The Corroboration and Costs of Fear Gold

By |2019-08-27T17:02:18-04:00August 27th, 2019|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Gold is the ultimate hedge, but it is far from perfect. Unlike, say, sovereign bonds there should be no expectation for a negatively correlated price. You can buy a UST or German bund even at negative yields and at least expect the price to rise when things are at their worst. Flight to safety or [...]

Why You Should Care Argentina More and More Looks Like Argentina

By |2019-08-13T18:01:01-04:00August 13th, 2019|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Why don’t you fight the Fed? Sure, central banks and governments give off the impression that they are in control. The idea is repeated as if a fact. We are led to believe they let markets play around in their contained spheres but should anyone get out of hand authorities are there like referees to [...]

Eurodollar University: The Essential Business of Decoding Curves

By |2019-01-28T16:59:17-05:00January 28th, 2019|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

It was the most common catchphrase of 2017, interest rates have nowhere to go but up. Maybe it was doomed from the start given that Alan Greenspan was among the more prominent commentators expressing this view. In his mind, the bond market was in a bubble and the party was already over. His successors at [...]