Since March, when the US Congress began considering Kevin Warsh's appointment as Chairman of the Federal Reserve, bond yields have surged 75 basis points. Initially, financial markets were concerned about Mr. Warsh's ability to resist inevitable pressure from POTUS47. In particular, would he take a dovish approach to controlling above-target inflation. These fears intensified after … Continue reading Bond Markets: Mr. Warsh’s Education
Category: bonds
Gold: Debasement or Risk-On Rally?
19 October 2025 The price of gold has risen sharply during the past two years. More recently, Jerome Powell's August speech at Jackson Hole, Wyoming -- where he signaled the Federal Reserve would begin lowering interest rates -- has turbocharged gold's ascent. Indeed, investors are considering whether the dramatic appreciation signals a flight to quality, … Continue reading Gold: Debasement or Risk-On Rally?
Will Inflation End the Party?
28 February 2021 There's a whiff of inflation in the air: commodities are soaring, bond yields are rising, and yield curves are steepening. And, while these trends actually began last Summer (and despite Federal Reserve Chairman Powell's reassuring comments in Congress), equity market volatility is increasing. In the period ahead, financial markets will confront several … Continue reading Will Inflation End the Party?
EM Investing: Harder than it Used to Be!
1 March 2018 Emerging Market investing is a lot more complicated than it used to be -- and not just because it is difficult to replicate last year's stellar performance. Prior to the Global Financial Crisis (GFC), EM's superior growth prospects garnered investors' attention. In addition, EM growth and inflation cycles tended to be in … Continue reading EM Investing: Harder than it Used to Be!