JANUARY’S JOBS DATA SURPRISED ON THE UPSIDE
January’s jobs data vastly exceeded estimates as non-farm payrolls rose by 467,000—a three month high—while average hourly earnings also ...
07 February, 2022
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A QUIET DAY
Trading was relatively quiet yesterday given that it was Veterans Day. Even though the Treasury market was closed, the narrative is ...
12 November, 2021
BEIGE BOOK CHARACTERIZES THE ECONOMY AS EXPANDING AT A MODEST OR MODERATE RATE
The Beige Book or the statistical compilation utilized at the upcoming Fed meeting characterized the economy as expanding at a...
21 October, 2021
A QUIET DAY
It was a relatively quiet day as prospects for a stimulus deal remained elusive while COVID cases increases. The NASDAQ closed nominally higher and the Dow nominally lower. Treasuries were ...
11 December, 2020
FED MEETING LARGELY A NON-EVENT
In my view the FOMC meeting was largely a nonevent. The Fed left interest rates near zero and signaled it would leave them there through at least 2023. The Committee stated ...
17 September, 2020
A BRIEF EXPLANATION OF EXCESS BANK RESERVES AND MONETARY VELOCITY
Gold is at the highest level in almost 8 years. Oil is almost $41 barrel. The yield curve is the steepest in over five years. Many, me included, believe a reason for the above is the result of the exponential increase in...
23 June, 2020
AND WE THOUGHT 2016 WAS TECTONIC??!!
The flaws and fragility of France’s and more broadly Europe’s over reliance on global supply chains, from the car industry to smart phones and pharmaceuticals has been exposed. We must question this interdependence and the
...
16 June, 2020
WILL THE LOCKDOWN CREATE A SIMILAR UNINTENDED CONSEQUENCE AS PROHIBITION?
Yesterday I commented about the politicization of re-opening. Several days ago, I referenced a story on Bloomberg that indicated 82% of small businesses wish to reopen. Conversely 90%...
21 May, 2020
OIL AND TRAVEL STOCKS LED THE ADVANCE
Equities led by oil and travel surged the most in about six weeks after promising early results for an experimental vaccine. Commenting about crude, China announced that its...
19 May, 2020
AS EXPECTED THE DATA IS HORRIFIC
As widely expected April’s economic data is horrific. Retail sales and factory output registered the steepest declines on record. Retail sales fell 16.4% and industrial production plunged ...
18 May, 2020