Costs

Whilst ‘The Interview’ may have averted attention for a day or two, the market remains fully vexed on the inflation narrative: how high are yields going, and how quickly can portfolios rotate. It has been the fourth worst start for 30yr Treasuries in the past 100 years. And there are good reasons to vex: employment… Read More Costs

Fantasy

Much has been made of the ice-cool testimony of Fed Chief Jerome Powell last week. A nonchalant noting of the current itch in the bond market but a general disinterest in doing any scratching. Yields, post a bumper jobs report, resumed their grind higher. Investors, meanwhile, hold their breath. Don’t fight the Fed says the… Read More Fantasy

Lo-vol

What has long been a murmur has recently turned into a volley of cat calls. As yields turn tail on expectations of rising inflation and a lurch to tighter policy, so the peachy multiples of fashionable revved up growth stocks have come into the crosshairs. Specifically those that are, perhaps, little fast on the pitch,… Read More Lo-vol