Yesterday, Fed Chairman Jerome Powell put a nail in the coffin of the wavering bear market rally in a precisely and clearly formulated statement highlighting how far behind the curve he is. As we have discussed in previous posts, we … Continue reading →

Market participants need a point of reference. Currently the focus is on inflation expectations as a gauge of the direction and amplitude of coming monetary policy decisions. Inflation expectations are not astronomy; they are an average measure of market expectations. … Continue reading →