Bond mutual funds and ETFs saw one of their biggest monthly outflows on record in April. These outflows only accelerated out of bond mutual funds in May.... Read More
Japan's holdings of U.S. Treasuries fell a record $74 billion in March as the yen collapsed.... Read More
CPI came in higher than expectations again. Car prices did not fall as much as expected. Wage growth is not keeping pace with inflation.... Read More
With the Fed's focus on inflation, this morning's payrolls report did little to move the needle for FOMC policy. ... Read More
Whether looking at stocks, bonds, or commodities, 2022 has been a year of extreme returns.... Read More
Differentiating 'allocator' ETF flows from 'trader' ETF flows... 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
Price increases in the flexible components of CPI continue to dominate the headline number, but the contributions from sticky components are also on the rise.... Read More
Despite today's payrolls report slightly missing estimates, the jobs market continues to improve.... Read More
The Bloomberg Global Aggregate Index extended its losing streak to eight straight months, a feat not seen in its 32 years of history.... Read More
Despite stocks massively outperforming bonds since QE began in 2009, bond funds have seen much larger inflows.... Read More
While U.S. stocks saw massive inflows from foreigners after central banks ramped up another round of QE in the wake of the pandemic, traders are now faced with a Fed tightening cycle and inflation running at its highest level in four decades.... Read More
CPI jumped 7.9% year-over-year, marking its highest annual growth since January 1982. Many expect this to continue to rise in March given the spike in energy costs, but housing costs remain the key metric to watch. Their continued rise will remain a much more stable contributor to headline inflation over the long run.... Read More
Payrolls beat almost all estimates in February, thanks in large part to the addition of a large number of low-paying service jobs.... Read More
February proved to be one of the more volatile months since the Great Recession, exacerbating trends that began over the past several months.... Read More
Despite stocks massively outperforming bonds since QE began in 2009, bond funds have seen much larger inflows.... Read More
The Fed's holdings of Treasury securities continues to grow and remains larger than all other central banks' holdings combined.... Read More
Used car and truck prices are still rising, but at a much slower rate than in mid-2021. Meanwhile, housing prices are beginning to heat up. The degree to which housing offsets the the more temporary categories will go a long way in determining the inflation story over the next year.... Read More
The January payrolls number exceeded even the most optimistic estimates. While the focus remains on inflation, the odds of a 50 basis point hike in March have begun to move higher.... Read More