Macro Strategy—Time to End Quantitative Tightening Fast Approaching: Quantitative tightening (QT) has reached its limits in the regional banking sector where reserves are now back to the “ample reserve” minimum that forced the Federal Reserve (Fed) to reverse course after its 2018 QT caused problems in the money market by that year’s end. The new Bank Term Funding Program (BTFP)…
Fiscal constraints limit policy response at a time when cyclical risks persist. Market breadth reflects this dynamic as the...
Market participants can access data points; access is NOT the struggle. The struggle is in the SEQUENCING of data...
Despite what has now been a near 10% S&P 500 (SPX) correction from it’s all-time high set in September,...
A new COVID variant started the ruckus for markets, but we view that as secondary to the real culprit—the...
“The difference between underperforming and outperforming often comes down to 2 simple variables: To review the weekly State of...
1H22 was challenging for most risk assets as the Fed pivoted more sharply than most expected. The de-rating for...
With all the attention on rate moves so far this year, investors may soon shift that focus to growth....
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