Recent Commentaries

The pause that refreshes

While recent whippiness in the daily price action of risk assets has most folks on edge, it is useful to take a step back and look at the bigger picture. Specifically, the year-to-date total return for the S&P was +0.32% as of close of business last Friday. Yes, we...

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Thanks Jay, I always enjoy a good Fed miscommunication

Monetary policy mistakes and miscommunications are the bread and butter of macro trading. Without them I probably wouldn’t have a job. Therefore, I want to give a big shout-out to Jay this morning for creating yet another wonderful opportunity for macro traders during...

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A moonwalk from Jay, with some help from Rich

Jay’s fireside chat in Dallas last Wednesday evening was more about what he didn’t say than what he did say. In particular, Jay did NOT restate his early October “long way from neutral comment.” Now, if he really believed that original statement, and he wanted to get...

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