In our latest piece we look at the ECB’s overkill and all manner of possible over-valuations at work in different markets around the world – the two not being entirely unconnected, the reader might note! Continue reading
Some readers may be interested in putting a voice – and even a face – to the author. Below are links to three recent audio-visual publications in which I discuss US & Chinese macro as well as the interrelations between the three great asset classes of stocks, bonds, an commodities. Following on is a wider sampling of my views. Continue reading
In her recent set-piece testimony before Congress, Janet Yellen made clear that she is determined to repeat the sort of ‘gradualism’ in raising rates that proved so disastrous after the Tech bust. In other words, that she will not so much boil the frog slowly as encourage him to go out and make a further raft of foredoomed, highly-leveraged investment decisions before he realises he’s been cooked.
Falling returns in the US. Tight money in China. An upswing in Japan. Deflation in India. Gold goes cold. Fretting the Fed on falling CPI and a flattening curve? No need to panic, just yet.
Please click for the latest Monitor.
The new M4 is here.
Tech tremors, Musk magic and a rich US equity market. Ex-energy to give it some gas? The pounded sterling and taking aim at the TARGET. Latest thoughts to be had by clicking on the link.
The latest edition can be had here:-
Including a look at Japanese equities, the US dollar & sterling, the latest US data round, the significance of yield curves, and misconceptions about monetary ‘velocity’.
Courtesy of Cantillon Consulting
After a hiatus of several months, I have resumed publication of the newly-titled ‘Money, Macro & Markets Monitor‘ under the auspices of Cantillon Consulting.
Please click the link for a complimentary copy:- 17-05-25 M4 No 1
Reuters’ story that SAFE told its banks they should be as obstructive as possible in meeting customer demands for foreign currency, but should absolute not divulge the reason why, certainly succeeded in causing a stir in markets. Continue reading
Amid the relative torpor of the US holiday, it might be the moment to wax a little philosophical and ask if you, the listener, have ever noticed that so much of what passes for economic wisdom today involves the persistent overuse of the word ‘uncertainty’? Continue reading
As what will be an interval greatly shortened by the Thanksgiving Day holiday dawns, traders and investors seem happy to continue where they left off on Friday, buying stocks, selling currencies, and giving bonds a fairly wide berth.
A little respite would not be entirely unwelcome after a period in which we have experienced record setting moves and switches of positioning in the likes of copper – where the latest numbers from the regulator show the non-commercials now boast a tally of net longs only once briefly topped – and that way back in 2003. Continue reading