U.S. Bond Yields

U.S. Bond Yields The era of ultra-low interest rates that followed the 2008 financial crisis should be seen as a historical anomaly. It is unlikely that U.S. bond yields will return to their post-crisis lows. Image: Gavekal, Macrobond

Liquidity Policies and Central Bank Balance Sheets

Liquidity Policies and Central Bank Balance Sheets Central banks have barely decreased the amount of QE stock, suggesting a deliberate and measured strategy in scaling back economic support. Image: BofA Global Investment Strategy

U.S. Zombie Companies and Wilshire 5000

U.S. Zombie Companies and Wilshire 5000 Since the Fed ended QE in 2014, U.S. zombie companies have underperformed the stock market. Image: Arbor Research & Trading LLC

Central Banks – Market Risk Trend and Economic Policy Trend

Central Banks – Market Risk Trend and Economic Policy Trend Chart suggesting that risk assets’ sensitivity to political risks has been neutralized by central banks’ QE and dovish monetary policy stance. Image: Image: BofA Global Research

S&P 500 Total Return and U.S. High Yield/High Grade

S&P 500 Total Return and U.S. High Yield/High Grade Usually, flight to quality in credit markets is rarely a good sign for equities, but ECB QE, Fed easing and repo operations should be positive. Image: BofA Merrill Lynch

Different Holders of DM Government Debt

Different Holders of DM Government Debt The chart shows the historical breakdown of different holders of DM government bonds and overall DM debt-to-GDP. Even with QE, central bank government bond holdings are below historical peaks. Image: BlackRock Investment Institute

“Ken Fisher: Thinking in Ways That Others Do Not, with John Tamny”

“Ken Fisher: Thinking in Ways That Others Do Not, with John Tamny” Great interview of Ken Fisher on: coastal redwoods, dikes and climate change, efficient markets, quantitative easing (QE) vs. inflation, humans as a group are slow to learn, recessions, Fed and interest rates, why philanthropy is bad and immoral, and why inequality is a good…