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There are growing signs that the global economic slowdown is for real. As was the case in 1929, the combination of the peak of the credit cycle coupled with trade protectionism in the Smoot-Hawley Tariff Act are similar conditions to those of today and potentially pose a serious economic chall...
The interest rate outlook has swung sharply since November 2018, with mainstream expectations now a full percentage point lower than they had been. For short-term interest rates (Federal Funds), the Wall Street Journal 's latest survey of economists shows average expectations of just two pe...
I said my peace on what I consider to be the big market stories last week, so I won’t belabour bonds and equities too much this week. FX markets, however, could well be the driver of the NarrativeTM in the next few months, at least judging by the rustling of the grapevine. This story ...
By James Cielinski, CFA Jim Cielinski, Global Head of Fixed Income, provides his perspective on some of the key macroeconomic factors that are driving fixed income markets. Transcript Jim Cielinski : Does the slowdown that we are seeing reflect the fading globalization? I think i...
Like a shark smelling blood in the water, I don't care that the blood is in the water from leaking out of what will be a dead horse, if it isn't deceased already. I pretty much intend to beat on it one way or another. The issue isn't just fed funds, it's why anyone cares about that market at a...
Here is my monthly inflation update. We continue along in the same pattern. This month, there was a bit of a bump in non-shelter inflation, but the trailing 12-month rate remains about 1.1% and shelter inflation remains about 3.4%. Going forward, I think inflation may become a less important...
This is the transcript from my podcast, THE WOLF STREET REPORT : It constantly comes up: With all this central bank money printing and the zero-interest-rate policies and the negative-interest-rate policies, and all these central bank liquidity injections, in other words, with all these loo...
Things have changed, obviously. Chairman Powell and the rest of the FOMC, the majority anyway, have come around to rate cuts. Where they were hawkish in December, noncommittal as late as May, they've been spooked into them over the last month or so. As it stands, the first one is less than thr...
U.S. core consumer price inflation ((CPI)) was firmer than expected in June, with a 0.3% rise that boosted the year-over-year rate to 2.1%. The timing of the strong print is somewhat awkward for Federal Reserve officials who have signaled a willingness to cut interest rates in July, and for Ch...
By Jill Mislinski The Bureau of Labor Statistics released the June Consumer Price Index data on Thursday morning. The year-over-year non-seasonally adjusted Headline CPI came in at 1.65%, down from 1.79% the previous month. Year-over-year Core CPI (ex Food and Energy) came in at 2.13%, up ...