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
January proved to be one of the more volatile months in quite a while. Stocks and bonds suffered as inflation heated up, but commodities had one of their best months on record.... 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 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