Recent Commentaries

Rate Reduction -> Flow Reduction

As I watched Jay’s testimony from start to finish yesterday, I couldn’t help but think how incredibly smooth it went. There were no gaffes. There were no contorted explanations of the current policy stance. And there was absolutely no confusion about what was coming...

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I Love You 3000

Last week, on July 3rd, spoos closed above the 3000 level for the first time ever. Their 2019 total return now stands at approximately +20.5%, and if we add in the 85bps rally for blues this year, our beloved spoos & blues strategy is up a whopping 29%. Assuming...

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