A Slow Motion Train Wreck
The recent rebound in U.S. equity markets has (as of this writing) pushed the Dow back above “correction territory.” (So does that mean it is back to be erroneously valued?) — View Full Article
The Connection Between the Fed and the Stock Market
I have made this point in several venues and on the pages of the Lara-Murphy Report for years, but some people may be new to this perspective. In the chart — View Full Article
Get Ready for Helicopter Money
[Cover image from here.] Some people have thought that guys like Carlos and me were being unduly alarmist for the last several years, when we kept warning that the Fed — View Full Article
Even Withdrawing Your Money From the Bank Won’t Save You From Negative Rates
I used to say that when short-term interest rates hit zero, and yet the major economies were still stuck in a rut, that this should surely demonstrate the impotence of — View Full Article
Bond Markets Flashing Warning Signs Now That Fed Is Tightening
The above chart from the St. Louis Fed shows two important facts about the bond market: First, the blue line shows the spread between “high yield” (sometimes known as “junk”) bonds — View Full Article
“Third Avenue” High-Yield Bond Mutual Fund Collapses
Junk Bond Fund Junk [Reprinted from the December 2015 issue of the LMR.] As a CNN article explains: “Third Avenue Management told investors on [Dec. 9] it is liquidating and — View Full Article
