Enterprising Investor
Practical analysis for investment professionals

Monetary Policy


Global Fungible Money Flows Heighten Volatility Risks

Rapid yen appreciation in the third quarter triggered a brief-but-disruptive volatility surge across major asset markets, demonstrating the fleeting nature of "liquidity-on-loan."

How Private Capital Markets Are Disrupting Traditional Finance and Economic Indicators

Banks and other traditional capital providers are no longer the primary source of capital for the economy. This shift has increased the diversity of capital providers but also has fragmented the capital markets.

The Yield Curve, Recessions, and Monetary Policy Blunders: EI Podcast Highlights

We are three months away from the longest yield curve inversion-to-recession period. Will Cam Harvey's famous recession indicator hold? Highlights from EI podcast.

Small Caps, Large Caps, and Interest Rates

The relationship between stocks and interest rates is not reliably stable. There are periods when equities are highly rate sensitive, and periods when they aren't.

In Search of the Elusive Neutral Interest Rate

With Federal Reserve Chair Jerome Powell's semiannual address to the Senate Banking Committee this week fresh in mind, it is an ideal time to consider the drivers of r*.

Monetary Policy and Financial Conditions: Meaningful Relationship?

An analysis of the Fed's recent rounds of quantitative tightening (QT) and quantitative easing (QE) yields actionable insights about the relationship between monetary policy and financial conditions.

Can the Fed Pull Off a Soft Landing?

The yield curve is inverted, implying an imminent recession, but the stock market is at or near record highs. What can we make of these contradictory signals?

Private Equity: Five Lessons from the Global Financial Crisis

If a recession comes, how can the lessons of the global financial crisis (GFC) inform private equity practitioners?

Research and Policy Center 10 Most Popular Articles of 2023

What are the most popular top 10 articles of 2023 published by the CFA Institute Research and Policy Center?

The Weakening US Consumer

The United States is a consumption-driven economy. But over the last half century, the US consumer has been weakening in the face of social and economic pressures.