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Sober Look 181 posts 0 comments

Sober Look is a no-hype financial markets/macro blog that typically relies on data analysis, primary sources, and original materials. We keep it concise, to the point, with no self-promoting nonsense, and no long-winded opinions. If you are looking for Armageddon predictions or conspiracy theories, you will be thoroughly disappointed. Topics include financial markets, banking, asset management, risk management, derivatives, global economy, policy, and regulation, with the emphasis on finance education. Follow him on his blog or twitter.

Economy

As yield curve steepens, banks outperform

Sober Look
Banks pay next to nothing on deposits while charging a rate that is often linked to treasuries on the loans they make. The steeper the curve, the wider the "margin". And given the leverage inherent in the banking system, even a small margin…
Economy

The US retail outlook remains weak

Sober Look
A number of indicators seem to point to a relatively weak holiday shopping season in the US. In particular, the Gallup survey index that estimates holiday spending has turned lower. And consumer sentiment peaked this summer and has been…
Markets

Corporate credit markets look frothy

Sober Look
This summer's growing fears of the Fed's impending policy change hit a number of fixed income sectors quite hard. While corporate credit was the best performer on a relative basis, it too was hit by some sell-off and a decline in liquidity.…

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