Market Commentary

The PPI rose more than expected, led by a sizeable jump in cost of services and highlighted the sticky nature of inflation.  Treasuries sold off across the curve.  Fed funds futures are

Will the structural imbalance of the S & P 500 become a major narrative.  There are six companies with over $1 trillion or more in market cap, two of which are worth more than

Markets were choppy following the largest equity selloff in a year and the retracement in Treasury yields back to November levels. 

The CPI topped forecasts, dashing hopes of a reduction in interest rates by May. June has been pushed to July.   As little as three weeks ago, the market was suggesting that

January’s CPI is released at 8:30. Consensus is expected inflation to decline from a 3.4% annual rate to 2.9%.  The core rate of inflation is projected to fall from 3.9% to

The revisions to the CPI were uneventful.  Some had feared a repeat of last year when inflationary pressures were greater than previously reported, a concern perhaps based upon FRB Chair’s remarks that

Treasury markets breathed a collective sigh of relief that all three Treasury auctions held during the week were met with “strong demand.” Yesterday the government sold $25 billion of the

The massive overperformance of the seven companies that have propelled the indices higher is well known.  The dangers of such imbalance have been widely discussed.  The massive

Markets were generally quiet yesterday.  Treasuries rebounded marginally following a bruising two day sell off following statements made by Cleveland Fed Bank of Cleveland President Loretta Mester that

Treasuries had their biggest two-day loss in months as FRB Chair reiterated the long-held view that the Committee is unlikely to lower rates before May, if not later.