The Market in Pictures, May 19

Our team looks at a lot of research throughout each day. A few charts that caught our eye this week, and the way they fit the unfolding puzzle of evidence:   Dave: The debt ceiling remains a story for markets, here’s Morgan Stanley’s walkthrough of prior...

The Market in Pictures, May 12

Our team looks at a lot of research throughout each day. A few charts that caught our eye this week, and the way they fit the unfolding puzzle of evidence:   John Luke: Tough to see how inflation can get down to the Fed’s stated 2% target   Source: Strategas...

April CPI is No Game Changer

Inline CPI print with Shelter continuing to pull the index higher although some signs of slowing. Used Cars prices came in hotter than expected which have been lagging the Manheim index for most of the year. Food prices were down for the second month in a row which...
Diversifiers vs. Hedges

Diversifiers vs. Hedges

I’m starting with this chart because it matters:    Source: TS Lombard as of March 2023   What you are looking at is the rolling 10-year correlation between stocks and bonds. Correlation is a measure of the relationship or connection between two things. In...

Thoughts on the Curve. And Municipals.

Curves are Inverted, Term Premiums LOW   The market continues to price in a return to the 2010 norms of subdued inflation pressure, with term premia below zero across the curve.   Source: TS Lombard. As of 04.12.2023   While slower nominal growth could put a...