How will September’s jobs data be interpreted? Until this week, the data was consistently surprising on the upside suggesting an economy expanding around a 2.5% to 2.75% pace. However earlier in the week both the ISM Manufacturing Index and the ISM Non-manufacturing Index...

Nervousness is rising in many dimensions. The markets are beginning to discount the possibility that Elizabeth Warren could become the Democratic nominee given the issues surrounding both VP Biden and Senator Sanders....

Wow! Yesterday was a volatile day. Commenting first upon the sovereign debt market, global sovereign debt markets were roiled by Japan’s announcement that it may stop purchasing its debt because of negative yields and begin purchasing “other debt.”...

The S & P 500 slid for the fourth time in five sessions. Equities were initially flat with attention focused on the impeachment drama until the announcement that the US is unlikely to extend a waiver allowing American firms to supply China’s Huawei Technologies....

Is there a liquidity crisis? Yesterday’s repo auction was oversubscribed by a factor of two. However yields did not spike. The Fed is providing the necessary liquidity, operating in its most foremost capacity of being the “banker’s banker,” the lender of last...

Yesterday was an uneventful day. The repo market operated flawlessly. Equites were essentially flat. Treasuries were nominally higher. Crude was positive. Domestic economic data continued to demonstrate strength...