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I am ardent believer in the phrase it is not what one does but rather why one does it. I am also an ardent believer in the philosophy that norms and means are significant and are important to understand where one might be going...

Equities and oil advanced and Treasuries plunged as the odds of a trade deal continue to rise. Bloomberg writes that the 11 basis points rise in the 10-year is a “three sigma” event ...

Life is stranger than fiction. Saudi Arabia says attacks were “unquestionably” sponsored by Iran; an attack that caught all flat footed and was thought impossible. As noted the other day, this is a massive escalation, perhaps on the same level as the Iraqi...

Earlier in the week I commented President Trump controls the trade news cycle, writing all he has to do is tweet and immediately change the narrative. Yesterday markets were going to open on their back foot until the President sent a tweet about ...

Yesterday a veteran market professional commented “experience and common sense seem to be useless commodities in the world today.” I cannot agree more with this statement especially regarding the amount of negative interest rate debt outstanding…$12.5 trillion. The amount of negative real interest rate debt...

Always expect the unexpected. Late last week the 10 year Treasury traded to a 2.07% yield down from a 3.23% yield registered in late November. According to the WSJ, the lowest 2019 projected yield from a late 2018 survey of the largest Wall Street firms...