Federal Reserve

Rally! Do You Believe?

March 14, 2012

Do you believe the economic recovery is real and sustainable? Those are really two questions, and we suppose someone will want to parse our definition of “real.” The [...]

One More Year?

January 5, 2012

Federal Reserve intervention in the economy has profound implications for not only the prices of goods and services, but also financial assets. The Fed has kept the Fed Funds [...]


May 25, 2011

The Marx Brothers had a song about painless dentistry. It went something like “Herman is the painless dentist/ Of his painless work we sing/ When he drills or hammers at [...]

Mardi Gras Is Over?

March 9, 2011

At 6:00 most mornings, I check business headlines, futures, overnight trading in Asia, the 10 year Treasury, and the dollar. This morning I was greeted by this headline, [...]