Practical analysis for investment professionals

Monetary Policy


Fed Chair Congressional Testimony: Has the Market Played Favorites?

How have the markets responded to congressional testimony from recent Fed chairs? Have they shown a preference or distaste for any one in particular?

A Sea Change: Howard Marks, CFA, on the End of Easy Money

“I'm not saying that interest rates are going to go back up. I just think they're done coming down,” Howard Marks, CFA, told Marg Franklin, CFA. "And if that's true, I think we're in a different environment."

Public Debt: Four Ways to Deleverage

Should governments ever decide to start deleveraging, how could they do it?

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.