Alhambra Investment Partners, LLC

The thing about R* is mostly that it doesn’t really make much sense when you stop and think about it; which you aren’t meant to do. It is a reaction to unanticipated reality, a world that...

Give stimulus a chance, that’s the theme being set up for this week. After relentless buying across global bond markets distorting curves, upsetting politicians and the public alike, central...

Revisions to second quarter GDP were exceedingly small. The BEA reduced the estimate by a little less than $800 million out of nearly $20 trillion (seasonally-adjusted annual rate). The growth rate...

In January 2018, Bill Gross was at it again. Famous for being the longtime public face of PIMCO, he’d acquired as much notoriety for being the boy who cried bear. By the way he talked and by...

The yield curve’s inverted! The yield curve’s inverted! That was the news I awoke to last Wednesday on CNBC as the 10-year Treasury note yield dipped below the 2-year yield for the first...

Revised estimates from the Federal Reserve are beginning to suggest another area for concern in the US economy. There hadn’t really been all that much supply side capex activity taking place to...

Toward the end of June, Chinese RMB money markets seemed like they had weathered the worst of it. One month earlier, in late May, regulators had seized Baoshang Bank Co. sending waves of uncertainty...

Any recession still retains its inventory roots. Back when manufacturing ruled the US economy, an unanticipated buildup would be all it took to trigger one. Goods would begin stacking up on the...

The closer you are to the nuts and bolts, the details of design and operation, this view [rate cuts as stimulus] doesn’t hold. In other words, if you are operating within close proximity to the...

The problem continues to be, I’m sure, is one of perception. Economists, politicians, and mostly central bankers have been saying for years that the real economy is the one you see in the...

You can see it in the GDP numbers, even before they were revised. Globally synchronized growth was always less impressive than what it was made out to be. It’s as true overseas as in the US. The...