Commentary

What are JGBs Trying to Tell Us?

Yields on 10-Year Japanese Government Bonds have fallen by about a third over the past two weeks, as shown in the chart below.

Commentary

What are JGBs Trying to Tell Us?

Yields on 10-Year Japanese Government Bonds have fallen by about a third over the past two weeks, as shown in the chart below.

Commentary

Fed’s Balance Sheet Balloons

To shore up Silicon Valley Bank and the other failed banks, the Federal Reserve extended an open-ended line of credit via its Bank Term Funding Program (BTFP) and discount window borrowings.

Commentary

Credit Suisse’s Chickens Come Home to Roost

Credit Suisse’s problems revealed today stem from issues the company discussed last June in a profit warning.

Commentary

CPI Confirms Fed is Close to Stopping

Headline CPI came in today as expected at 0.4%, however core inflation (ex food and energy) came in slightly higher at 0.5% versus the estimated 0.4% increase.

Commentary

Fed Repriced Out of Action

We just experienced the fastest bank run in history with the closure of Silicon Valley Bank.

Commentary

The US and China: The Tech Cold War Continues

For decades since the end of the Cold War there have been very limited restrictions on foreign investments by US investors compared to those of other countries.

Commentary

North America Sector Performance Since the October Low

North American developed market large-mid stocks (United States and Canada) bottomed simultaneously with other developed markets on 10/12/22, recovering over 10% since then.

Commentary

European Markets Grapple with Nagging Reality

Investor concerns over the potential for poor European growth in the foreseeable future have eased thanks to the flurry of economic data coming out stronger than expected this year.

Commentary

Japan’s Non-Inflation Scare

The Japanese Government Bond 10-year breakeven inflation has run contra to recent worldwide trends as one of the few sovereign rates of its kind to decline year to date.

Commentary

Mid-Quarter Update: The Globalization Myth

The common narrative is that we’ve (the US) been enjoying a long period of globalization and now that it is going into reverse, it will upend many of the benefits brought by globalization, to the US in particular.

Commentary

Mid-Quarter Update: The Globalization Myth

The common narrative is that we’ve (the US) been enjoying a long period of globalization and now that it is going into reverse, it will upend many of the benefits brought by globalization, to the US in particular.

Commentary

Turkey Drags Down Emerging Markets EMEA Stocks

Last week, I dissected developed markets EMEA (DM EMEA) stock performance by sector and found that the consumer discretionary sector was driving upward performance.

Commentary

Brazil: Dragging Down EM Americas Performance

Last week I looked at how Canadian stocks underperformed US stocks this year, decomposing North American Performance.

Commentary

Consumer Discretionary Sector Has Driven European Equity Performance YTD

As inflation fears have receded somewhat—though we’ll see in next week’s US CPI report how much they really have receded—European stocks have had a good start to the year.