Alhambra Research

Monthly Macro Monitor – January 2019

By |2019-10-23T15:08:30-04:00January 24th, 2019|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, 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 back regulations enacted by his [...]

Living In The Present

By |2019-01-10T17:15:44-04:00January 5th, 2019|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Politics, Real Estate, Stocks, Taxes/Fiscal Policy|

The secret of health for both mind and body is not to mourn for the past, nor to worry about the future, but to live in the present moment wisely and earnestly. Buddha Review It's that time of year again, time to cast the runes, consult the iChing, shake the Magic Eight Ball and read the tea leaves. What will [...]

Monthly Macro Monitor – November 2018

By |2019-10-23T15:08:31-04:00November 29th, 2018|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, 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 to go past neutral. Clarida [...]

Monthly Macro Monitor – October 2018

By |2019-10-23T15:09:08-04:00October 23rd, 2018|Alhambra Research, Bonds, Commodities, Currencies, Economy, Markets, 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 pullback in stocks - 6% [...]

Eurodollar University Toronto; Hierarchy, Money, and Consequences

By |2018-09-24T11:53:17-04:00September 24th, 2018|Alhambra Research, Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

Eleven years apparently isn't near enough. For the occasion of yet another year passing since August 9, 2007, and nothing much having been done about it, in partnership with MacroVoices I published a second series of Eurodollar University. Whereas Season One focused on the history and buildup of shadow money, where it came from and why, Season Two moved on [...]