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On December 16, 2014, U.S. zero-interest-rate policy (ZIRP) entered its seventh year. Happy belated birthday, ZIRP!And on Wednesday, the Federal Reserve noted that it can be “patient in...
Here’s a holiday season toast to readers: may you live long enough to make life more difficult for an asset manager somewhere, the one who has to think of your longevity as a risk.Okay, that is...
Whether or not you've had time yet to plow your way through David Collum's excellent 2014 Year in Review, our annual podcast with Dave always brings additional color to light -- and this year's is no...
In the end, last week’s decline-and-rally show was another edition of the 2014 mid-month “V” spectacular. The October sink-and-soar move that had the indices falling around 10% at...
We had the “not necessarily” storm of the century in San Francisco. The following day, I went to the local gas station to top off the fuel for one of our vehicles. I noticed that the...
Regular readers know I often write about energy, and while this piece may not at first blush seem like an energy story, you'll soon see that the quest for an ample supply of energy is, in fact, at the...
Existing home sales in the US are expected to decline slightly to an annual pace of 5.25 million units in tomorrow’s update for November, according to The Capital Spectator’s median point...
Shaping the holiday week, we identify five general points that we expect to underpin the US dollar and equities. 1. Last week's events (FOMC and SNB) reinvigorated the divergence thesis that was...
-- VIX rose to a high of 25.20 on Wednesday, then retraced 67% of that rally.Partial retracements such as this are a warning that Volatility may continue to rise.The Cycles Model suggests a possible...
Market movers aheadWe expect the focus to remain on Oil price development and Russia over the coming weeks. In the US, we estimate PCE core inflation was 1.5% y/y in November: The labour market report...
Last week in Strategy: Correction mode (12 December), we highlighted that risk markets were in correction mode after a strong rally from mid-October to early December. A decline in risk assets is not...
The world market rally resumed this week with seven of the eight indexes on my watch list posting gains. China's Shanghai Composite surged 5.80% over the five sessions and is now up 15.87% for the...
The Department of Transportation's Federal Highway Commission has released the latest report on Traffic Volume Trends, data through November."Travel on all roads and streets changed by 2.6% (6.6...
Note from dshort: I've updated this series to include Wednesday's release of the November inflation data.Here's a perspective on personal income for production and nonsupervisory private employees...
Note from dshort: I've adjusted this commentary to include the inflation data released on Wednesday.Here is a look at two key numbers in last week's monthly employment report for November: Average...