Monthly Macro Monitor

Monthly Macro Monitor – January 2019

By |2019-01-24T17:30:37-04:00January 24th, 2019|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Monthly Macro Monitor, Politics|

A Return To Normalcy In the first two years after a newly elected President takes office he enacts a major tax cut that primarily benefits the wealthy and significantly raises tariffs on imports. His foreign policy is erratic but generally pulls the country back from foreign commitments. He also works to reduce immigration and roll [...]

Monthly Macro Monitor – November 2018

By |2018-11-29T21:46:14-04:00November 29th, 2018|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Monthly Macro Monitor, Stocks|

Is the Fed's monetary tightening about over? Maybe, maybe not but there does seem to be some disagreement between Jerome Powell and his Vice Chair, Richard Clarida. Powell said just a little over a month ago that the Fed Funds rate was still "a long way from neutral" and that the Fed may ultimately need [...]

Monthly Macro Monitor – October 2018

By |2018-10-23T10:42:20-04:00October 23rd, 2018|Alhambra Research, Bonds, Commodities, Currencies, Economy, Markets, Monthly Macro Monitor, Stocks|

Stocks have stumbled into October with the S&P 500 down about 6% as I write this. The source of equity investors' angst is always hard to pinpoint and this is no exception but this correction doesn't seem to be due to concerns about economic growth. At least not directly. The most common explanation for the [...]

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