Practical analysis for investment professionals

US Federal Reserve


US Economy: Swimming with the Tide?

Warren Buffett once said, “You only find out who is swimming naked when the tide goes out.” Could the tide be receding for the US economy? Ron Rimkus, CFA, explores the question.

Book Review: Financial Crises, Liquidity, and the International Monetary System

In this reprint of a collection of lectures, the Nobel Prize–winning author expounds on regional and international regulation and monetary and fiscal policy, as well as a host of other economic topics. His insights predate but point toward the recent global financial crisis, and his guidance is timely and critical for a global economy still facing the fallout from the crisis.

Tilting Portfolios to Leverage Macro Trends and Political Winds

Back in the 1980s, “monetary policy was a great way to stimulate the economy,” Jack Ablin, CFA, said. Not anymore.

Ben Bernanke: An Insider’s Take on the Economy

It was just shy of two weeks since President Donald Trump’s inauguration when former US Federal Reserve chair Ben Bernanke took to the podium at the CFA Society Boston’s 31st Annual Market Dinner. His presentation covered a broad range of topics, from the current state of macroeconomics, regulation, and policy, to financial stability and the geopolitical climate at large. John Bowman, CFA, shares a few key takeaways from his speech and the subsequent question-and-answer session.

Book Review: The Power and Independence of the Federal Reserve

In this fascinating study of the Federal Reserve System, Peter Conti-Brown shows that much of what investors know about the formulation and implementation of US monetary policy is wrong. He also demonstrates that much of the expert commentary in the media (e.g., regarding future interest rate actions) proceeds from false premises about the central bank’s internal dynamics. Although practitioners should not accept all of Conti-Brown’s conclusions uncritically, they can assuredly profit from his debunking of conventional wisdom about a key driver of the financial markets.

Book Review: A Theory of Accumulation and Secular Stagnation

The author investigates Thomas Malthus’s theories of secular stagnation and uses his findings to shed light on the sluggish growth and lethargic employment rates that have recently plagued the US economy.

Is a US Recession Imminent? Part Two

In January, 70% of CFA Institute Financial NewsBrief readers didn't expect a US recession in 2016. So what about 2017?

Systemic Risk: Definition and Application

Even the most cursory study reveals that systemic risk means different things to different people, so Ron Rimkus, CFA, worked to create a definition that potentially everyone could agree on.

What Is the Focus in Fixed Income? Exogenous or Endogenous Factors?

Every player in fixed income hangs on the doings of Janet Yellen and Mario Draghi like teenagers with Taylor Swift and Justin Bieber. The focus is all on exogenous factors, says Jason Voss, CFA. What is not being accounted for? Endogenous criteria like the quality of the business models of the credits or whether a portfolio is diversified enough.

Book Review: Why Minsky Matters

In this comprehensive overview of the work of the late economist Hyman Minsky, the author serves up a rich variety of concepts that will stimulate and inform anyone concerned about the fate of the economy. If you want to know where we are going, it helps to know where we have come from, and this book provides an essential road map for that journey — past, present, and future.



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