Credit Writedowns

by Annaly Capital Management Bank of Canada Governor Mark Carney delivered a speech yesterday in Ontario that contained two observations that we think are certainly true: · “Insights from financial markets are somewhat fleeting at the…

Irving Fisher was a leading economist in the early 20th century. After being caught out during the Great Depression (he famously quipped, "Stock prices have reached what looks like a permanently high plateau." right before the…

Here's the ISM report in numbers and words. WHAT RESPONDENTS ARE SAYING ... "Business results (top and bottom line) continue to meet or exceed our operating plan and exceed prior year performance by double digits."…

by Niels Jensen “There are those who don’t know and those who don’t know they don’t know.” -John Kenneth Galbraith On 1st January 2013, a new directive regulating insurance companies which conduct business within the EU will come…

From Win Thin Inflation data out of Asia today points to rising risks of food-driven inflation. While that should not have monetary policy implications if due solely to supply side disruptions, it could lead to policy responses if…

I will be on BNN with presenter Howard Green at 12:15ET. Howard will also be talking to Philip Coggan, Capital Markets editor at the Economist. In terms of topics, we’ll cover the markets, commodities, and gold on the rise again today, as…

It's inflation that the Federal Reserve is after. Everyone knows this. The Fed has made it explicit. The sentence from the FOMC that Marshall highlighted yesterday shows you that: "The Committee will continue to monitor the…

Highlights The US dollar is suffering broad losses. Signs that European growth are moderating or that an Australian rate hike next week is not as easy of a call as it appeared a few days ago has done nothing to dent the persistent…

by Comstock Partners The stock market rally is on shaky ground and severely overextended. It is being propelled by a combination of momentum-oriented trading strategies and dubious fundamental assumptions. The traders have no real…

Here we go again: the dollar appears to be under sustained attack in the foreign exchange market. To judge from its latest FOMC statement, the Federal Reserve appears to be actively encouraging inflation: “The Committee will continue to…