Commentary

Things in Atlanta are Dropping Like a Stone

The Atlanta Fed Flexible CPI is a price series developed by the Atlanta Fed to capture the price of items that change the most frequently.

Commentary

China Reopening an Insignificant Factor for Germany So Far

Yesterday, we got our first look at December’s economic data for Europe, in the form of PMIs.

Commentary

US PMIs Show the Fed Walking a Fine Line

The US Purchasing Managers Composite Index (PMI) increased in January to 46.6 from 45 in December, representing a slowing economy but slightly less pessimistic than expected and better than the month before.

Commentary

Common and Unique Threads of European Inflation

We got consumer price reports for many European countries this week.

Commentary

Obituary: Yield Curve Control

Overnight, traders pressed the Bank of Japan again on its Yield Curve Control (YCC).

Commentary

Balmy European Winter Helps Industrial Production

With winter not fully upon us, European industrial production has benefitted from lower energy prices.

Commentary

Quarterly Strategy Report: Global Equity Opportunities

In our Quarterly Strategy Report, we illustrate the relative attractiveness of select developed international sectors.

Commentary

Inversion

In a recent San Francisco Federal Reserve Publication titled “Monetary Policy Stance is Tighter Than Fed Funds Rate,” the authors argue that the “all in” policy rate is actually higher than the Fed Funds rate would suggest.

Commentary

That Was a Strong Jobs Report?

While many seemed to focus on the basics of the employment report like average hourly earnings (which don’t take into consideration industry mix shifts among the employed) and the payroll job beat for the month, there is one very important variable that revealed the weakness in last month’s jobs report.

Commentary

Does the Inflation Risk Premium Decline Signal Lower Commodity Prices?

There are many ways to decompose the bond market to identify the component pieces to infer what the market is pricing in.

Commentary

Mid-Quarter Update: Spheres of Innovation

We believe highly innovative companies, when accounted for properly, are cheaper than their non-innovative peers in all regions of the world.

Commentary

Left Hand Not Talking to Right Hand: Quantitative Tightening & Federal Government Spending

The Federal Reserve has been raising rates at an extremely aggressive manner in 2022, taking the federal funds rate from 25bps to 4%.

Commentary

Knowledge Leaders US Mid-Large Innovation Analysis

In recent reports, we’ve been highlighting that innovation—as a factor represented by R&D as % of sales—has stopped underperforming and it is selling for an attractive valuation.

Commentary

S&P 500 Innovation Leaders vs. Followers

While many perceive the S&P 500 Index to be a broad innovation-heavy index, in a way it is and in a way it isn’t.

Commentary

Has Innovation Bottomed, Part 2: S&P 500 R&D/Sales 1st Quintile Analysis

A couple of weeks ago, in our quarterly strategy report, I argued that it appeared that innovation had bottomed.

Digging in a little deeper, we sifted through this first quintile of the S&P 500 for other insights.