QuickTakes

The most concise analysis of the key variables driving the global economy and financial markets.

Short-form takes on current market events.

MARKET CALL: Stocks Discounting Fed Put

Ever since the release of the weaker-than-expected July employment report at the start of this month, stock investors have been betting that the Fed Put is back in play and that it will probably be implemented at the FOMC’s

Read Now »

Waiting For The Chair To Speak

Stock and bond prices have been marking time over the past couple of weeks, waiting for Fed Chair Jerome Powell to speak tomorrow at 10 a.m. at the Jackson Hole Symposium. Meanwhile, today’s batch of economic indicators supports our

Read Now »

Gold & Other Commodities

On balance, there aren’t a lot of inflationary pressures in the commodity markets. Precious metals are on top of the leaderboard so far this year among the major commodity price gains (chart). Platinum, gold, and silver are ranked #1,

Read Now »

Dueling Fed Mandates

The Fed is required by law to keep inflation low and stable while also maintaining full employment. Achieving that dual mandate isn’t always easy. Currently, the labor market is at full employment, but there are a few signs of

Read Now »

ECONOMIC WEEK AHEAD: August 18–22

Wolf pack sightings aren’t uncommon in Grand Teton National Park. But this week, Fed Chair Jerome Powell may find himself fending off a large pack of them again as Federal Reserve officials gather for their annual retreat in Jackson

Read Now »

Hot PPI Inflation & Cold Jobless Claim

We’ve acknowledged that the odds of a Fed rate cut have increased since the release of July’s cold employment report and July’s lukewarm CPI report so far this month. But we’ve also noted that more economic indicators will be

Read Now »

In Defense Of The US Dollar

Like the late comedian Rodney Dangerfield, the dollar has been getting “no respect” recently. A few officials of the Trump administration want to see a weaker dollar. America’s adversaries would like to replace it as a key currency. Doomsayers

Read Now »

What’s In Style?

Are SMidCaps coming back into fashion? They had a good day today. They outperformed the LargeCaps. The S&P 500 LargeCaps was up 0.3%, while the S&P 400 MidCaps and the S&P 600 SmallCaps rose 1.6% and 2.0% (chart). The

Read Now »

ECONOMIC WEEK AHEAD: August 11–15

This is a week loaded with economic data releases that have the potential to shed light on the health of the US economy and change minds at the Federal Reserve—none more so, perhaps, than inflation. While the CPI and PPI are

Read Now »

MARKET CALL: Is The Sky The Limit?

The S&P 500 nearly matched its July 28 record high on Friday. The Nasdaq did rise to a record high. Once again, the Magnificent-7 stocks collectively are leading the pack. That’s because these remarkable companies continue to deliver magnificent earnings, which are increasingly

Read Now »

Musical Chairs & Policies At The Fed

President Donald Trump on Thursday nominated Council of Economic Advisers Chairman Stephen Miran to serve out the remaining term of Federal Reserve Governor Adriana Kugler. Trump said Miran will serve in the role until January 31, 2026, while he continues a

Read Now »