Alhambra Investment Partners, LLC

On November 14, 1939, Israel Amter thundered to his large gathered audience that Josef Stalin was “the greatest leader and statesman of our time.” Not content with one mere exaggeration,...

The nominal CMT yield on the benchmark 10-Year US Treasury note hit its low on July 8 last year. It’s debatable, of course, as to what turned it around; I think “reflation” from...

The incoming economic data hasn’t changed its tone all that much in the last several years. The US economy is growing but more slowly than it once did and we hope it does again. It is...

Five days ago, the Bank for International Settlements (BIS) published its Quarterly Review letter. Contained within it were the usual articles and releases of data that accompany every issue. There...

Given that yesterday started with a review of the “dollar” globally as represented by TIC figures and how that is playing into China’s circumstances, it would only be fitting to end...

Sometimes you just have to laugh. A lot has been made on the inside of LIBOR’s assumed demise. The suite of interest rates is not being discontinued really, merely relegated to the backbench. As...

Eleven days ago, we asked a question about Treasury bills and haircuts. Specifically, we wanted to know if the spike in the 4-week bill’s equivalent yield was enough to trigger haircut...

The University of Michigan reports that consumer confidence in September slipped a little from August. Their Index of Consumer Sentiment registered 95.3 in the latest month, down from 96.8 in the...

Of all the countries around the world impacted by the “rising dollar”, Brazil got the worst of it, at least out of the major economies. What Brazilians have experienced over the past four...

This update will be a bit shorter than usual. I’m in Miami awaiting Hurricane Irma. As of now, it looks like the eye of the storm will make landfall near Key West and continue west of us with...

Everyone is now a euro watcher. The European common currency’s exchange value against the dollar has been on the rise, to put it mildly. Despite decades of declaring floating currencies the...

The Bank of Canada “raised rates” again yesterday, this time surprising markets and economists who were expecting more distance between the first and second policy adjustments. The central...

In 1993, Stanford economist John B. Taylor wrote an influential paper that introduced the economics profession (statisticians, almost all) to what was later called the Taylor Rule. The need for such a...

It’s hard not to put all emphasis on missile tests and other serious forms of sabre rattling. Even doing so, as the bond market may be doing right now, however, misses the underlying. Everything...

The first few days of any calendar month are now flooded with PMI data. Mostly due to Markit’s ongoing and increasing partnerships, we now have access to economic or business sentiment from and...

Of all the high frequency data the Personal Savings Rate is probably the least reliable. It is subject to both regular and benchmark revisions that can change the estimates drastically one way or the...