Commodity returns have benefited from the global reopening.... Read More
Despite stocks massively outperforming bonds since QE began in 2009, bond funds have seen much larger inflows.... Read More
A look at the size of various markets compared to the U.S. economy... Read More
The Fed's holdings of Treasury securities continues to grow and remains larger than all other central banks' holdings combined.... Read More
Inflation components can be broken into the broad categories of reopening and non-reopening as well as cyclical and acyclical. Reopening and cyclical components, such as airlines tickets and rental cars, are receding, as widely predicted. However, the more persistent non-reopening and acyclical components continue to trend higher. This is a problem for the transitory inflation narrative.... Read More
Payrolls growth disappointed for a second straight month, but wage growth continued higher and the unemployment rate fell. The Fed is left in a difficult position in its taper decision.... Read More
In the third quarter, Chinese stocks underperformed U.S. stocks by their largest degree in 20 years. Meanwhile, energy commodities are having their best year since at least 1984.... Read More
Despite stocks massively outperforming bonds since QE began in 2009, bond funds have seen much larger inflows.... Read More
Japan and China accounted for roughly 80% of the increase in foreign holdings of U.S. Treasuries in July.... Read More
August's CPI came in below estimates as many transitory categories acted as a drag on the index. ... Read More
August's payroll report was 498k jobs short of expectations. This ranks as the third largest downside miss on record.... Read More
U.S. stocks have handily outperformed world stocks since the prior to the pandemic, but the trend has accelerated in the past few months.... Read More
A recent study used a non-traditional definition of 'active' and 'passive' to show flows into 'very active' ETFs actually outpaced flows into 'very passive' ETFs since 2000.... Read More
Foreigners added $130 billion in Treasury holdings in June. Who was buying?... Read More
Shelter costs, which have been the sleeping giant in the inflation debate, are beginning to reflect higher rents across the U.S.... Read More
This month's payrolls beat of 943k jobs brings the Fed one step closer to 'substantial further progress'.... Read More
Recently we have looked at some of the impressive monthly or YTD returns in stocks, bonds, commodities and currencies. This month we take a step back to see how these huge swings have affected returns over a longer timeline.... Read More
Whether due to the reopening of the global economy, fiscal stimulus, or a stock market that continues to reach new highs, investors have piled into equities for most of 2021.... Read More
A look at the size of various markets compared to the U.S. economy... Read More
The Fed's holdings of Treasury securities continues to grow and remains larger than all other central banks' holdings combined.... Read More