Practical analysis for investment professionals

US Federal Reserve


Markets in Chaos: A Return to the Gold Standard?

The grand monetary experiment of the last decade and a half has undermined the global financial system and necessitates a radical solution.

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?

The Predictive Power of the Yield Curve

The predictive power of the yield curve is a widely accepted causal narrative. But the history shows that the causal correlation between long and short rates is actually quite weak.

Global Supply Chain Transformation: Uncertainty and Opportunity

Nearly two years into the global supply chain restructuring process, the economic data are revealing the consequences.

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.

Have Central Bank Interventions Repriced Corporate Credit? Part 1

Have the Fed's and ECB's purchases of corporate bonds permanently altered the pricing of corporate credit risk?

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.

The Fed’s “Time of Testing”: Is This Where the Trouble Will Stop?

“This is a time of testing -- a testing not only of our capacity collectively to reach coherent and intelligent policies, but to stick with them.” -- Paul Volcker



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