Author Archives: Sam Wardwell

About Sam Wardwell

Sam Wardwell, CFA, is Senior Vice President and Investment Strategist at Pioneer Investments. He joined Pioneer in 2003.

Yellen Moved The Fed Still Further Away ‑ From Clear Forward Guidance

What did Fed Chairwoman Janet Yellen say about raising rates at last week’s Humphrey-Hawkins testimony? She promised a wording change (“patient”) before rates were increased, but disavowed any implied promise that rates wouldn’t rise until the second meeting after the … Continue reading

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The Fed is Waiting Patiently…Are You?

The FOMC’s January meeting didn’t break new ground; I’m waiting for the March press conference for any significant action to be discussed. As we know, patience continued to be the theme, as the Fed signaled a rate hike before June … Continue reading

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Strong Jobs Report Joins Improving U.S. Employment Trends

According to the “establishment” survey, payroll employment rose 257k in January; November and December were revised higher by +147k (257k+147k=406k). The normal annual review resulted in 2014 being revised higher by 245k. (Note: the 147k Nov-Dec revision is part of the … Continue reading

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Central Bank Surprises: Is the FOMC Sounding an Alarm?

The Swiss were first, followed by the Indians, Canadians, Danes (3 times!), Japanese, and Russians (again last week) – central banks are changing policies without telegraphing their intentions in advance. In a period of rising central bank activism and high … Continue reading

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Markets Dance to the Tune of the ECB

The European Central Bank (ECB) followed through on ECB president Mario Draghi’s pledge that it would re-expand its balance sheet by formally launching a quantitative easing (QE) bond-buying program which included sovereign bonds. In essence, it’s €60 billion/month from March … Continue reading

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