Quarterly Strategy Update: Structural Rotation July 20, 2017

Posted by Steven Vannelli, CFA in Economy, Knowledge Leaders, Markets

This quarter, we look at two important structural changes that appear to be underway: a normalization in US and European monetary policy and a normalization in crude oil inventories. We expect these two trends to have important ramifications for equity sector leadership trends. In addition, we expect…

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One (more) Reason to Expect the USD to Continue to Fall July 18, 2017

Posted by Bryce Coward, CFA in Economy

The USD is weak again today and plunging lows not seen for 15 months. The “obvious” reasons for the USD weakness include converging foreign economic activity, more hawkish foreign monetary policies, and a general overvaluation of USD. All of those reasons we outlined here. Yet,…

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JOLTed June 07, 2017

Posted by Steven Vannelli, CFA in Economy

Today’s release of the Job Openings & Labor Turnover (JOLTs) revealed a few interesting observations about the US labor market. First, the pace of hires is fading. Keep in mind JOLTs data is released a month after employment data, so we are looking at April…

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Employment Report Puts Pressure on USD, Rates June 02, 2017

Posted by Bryce Coward, CFA in Economy, Markets

With the employment numbers in, the USD and rates are acting heavy. The USD index is down another 37bps as of this writing largely on the back of yen and euro strength. Meanwhile, 10-year treasury rates are back to the April lows and briefly hit…

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