Automatic Stabilizer?

April 18, 2014

Yellen comforts New York - and the Bulls.

Financial Stability

April 11, 2014

Selling is starting to get serious.

HFT, Rigged Markets and The Man

April 4, 2014

Initial indications of greed giving way to fear.

QE, Uncertainty and CPI

March 28, 2014

Equity market internals have turned increasingly unsettled.

April/May/June Dynamic?

March 21, 2014

 Putin takes Crimea, China devalues and Yellen has a shaky debut.

A "Truman Show" World

March 14, 2014

Ukraine and China pose clear and present danger to global markets.

Q4 2013 "Flow of Funds" and Geopolitical

March 7, 2014

Ominous geopolitical meets exuberant markets.


February 28, 2014

Developments in China and the Ukraine weren't enough to restrain the exuberant bulls.

Curriencies, Carry Trades, Fat Pigs and Pythons

February 21, 2014

Equities are right back to near record highs - yet something just doesn't feel right.


February 14, 2014

"Risk on" strikes a comeback.

EM, Hedge Funds and Corporate Debt

February 7, 2014

A particularly unsettled week for U.S. and global markets.

End of an Era

January 31, 2014

Bernanke chairs his final FOMC meeting.

Credit is Gold #1 and Icebergs

January 24, 2014

The evolving EM crisis took a turn for the worse.

Historic Year 2014 Thesis

January 17, 2014

EM trades poorly and more China Credit developments, while the Fed hawks build their case.

The Departing Bernanke on Macro-Prudential

January 10, 2014

If the beginning is any indication, 2014 seems destined to be an unsettled year - the markets, the data, the Fed and U.S. and global economies.

Issues 2014

January 3, 2014

Not the most bullish looking start to 2014.

2013 in Review

December 27, 2013

Quite a year.

Dovish or Hawkish

December 20, 2013

Fed provides impetus for year-end equities mark-up, while things deteriorate in China.

Q3 2013 Flow of Funds

December 13, 2013

Starting to look like cracks in global markets.

The Countdown to Year-End

December 6, 2013

With about three weeks to go until year-end, things are turning more interesting.

Commentary Archive