The Fed's holdings of Treasury securities continues to grow and remains larger than all other central banks' holdings combined.... Read More
Inflation can be broken down into reopening and non-reopening components. Powell's decision to retire the word 'transitory' may have been partly based on the rise in 'non-reopening' inflation.... Read More
Wage growth in the leisure and hospitality industry remains strong, even when looking at a shorter timeframe to avoid comparisons to the depths of the pandemic.... Read More
A recap of the best and worst returns across major asset classes in 2021... Read More
Differentiating 'allocator' ETF flows from 'trader' ETF flows... 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 can be broken down into reopening and non-reopening components. Powell's decision to retire the word 'transitory' may have been partly based on the rise in 'non-reopening' inflation.... Read More
Wage growth in the leisure and hospitality industry remains strong, even when looking at a shorter timeframe to avoid comparisons to the depths of the pandemic.... Read More
The two-year Treasury note is on track to finish the year with a negative total return, a feat that hasn't occurred since data began being collected in 1973.... Read More
Index funds have accounted for an increasingly larger portion of ETF and mutual funds' assets under management over the past decade.... Read More
Japan sold a record $11.42 billion of U.S. equities in September. ... Read More
Inflation components can be broken into the broad categories of reopening and non-reopening. Reopening components, such as airlines tickets and rental cars, have receded versus a few months ago. However, the more persistent non-reopening components continue to trend higher. This is a problem for the transitory inflation narrative.... Read More
The U.S. labor market is still 4.2 million jobs short of pre-pandemic levels, while many other measures of the U.S. economy have already returned to levels seen before the COVID outbreak.... Read More
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