll numbers. After losing 20m jobs in March, the US economy has regained over 9m jobs in the last three months. And after peaking at ~15% in March,...

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The REAL story

The real story in today’s market is NOT about surging Fed-induced hyperinflation risks or the dollar’s impending transformation into a Hungarian Pengő. Rather, it’s about the collapse in long-term REAL interest rates to record lows. In order to support this thesis,...

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Some quick thoughts on Powell’s presser

Aside from the obviously dovish tone on both the policy and economic outlooks, I found these points worth highlighting: There was no announced formal framework change, sadly. However, during his response to the last question from Yahoo Finance, he stated that the FOMC...

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