- Monetary Policy
“King Dollar” Is Losing Its Luster
Dec 18, 2020Read MoreFollowing several years of relative strength, the US dollar has weakened rather precipitously since the early stages of the coronavirus outbreak. While many e…
- Economics
Tracking Prices
Dec 10, 2020Read MoreEver wonder what a massive economic shock does to price levels? The answer is not always clear. Depending on the nature of the crisis, there can be a wide vari…
- Stock Market
Relief For Banks
Dec 3, 2020Read MoreLong-term interest rates are rising. The current yield on the 10-year Treasury note is 0.96%, which is its highest level since mid-March. Short-term interest r…
- Investment StrategyStock Market
Leadership Change, In More Ways Than One
Nov 25, 2020Read MoreIn last week’s Market Commentary, I talked about the fact that the market value of the S&P 500, at about 21.7x the consensus earnings estimate for 2021, ha…
- Stock Market
How Expensive Is the Market?
Nov 19, 2020Read MoreThe stock market has blasted into record territory following encouraging news about COVID-19 vaccine candidates. At its current level of 3,613, the S&P 500…
- EconomicsInvestment Strategy
Hit ‘Em Where They Ain’t
Nov 12, 2020Read MoreGenerally speaking, the developments over the past couple of weeks have been received positively by investors…VERY positively. As I write, the S&P 500 is u…
- Economics
What Are the Markets Telling Us?
Nov 4, 2020Read MoreAnyone who stayed up past about 11:00 last night watching the election returns knows that the polls pretty much got it wrong . . . again. The much-vaunted “bl…
- Investment Strategy
The New Market Bubble
Oct 31, 2020Read MoreMarket bubbles are always a surprise and always expected. They build in plain view, and ignoring them requires greater and greater effort as they inflate. Onlo…
- Economics
Tallying It Up
Oct 22, 2020Read MoreThe word “trillion” is thrown around quite casually these days in Washington. Hearing members of Congress go back and forth using such massive denominations i…
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