donald trump

Retail Sales, The More Immediate Problem

By |2018-12-14T11:59:09+00:00December 14th, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

How quickly hope can sour. That is, if it is based on suspect assumptions and a misreading of the general situation. It would then be more like irrational pleading than derived from solid analysis. One year ago, thereabouts, President Trump delivered upon one campaign pledge. He pushed a tax reform bill through Congress aiming to [...]

The Populist Pathology

By |2018-10-09T18:21:09+00:00October 9th, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The populist pathology is incredibly simple; no one ever takes the blame. Things continually go off-track and officials merely shrug their shoulders and point their fingers. The very idea of accountability is anachronistic. Now that dark clouds are gathering, in the IMF’s words, the fingers are out again. President Donald Trump said Tuesday that he [...]

China’s Nineties Fears, Not Just Japan

By |2018-10-05T13:01:34+00:00October 5th, 2018|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The year 2012 was a turning point, there can be no doubts about that. At least not when objectively and honestly reviewing the data. Up until the worldwide slowdown that hit that year, starting the year before, 2011, in an “unexpected” flareup of global monetary crisis, the Great “Recession” was viewed as harsh, even prolonged. [...]

Whose Tightening Is It Anyway?

By |2018-08-21T16:15:14+00:00August 21st, 2018|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

I suppose it’s only fair. After all, they started it. Earlier in the year, Federal Reserve officials including Chairman Jay Powell suggested it was all Trump’s fault. The abrupt difficulties presented by the dollar were, they said, the result of tax cuts swelling the deficit and thereby threatening capital markets with a “deluge” of Treasury [...]

Global Asset Allocation Update: Tariffs Don’t Warrant A Change…Yet

By |2018-03-09T11:28:10+00:00March 9th, 2018|Alhambra Research, Bonds, Commodities, Currencies, Economy, Global Asset Allocation Update, Investing, Markets, Politics, Stocks|

There is no change to the risk budget this month. For the moderate risk investor the allocation to bonds is 50%, risk assets 45% and cash 5%. We have had continued volatility since the last update but the market action so far is pretty mundane. The initial selloff halted at the 200 day moving average [...]

Taking Turns With The B(L)S

By |2017-12-21T18:27:53+00:00December 21st, 2017|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

The worst aspect of this economy is by far the real effects pressed upon especially American workers. Of that there is no doubt, including young adults who would be working rather than “studying” if the economy was at all like it has been described. The second worst part is watching politicians trade their descriptions for [...]

Political Economics

By |2017-10-20T11:49:25+00:00October 20th, 2017|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

Who President Trump ultimately picks as the next Federal Reserve Chairman doesn’t really matter. Unless he goes really far afield to someone totally unexpected, whoever that person will be will be largely more of the same. It won’t be a categorical change, a different philosophical direction that is badly needed. Still, politically, it does matter [...]

Officially A No-growth World

By |2017-10-19T17:51:45+00:00October 19th, 2017|Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

I really don’t think people quite understand just how much trouble China is in right now. That’s no mystery because in the Western media the Chinese economy is almost always described as somewhere between awesome and magnificent (only slight hyperbole). Their government, on the other hand, is not fooled. General Secretary Xi Jinping opened the [...]


By |2017-08-20T14:39:16+00:00August 20th, 2017|Commodities, Markets, Politics|

Why are profit margins persistently high? With decent earnings this quarter, corporate profits as a % of GDP will approach (maybe exceed) 10% again. That is abnormally high compared to the period 1960 to 2000.  Margins actually started to rise in the mid-80s but really accelerated after 2000 and outside of the 2008 crisis have remained [...]