The “Greenspan put” in perspective All hell broke loose when Federal Reserve Chairman Alan Greenspan started hiking rates in early 1994, rather unexpectedly. By the end of the year, the Fed Funds target rate had risen from 3% to 6%. … Continue reading →

Animal Spirits in Retreat With all eyes on inflation, the slightly better US CPI on Thursday propelled both equities and bonds upwards with all the force of a bear market rally, which is often undistinguishable from a short squeeze. Those … Continue reading →