• Some Relief from the Storm...

    March 12, 2018

    Another chaotic week of news, but this time the markets ended at a high point. Gary Cohn’s decision to leave the White House in a disagreement over the tariff decision caused a significant sell-off early in the week.



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  • U.S. and Them

    March 5, 2018

    Last week was the 45th anniversary of the release of maybe the greatest album of all time. So, it was only fitting that I was listening to the track ‘Us and Them’ while at the same time, trying to decipher the surprising news of the steel and aluminum tariffs.

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  • The Rebirth of Volatility

    February 26, 2018

    Four years ago, I wrote a Weekly Research Briefing focused on the death of volatility. It was fairly easy to write given the certainty of Janet Yellen’s communication for the Fed to be the backstop for any errant items in the economy or global marketplace.

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  • Time to Put on Your Dance Shoes

    February 20, 2018

    If you thought that the Winter Olympics were tough for Team U.S.A., just wait until you see the task at hand this week. We need to sell a quarter of a trillion dollars in Treasuries to many foreign buyers in a market with vertical interest rates and a falling U.S. dollar.

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  • Shifting Sands

    February 12, 2018

    Just like a desert storm, the shift in market sentiment came quickly. And last week’s change not only hit risky instruments like equities, but it also sandblasted government bonds, credit and commodities (even gold!). This event is going to leave a mark on investors’ minds for some time.

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