Classification errors continue. The employment report is simply not structured for this environment. It is structured on the assumption that the country is adding new jobs and growing the economy.... Read More
The dollar declined 4.15% in July, marking the worst monthly return since September 2010.... Read More
As investors continue to coinvest with the Fed, corporate bond mutual funds and ETFs saw a second straight month of record inflows.... Read More
A look at the size of various markets compared to the U.S. economy... Read More
The Fed's efforts to calm the markets the past few months expanded their balance sheet substantially. They now hold more Treasuries than all other central banks combined.... Read More
June CPI rose by 0.6%, propelled by rising gasoline prices and a continued rise in the price of food at home.... Read More
With 2020 now halfway over, it is safe to say this has been a year of extremes.... Read More
Investment grade and high yield funds saw record inflows in May, just as the Fed's purchases began.... Read More
Foreigners sold a massive amount of U.S. Treasuries in April, following March's record-setting fire sale.... Read More
Once food and energy prices are removed, inflation has fallen at its fastest 3-month annualized rate on record.... Read More
Nobody expected 2.5 million jobs to be gained in May. The Paycheck Protection Program likely led to the huge decrease in the number of workers temporarily laid off.... Read More
In the past couple months, we looked at the wild swings in the markets on a monthly basis. This month, we take a step back to look at the 10-year annualized returns of some of the major asset classes.... Read More
Despite the S&P 500's total return of almost 13% in April, investors pulled over $20 billion out of equity mutual funds and ETFs.... Read More
Foreign investors sold a record $299 billion of Treasuries in March.... Read More
The past few months' inflation reports have largely been ignored due to the giant COVID-related asterisk attached to most figures, and rightly so. However, many of CPI's sub-indices have seen historic moves since quarantines began.... Read More
As expected, this morning's payrolls report was historic by just about any measure possible.... Read More
The markets continued their wild ride from a total return perspective in April.... Read More
Bond mutual funds and ETFs saw a record outflow from bond funds in March, with investors choosing to park an additional $864 billion in government-only money market funds.... Read More
A look at the size of various markets compared to the U.S. economy.... Read More
The Fed's ownership of Treasury securities has grown astronomically over the past month.... Read More