January 25, 2017 Dear President Trump, It’s conceivable you are not a regular reader of these newsletters. In deference to how busy you’ve been since last Friday, I’ll resist directing…
Read More
December 26, 2016 Not long ago I had dinner in my hometown of Darien, Connecticut, with one of the best sources on the inner workings of the U.S. Treasury bond…
December 24, 2016 “Stay wary, alert and very, very nimble.” – Art Cashin Managing Director, UBS Financial Services I read Art’s letter almost every day and, boy, do I enjoy…
December 15, 2016 Bloodletting in one of the most conservative investments. All kinds of things are now happening in the world of bonds that haven’t happened before. For example, authorities…
December 10, 2016 Today we discuss the largest wholesale funding market in the world, the eurodollar market, and how its “normal” form of functioning has dramatically changed, causing all manner…
December 14, 2016 “Government is a just execution of the laws, which were instituted by the people for their people’s preservation: but if the people’s implements, to whom they have…
November 28, 2016 The rout in the bond market appears to have gotten the attention of central bankers. Recent actions and announcements by the ECB and BOJ suggest central banks…
December 8, 2016 Albert Edwards is worried, very worried. This may not be atypical for Societe Generale’s perma-, über-bear, as he has been concerned about the state of the global…
December 3, 2016 What the recent strength of the dollar means for the global economy. WHEN economic historians look back on the years following the global financial crisis, they might…
