The following pieces reflect thoughts and perspectives that we found to be insightful.
Federal Reserve policy is becoming increasingly less relevant because the central bank no longer sets interest rates - the bond market does....
Read ArticleMonetary policy regime change has led to a new and complex set of investment risks, suggesting that investors are better served by active investment strategies....
Read ArticleThe Covid-19 shock and subsequent economic restart brought on supply constraints not seen for decades. Central banks must either accept higher inflation or be prepared to destroy demand across the economy to ease supply constraints in one part of it....
Read ArticleThe relative weakness in secular growth stock fundamentals exemplified by their terrible relative revisions is nearing an end....
Read ArticleThe Federal Reserve's guidance continues to be the most accommodative on record. Keeping emergency settings after the Covid emergency has passed carries bigger risks for the Fed than missing its inflation target by a few decimal points....
Read Article"It's possible, in fact probable, that all this stimulus is still going to be in place, and frankly increasing, just when we unleash the biggest increase in pent-up demand globally we've had maybe since the 1920s, which could make the world look extremely different than it looks today."...
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