Practical analysis for investment professionals

Monetary Policy


Can Argentina Recover? Emerging Market Lessons

To be “as rich as an Argentine” was once a common aspiration. What happened?

The Yen’s Downside Risk Persists Despite BOJ Shift

There is reason to be cautious about the nascent yen rally.

Will They, or Won’t They? The Risk of Betting on the Fed

Recent market volatility has been driven by speculation about what the Fed will do next.

FTX: Crypto Is the Cure, Not the Cause

The FTX fiasco has more to do with fractional reserve banking than it does with crypto.

The Alchemist’s Paradox, Central Bank Sovereignty, and the Fate of Crypto

“It is difficult not to marvel at the imagination which was implicit in this gargantuan insanity. If there must be madness something may be said for having it on a heroic scale.” -- John Kenneth Galbraith

Strong or Volcker? The Fed and Global Financial Stability

The impact of Fed policy on the global financial system is yet another feature of the COVID-19 pandemic that caught investors off guard.

Is the Euro Uninvestable? The FX Question du Jour

A reduction of the ECB's balance sheet and a serious effort to achieve positive real interest rates will be key to ensuring a turnaround in the fortunes of the EUR/USD.

How to Talk to Clients about Inflation

Clients have concerns about inflation. Here are a few tips to approach these conversations.