Tag Archives: Sam Wardwell

A Reminder that Low Liquidity Breeds High Volatility

After trending lower through mid-April, the Euro and EZ sovereign yields began a sharp counter-trend rise. That ‘mini-trend’ continued powerfully through mid-week, then partially reversed. The timing of the inflection points and severity of the moves suggests that profit-taking, the … Continue reading

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Listening Closely to Janet Yellen (It’s Not about Equity Valuations)

In a question and answer session with the IMF’s Christine Lagarde last week, Fed Chairman Janet Yellen made a number of statements about systemic risks, but the media highlighted her equity valuation soundbite – that valuations “are at this point … Continue reading

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A “Risk-On” Week, Despite Signs of Softness

Sovereign yields and equity prices rose, reversing their moves of the prior week. Aside from developments in Greece (still no resolution and little clarity), it’s not clear why markets sold off, or why they rebounded, as economic news was generally … Continue reading

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Slippery Stretch Last Week: Blame it On the Weather?

Several economic indicators, including retail, housing and industrial data, were soft last week, in part – possibly – due to the weather. Slightly Soft Retail Sales: Probably don’t reflect a lack of consumer buying power as much as a preference … Continue reading

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The Oracle Has Spoken: Fed Maintains a Dovish Tone

The minutes of the March 17-18 Federal Open Market Committee (FOMC) meeting were generally interpreted as dovish and showed continuing divisions within the Fed as to when hikes should start, and it still seems far from a consensus to act. … Continue reading

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