Special Note: I'm in Miami this week, a mix of business and personal. I lived here for 30 years and we raised our family here but we moved to South Carolina a little over 3 years ago because we were tired of the traffic and, more than that, the irritability that comes with so many people crammed into such a [...]
This Fed report is meant to be a broad assessment of financial system stability. It's purpose is transparency in an attempt to identify vulnerabilities in the system not to try to identify areas for possible shocks. It looks at 4 broad categories and how they interact. Asset Price Valuation Household and Business Borrowing (Level) Financial Sector Leverage (Level) Funding (Current [...]
Every time we hear, watch, or read the news, we are reminded that liberty is a rare commodity in this world. - Ronald Reagan It is foolish and wrong to mourn the men who died. Rather we should thank God such men lived. - George S. Patton In the End, we will remember not the words of our [...]
April 15th was the two-week anniversary of the day my wife and I got our second Moderna shot. We have spent the last 13 months being very careful about the virus, limiting our contacts, social distancing, and generally doing anything that seemed helpful. I am certainly aware that others took a more liberal attitude as is their right. But, for [...]
Between November 1998 and February 1999, Japan’s government bond (JGB) market was utterly decimated. You want to find an historical example of a real bond rout (no caps nor exclamations necessary), take a look at what happened during those three exhilarating (if you were a government official) months. The JGB 10-year yield had dropped to a low of just 77.2 [...]
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