While many are left debating the size and significance of the retail bid, the market does not sell off 6% on merely bad news. These types of daily moves occur when speculative bets reach a fever pitch.... Read More
The amount of outstanding private credit in the U.S. experienced a brief decline during the financial crisis, but government debt grew throughout the entire period. Both are now at new highs.... Read More
A look at outstanding amounts of Treasuries, corporates, agencies, munis and open market paper... Read More
Private pension funds have much smaller funding gaps than their government counterparts.... Read More
Defined benefit plans continue to be replaced by IRAs and defined contribution plans.... Read More
The central bank has fostered an unprecedented amount of risk-taking at the expense of the long-term health of the economy.... Read More
For weeks we have been detailing the unfolding retail mania in the stock market. It seems to be going to new heights.... Read More
Worldwide COVID-19 growth is still making new highs. In the United States, Arizona is shaping up as a test case for how to deal with a second wave.... Read More
The world is not flattening the curve. The U.S. still has hotspots in the southeast and out west.... Read More
Is the bond market offering proper signals anymore? Is it a true reflection of market sentiment or a distortion from extreme Federal Reserve policy? ... Read More
*While the number of new daily infections is slowing in the U.S., that is not the case worldwide. *Deaths in the U.S. are still far surpassing the total suggested by statistical models during normal periods. *COVID is highly concentrated in large urban areas.... Read More
53% of households owning mutual funds make more than $100k per year.... Read More
Active equity funds continue to charge 10x the fees of passive equity funds.... Read More
Over a third of U.S. households own an IRA. The difference in ownership between the highest and lowest income buckets is staggering.... Read More
A look at the holdings of government-only money market funds versus prime money market funds... Read More
The Fed may be debating yield curve control, but the market is acting as though it already started. The Fed's massive purchases of bonds over the last ten weeks is shrinking the size of the bond market available to the private sector. Bond market volatility is disappearing and yields are trending sideways.... Read More
Data from the options market further supports the case that the retail crowd should be taken very seriously.... Read More