Recent Commentaries

This pivot is much more about inflation than growth

There is no need to spend much time on all the nuanced changes within the March FOMC statement and projections. It suffices to say that every alteration was dovish. But keep in mind that none of the SEP estimates for GDP, inflation, or unemployment over the course of...

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A Flo Rida market structure

I decided to channel a little Flo Rida today by presenting the 8 “lows” which best describe the current US macroeconomic and financial market landscape: Low inflation Low unemployment Low rates Low curve Low vol Low issuance Low spreads Low volumes That pretty much...

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Release the Seagulls

With an epic first two months of 2019 trading in the books, it’s probably time for a little reflection. Spoos went out just above +12% ytd with blues unchanged!! Last year’s loss of a little less than 5% on our long-standing risk parity strategy now feels like a minor...

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