Rough Week

The FOMC meeting saw no change in rates, but markets got hit pretty hard. What happened? The primary surprise was ... Read More


What Now?

Last week had a lot of data, but stock markets didn’t really move? Was the data meaningless? I don’... Read More


Inflation and the Big Week Ahead

There’s a lot going on this week, but the CPI report on Wednesday morning probably has primacy. Until last ... Read More


Be Water

Having covered Japan and bonds, I suppose I should go over the third risk I’ve talked about, liquidity. Liquidity ... Read More


Bond. Treasury Bond.

There’s a lot going on in markets, right now. In cases like these, I think it’s important to ... Read More


Further Along the Japan Story

As talked about last week, Japanese troubles seem to matter. Their yield curve control (YCC) adjustment has caused their bond ... Read More


The Land of the Rising Sun

Japan has been getting exciting, lately. Inflation has been back on the rise, with core inflation looking sticky around 4.2%. At ... Read More


Q2 2023 Quarterly Report

Last year, we did quite well by staying defensive. This year, that has looked like a horrible decision. What changed? ... Read More