Alhambra Investment Partners, LLC

Germany’s Federal Statistical Office (DeStatis) reported today disappointing figures for Industrial Production. The seasonally-adjusted series fell in June 2017 month-over-month for the first...

If the economy this year is like it was in 2014, the latest payroll report is moving in that direction. As has been the case since that time, the Establishment Survey will typically estimate two good...

It is often said that the market for US Treasuries is the deepest and most liquid in the world. While that’s true, we have to be careful about what it is we are talking about. There is no single...

Total construction spending fell considerably in June 2017, according to Census Bureau estimates released yesterday. Seasonally-adjusted, layouts for new construction declined by 1.3% from May....

In December 2015, automakers were still riding high. Auto sales that year were to be another record, both in terms of units as well as dollars. Americans had spent about $437 billion on new vehicles...

In the midst of revisions season, everything is up for re-evaluation. Some end up as big changes, others mere footnotes. A lot has been revised (lower) about the past few years, particularly...

Activist hedge fund manager Bill Ackman succeeded in 2013 in ousting Procter & Gamble's (NYSE:PG) CEO Bob McDonald. It was noteworthy at the time because the company issued a strange memo...

Real Gross Domestic Product expanded by 2.54% in Q2 2017, below most estimates including the final one from the Atlanta Fed’s GDPNow model. That latter method was close once again in its final...

I suspect President Trump has been told that markets don’t like radical changes. If there is one thing that any elected official is afraid of, it’s the internet flooded with reports of...

The TIC data for May was inconsistent. It has been that way for several months, and importantly describes what I think is the operative “dollar” condition. Though the data is several...

Updated statistics from the People’s Bank of China shed some light on changing money conditions in RMB. The Big 4 State-owned banks have been the primary liquidity conduit for all policies and...

In a report released last week, the Bureau of Labor Statistics (BLS) found that Multi-Factor Productivity rose in only 21 of the 86 categories of the manufacturing industry in 2015. Unlike labor...

Part of “reflation” was always going to be banks making more money in money. These days that is called FICC – Fixed Income, Currency, Commodities. There’s a bunch of activities...

When the People’s Republic of China (PROC) was granted full UN status in 1971, everything was then set in motion. The successor to Chaing Kai-shek’s nationalist government in the Republic...

Why is inflation ex-food and energy considered core? Isn’t food and gas about as core as it gets for most people? Why do economists think it is important to stabilize the price of luxuries but...

There is no change to the risk budget this month. For the moderate risk investor, the allocation between risk assets and bonds is unchanged at 50/50. There are no changes to the portfolio this...