The food fight between the President and the Fed Chair could result in too much easing, and the expansion of valuations beyond sustainable levels. The other food fight: leveraged loan issuers vs buyers. Issuers are winning this fight hands down due.
Michael went on a search for Democratic Socialism in the real world, and ended up halfway around the globe from where he began.
Michael discusses how he should have taken Trump at his word on tariffs, and the impact of the widening trade war on global growth and equity markets as proposed tariffs approach pre-war levels.
Michael discusses US-China trade war in context, the outlook for prescription drug price legislation, and an updated ideological scorecard for 2020 Presidential candidates.
Michael discusses this year’s Eye on the Market Energy paper. Topics include the unattainable objectives of the Green New Deal, an overview of the world’s de-carbonization challenges, Germany’s energy transition and Trump’s War on Science.
The Fed halted tightening and propelled equities to their fastest recovery ever following a bear market.
In this paper, we assess the potential risks associated with such a strategy by stressing capital requirements using spread-implied ratings.
As we hold our latest Investment Quarterly meeting, we take a look at how 2019 has played out so far. Dovish central bank policy has propelled markets to strong returns, but trade remains a key risk.