Despite stocks massively outperforming bonds since QE began in 2009, bond funds have seen much larger inflows.... Read More
While U.S. stocks saw massive inflows from foreigners after central banks ramped up another round of QE in the wake of the pandemic, traders are now faced with a Fed tightening cycle and inflation running at its highest level in four decades.... Read More
CPI jumped 7.9% year-over-year, marking its highest annual growth since January 1982. Many expect this to continue to rise in March given the spike in energy costs, but housing costs remain the key metric to watch. Their continued rise will remain a much more stable contributor to headline inflation over the long run.... Read More
Payrolls beat almost all estimates in February, thanks in large part to the addition of a large number of low-paying service jobs.... Read More
February proved to be one of the more volatile months since the Great Recession, exacerbating trends that began over the past several months.... Read More
Despite stocks massively outperforming bonds since QE began in 2009, bond funds have seen much larger inflows.... Read More
The Fed's holdings of Treasury securities continues to grow and remains larger than all other central banks' holdings combined.... Read More
Used car and truck prices are still rising, but at a much slower rate than in mid-2021. Meanwhile, housing prices are beginning to heat up. The degree to which housing offsets the the more temporary categories will go a long way in determining the inflation story over the next year.... Read More
The January payrolls number exceeded even the most optimistic estimates. While the focus remains on inflation, the odds of a 50 basis point hike in March have begun to move higher.... Read More
January proved to be one of the more volatile months in quite a while. Stocks and bonds suffered as inflation heated up, but commodities had one of their best months on record.... Read More
A look at the size of various markets compared to the U.S. economy... Read More
The Fed's holdings of Treasury securities continues to grow and remains larger than all other central banks' holdings combined.... Read More
Inflation can be broken down into reopening and non-reopening components. Powell's decision to retire the word 'transitory' may have been partly based on the rise in 'non-reopening' inflation.... Read More
Wage growth in the leisure and hospitality industry remains strong, even when looking at a shorter timeframe to avoid comparisons to the depths of the pandemic.... Read More
A recap of the best and worst returns across major asset classes in 2021... Read More
Differentiating 'allocator' ETF flows from 'trader' ETF flows... Read More
The Fed's holdings of Treasury securities continues to grow and remains larger than all other central banks' holdings combined.... Read More
Inflation can be broken down into reopening and non-reopening components. Powell's decision to retire the word 'transitory' may have been partly based on the rise in 'non-reopening' inflation.... Read More
Wage growth in the leisure and hospitality industry remains strong, even when looking at a shorter timeframe to avoid comparisons to the depths of the pandemic.... Read More
The two-year Treasury note is on track to finish the year with a negative total return, a feat that hasn't occurred since data began being collected in 1973.... Read More