Sometimes, Things Really Are Different:  Why Bond Allocations Are Now Radioactive For Investors, and Why You Need To Think Differently About Stocks

As expected, the Fed hiked rates by 75 basis points on Wednesday, with a 50 or 75-basis point hike on deck as well for July.  Whatever the very temporary immediate response of the market, it focuses attention very clearly on the inflation and interest rate trajectory.  For the majority of Read more…

Commodity Markets Signaling: This Is Not A Drill (Although Drilling Might Help)

Agustin Carstens, the General Manager of the Bank of International Settlements (BIS), spoke in Geneva a week ago — offering some soul-searching reflection on how the world’s financial authorities got the inflation story so terribly wrong.  (The Bank of International Settlements is essentially “the central bank of central banks.”)  We Read more…