U.S. interest rates have normalized as the economy and investors have adjusted to the regime change of rates remaining higher for longer. … READ MORE >
Market minute
Market Minute: When the Fed’s reserves go from abundant to ample
Those who wish to return to the way things were before the financial crisis, before the Fed expanded its balance sheet, are living in a fantasy world. … READ MORE >
Market Minute: How sticky wages and inflation affect interest rates
A neutral federal funds rate in the range of a 3% to 3.5% nominal rate is more appropriate than the zero real (inflation-adjusted) terminal rate that some are calling for. … READ MORE >
Market Minute: Deindustrialization and the rise in worker discontent
Workers are producing more, but they aren’t seeing the benefits. Class resentment has followed. … READ MORE >
Market Minute: Bank of Japan rate normalization demands investor attention
Expected Fed rate cuts and increases by the Bank of Japan will affect the carry trade as investors reassess the use of the yen to finance speculative activity elsewhere. … READ MORE >
Market Minute: Equity market downturn has likely run its course
Our preferred metric of equity market performance implies that the recent market downturn, led by artificial intelligence firms, has reached its end, or is about to. … READ MORE >
Market Minute: Financial conditions easing amid reassessment of risk
The RSM US Financial Conditions Index has drifted lower in recent weeks, with its subcomponents showing greater volatility and lackluster results. … READ MORE >
Market Minute: World shipping costs continue to drop
The number of container ships sailing from China to the United States dropped considerably in October, pushing down costs. … READ MORE >
Market Minute: Canada’s financial conditions and its monetary policy path
Policy rate cuts by the Bank of Canada and the U.S. Federal Reserve are in response to both countries’ economies absorbing adverse policy shocks along with a slowing pace of hiring and wage growth. … READ MORE >
Market Minute: Financial conditions, rate cuts and the FOMC
The Federal Open Market Committee is likely to reduce its policy rate by 25 basis points to a range between 3.75% and 4% at its next meeting on Oct. 29. … READ MORE >