Tag Archives: inflation

Dovish Fed Resets Outlook For Risk Assets

The market’s initial reaction to Wednesday’s FOMC meeting was consistent with a dovish interpretation. U.S. Treasury yields declined and the dollar underperformed. However, as market participants digest the information, much of the initial moves have been retraced. Following the meeting … Continue reading

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Strong Jobs Report: Good for the Economy, Bad for Investors

Last week the Labor Department released another very strong jobs report.  That was good news for the economy, but bad news for investors.  Payroll employment rose 295k, with revisions of -18k and the trailing 6-month average of 293k is at a … Continue reading

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Friendly Central Banks, Friendly Markets?

The Central Bank bonanza has continued to lift financial markets, especially risky assets, towards new highs. This has happened in a weak economic framework, for most of the areas, further exacerbating the divergence between financial markets and economic fundamentals. The … Continue reading

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ABBA Time

Mamma Mia!! Yesterday morning (Thursday February 12th 2015) the Swedish central bank (the Riksbank) decided to take a chance on Quantitative Easing (“QE”), cutting the repurchase rate to -0.10% and announcing a bond-buying programme of SEK 10bn (approx. €1bn). The … Continue reading

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Russia: Where might we be wrong?

As the last hours of the year slip through our hands, it is sometimes important to remind ourselves that today’s gallstones can become tomorrow’s pearls. This time last year, we expected the Federal Reserve to begin to raise rates, as … Continue reading

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