Practical analysis for investment professionals

central banks


Powell Prescribes More Economic Pain: Three Financial History Lessons Support His Diagnosis

“The first lesson is that central banks can and should take responsibility for delivering low and stable inflation,”

Demand Destruction? Two Reasons to Be Skeptical

Demand destruction does not guarantee disinflation.

Fundamental Value Revisited? Three Investing Tips for “Absolutely Crazy” Conditions

What do we do in an environment where fundamentals begin to take a backseat to public policy?

The Fed Isn’t Bluffing: The Real Threat of an Upside-Down Depression

Paul Volcker restored the Fed's credibility through suffering. The Fed's leadership knows that it must pursue a similar course today.

Hedging the Interest Rate Hiking Cycle

Amid rampant inflation and rising interest rates, how can we protect ourselves from interest rate volatility, from anticipated and unanticipated hikes?

Geopolitical Shock: Regime Change in Inflation and Monetary Policy

As cracks develop along geopolitical fault lines, new barriers could emerge to disrupt global trade.

Market Resiliency, Capital Formation, and Investing for Our Future

The story of the markets over the last 10 years has been one of remarkable change. Yet economies are still struggling.

Perpetual Debt Is Already Here

The costs and risks associated with debt have shifted from the borrower to the lender.

Concentration Risk on the Buy-Side of Credit Markets: The Causes

What are the effects of buy-side concentration on the structure of the corporate bond market?