Alhambra Investment Partners, LLC

The only way to change the meaning of a word like “transitory” is to put together a constant string of temporary factors that when taken individually keep with the traditional definition...

If the road to Hell is paved with good intentions, in economic terms the paving is done by zombies. We’ve all heard of the convention regarding Japanification. In desperation trying to avoid a...

The biggest risk to the bond bear case, that expressed by Bill Gross, Jeffrey Gundlach, and Ray Dalio, is, ironically, stocks. Convention has it that rising interest rates are bad for them, but what...

On Page 1, Chapter 1 of the Central Banker Crisis Handbook it states very clearly, “do not make it worse.” It’s something like the Hippocratic oath where monetary authorities must...

According to one research company, new Federal Reserve Chairman Jerome Powell was disgusted and angry at his press conference yesterday. The firm, Prattle, employed facial recognition software to...

On January 24, Treasury Secretary Steve Mnuchin either misspoke or let slip a Freudian sort of wish. Extolling a weak rather than strong dollar, it was seemingly a total break from longstanding...

Wednesday, it is widely expected that the FOMC will vote for another 25 bps “rate hike.” The long end of the UST curve is already just as unenthused as ever, while the short end expects...

Friday, January 26, stocks hit their last record highs. Buoyed by supposedly strong earnings along with near euphoria about tax reform anecdotes, all three major US indices were sitting at their...

In February 2018, it was like old times for the US industrial sectors. Prior to the 2015-16 downturn, the otherwise moribund economy did produce two genuine booms. The first in the auto sector, the...

Is there a seasonal pattern to oil prices? It is beginning to look that way, though statistical purests would object to a sample size of two. Over the past couple of years, the switch between...

The Chinese government reported estimates for Industrial Production, Retail Sales, and Fixed Asset Investment (FAI) for both January and February 2018. The National Bureau of Statistics prepares and...

If indeed this inflation hysteria has passed, its peak was surely late January. Even the stock market liquidations that showed up at that time were classified under that narrative. The economy was so...

For the end-of-bond-bull-market-crowd, 3% is a line in the sand. There is no inherent significance in that number, except that it’s a round one. The benchmark 10s as of now trade with regard to...

The Hong Kong dollar is a hair’s breadth away from a currency crisis. Plummeting over the last week or so, the exchange value crossed 7.84 today. At 7.85, the HKMA is required to sell US dollars...

There may come a time not too much further down the road when Brexit will have been not quite forgotten but placed into a second tier of European disintegration. In that top level, if it should...

Public construction spending has rebounded since July last year on what looks to be storm-related cleanup costs. The Census Bureau unfortunately does not break down total spending by geographic...