Flows into money market funds resumed in August, which points to squeezed profitability for banks.... Read More
Year-over-year CPI rose in July, as anticipated, as the base effect from year-ago numbers is no longer helping drive inflation lower. Now the difficult part of the battle against inflation begins.... Read More
This morning's payrolls report missed expectations. Wages may have stabilized, but they continue to fall short of inflation. Traders don't see today's data as changing the Fed's math.... Read More
By just about any measurement, tech stocks are experiencing one of their best total return periods on record.... Read More
ETFs have become a dominant force in U.S. trading since their inception in 1993.... Read More
A look at the size of various markets compared to the U.S. economy... Read More
Year-over-year CPI declined by more than expected in June. This CPI release was the last window of opportunity for inflation to fall by a large degree. Now that we are through June CPI, year-ago numbers start to make further declines more difficult. Running through several scenarios offers some perspective on inflation?s future growth rate. ... Read More
Payrolls failed to beat estimates for the first time since March 2022. Traders still expect a hike at the July FOMC meeting followed by a September pause.... Read More
By just about any measurement, tech stocks are experiencing one of their best total return periods on record.... Read More
Money market funds saw three straight weeks of outflows, but this may be partially due to quarterly taxes being paid by corporations. The retail crowd continues to pile into money market funds.... Read More
Year-over-year CPI declined in May, as anticipated. June's CPI release will be the last window of opportunity for inflation to fall by a large degree. The question is how far it will fall before year-ago numbers start to make further declines more difficult. Running through several scenarios offers some perspective on inflation?s future growth rate. ... Read More
Payrolls beat estimates for a record 14th straight month. A 'skip' is still expected at the next FOMC meeting, but the July meeting becomes a bit more interesting.... Read More
By just about any measurement, tech stocks are experiencing one of their best total return periods on record.... Read More
Money market funds remain an attractive option for savers. $47 billion flowed into money markets in the week ending May 24.... Read More
Year-over-year CPI remained relatively steady in April, as anticipated. The May and June CPI releases will be the last window of opportunity for inflation to fall by a large degree. The question is not whether year-over-year headline inflation will be lower in a few months, but how far it will fall before year-ago numbers start to make further declines more difficult. Running through several scenarios offers some perspective on inflation?s future growth rate. We also offer a similar scenario analysis using the Fed's Supercore measure.... Read More
Payrolls beat estimates for a record 13th straight month.... Read More
The S&P 500 equal weight index's returns trail the market cap weight index's returns by a large margin this year. This is another sign of poor market breadth.... Read More
Money market funds saw $66 billion in inflows in the week ending March 22. While this is a slowdown from the larger inflows seen in each of the prior two weeks, it is a sign that banks continue to bleed deposits.... Read More
A look at the size of various markets compared to the U.S. economy... Read More
Year-over-year CPI declined a full percent in March, as anticipated. The May and June CPI releases are the last window of hope for inflation to fall by such a large degree. The question is not whether year-over-year headline inflation will be lower in a few months, but how far it will fall before year-ago numbers start to make further declines more difficult. Running through several scenarios offers some perspective on inflation's future growth rate.... Read More