The free fall in oil prices is roiling markets. There are near-term benefits of lower energy prices, but darker clouds are gathering for the global economy.
“A dollar is a dollar,” was the daring statement of President Nixon in a 1971 TV address. Whereas we do not want to discuss the logical fallacy of his near-attempt to hoax the American nation that year, it is interesting how the debate...
The opening line of Charles Dickens’ A Tale of Two Cities begins with, “It was the best of times, it was the worst of times”. The rest of Dickens’ opening, which is less known, continues the pattern of contrasts and...
U.S. equities capped off the holiday-shortened trading week with a sixth consecutive week of gains. The S&P 500 Index advanced 0.2%, with the consumer discretionary sector leading the way and energy lagging.1 The main economic story last week was...
Unlike other goods, the price formation of oil will be determined not only by supply and demand, but also in part by geopolitical considerations, and, more importantly, active price management.
U.S. rates are beginning to look like a body at rest. Rates have been contained within very narrow trading ranges, roughly 10 basis points, over the last three weeks.
Emerging markets (EM) have fallen out of favor; long forgotten is the exciting heyday of BRIC investing, and tales of who would be the world's next superpower. To the contrary, we have convinced ourselves that the U.S. has decoupled from the...
