"Thoughts on Fed Tapering - Are We Beginning to Slice the Bologna a Little Thin?"
In September's Municipal Strategy Report, we discuss the relevance of the magnitude of Fed tapering on aggregate demand for bonds.
"Instead of Making the News, the Fed has Become the News"
In August's Municipal Strategy Report, we discuss how the Fed has made itself the news, increasing market uncertainty in the process. A changing of the guard with a new Chairperson, significant changeover early in 2014, and ongoing disagreement on the timing of any reductions in asset purchases will continue to keep markets on edge.
"Forward (Mis) Guidance?"
In July's Municipal Strategy Report, we find ourselves grousing over the Fed's management of their forward guidance. Fed speakers succeeded in talking up rates over 100 basis points only to culminate in a panicked retreat by the Chairman at his speech at the NBER in Boston.
"American Optimism in Remission" In June's Municipal Strategy Report we discuss how the strength and durability of the housing recovery is coming under increasing scrutiny, despite the strength of the data, for reasons more apparently related to ideological predisposition than observable reality.
"Labor Force Participation Rate Confuses Issue"
In April's Municipal Strategy Report we discuss how the uncertainty regarding the path of the labor force participation rate, and the question of whether or not it reverses trend as labor conditions continue to improve, complicates the assessment of when the FOMC begins to reverse course on its bond buying program.
"Stock Market Stands up to Sequester"
In March's Municipal Strategy Report we discuss how the stock market has rebuked sequestration and is likely poised to go higher notwithstanding the chaos and confusion sequestration is causing.