Alhambra Investment Partners, LLC

Economists have always fashioned themselves in the style of physicists. They endlessly scrawl incomprehensible equations on blackboards because it is the epitome of science, the allure of great...

Earlier this week Bloomberg published an absurd story trying to claim that Donald Trump is being warned by foreign holders of U.S. debt. Warned about what, the article didn’t say, so we can...

With several parts of the “reflation” trade rolling over, it is worth noting that one of the last of them to join in what may be growing reconsideration or doubt is inflation breakevens....

China’s Foreign Exchange Agency reported a $12 billion drawdown in that country’s foreign “reserves” holdings during January 2017. That was considerably less than the past...

There were no surprises in the updated JOLTS estimates for December 2016, just more of the same sideways. The level of Job Openings was 5.501 million (SA), practically unchanged from November’s...

As noted earlier, the Bank of Japan has a whole host of problems over its QQE with YCC attachments. Japan’s central bank has belatedly discovered Finance 101, where being one-dimensional...

In the aftermath of the “rate hike” in December, there was a rush to quantify, as far as expectations of political considerations may be attainable in such format, just how much the Fed...

Most of the trade publications in the energy industry continue to talk about “strong demand” for energy products, including gasoline. They, in fact, never actually stopped using the...

The Bank of Japan raised its growth outlook, keeping monetary policy unchanged at its latest meeting. In the latest to be swept up in “reflation”, Japan’s central bank even trumpeted...

Inventories in the fourth quarter rebounded rather sharply, at least in terms of how inventory is calculated as a contribution to GDP. The GDP version of inventory turned negative in Q2, and was only...

Gross Domestic Product for the fourth quarter of 2016 disappointed once again, which is to say that it was perfectly consistent. At just 1.856%, quarter-over-quarter, it was the fifth time out of the...

In 1998, Time Magazine asked Paul Krugman to write up a futuristic piece for the publication’s 100th anniversary issue. Time, pardon the pun, has not been kind to a lot of what he said, but in...

For the first time in three years, oil inventories in the United States are not rising precipitously more than the seasonally expected. At the start of both 2015 and 2016, oil stocks exploded higher...

The only unequivocally positive aspect to the looming “stimulus” debate is the immense political theater it will generate, and has already generated. Hypocrisy will be standard fare, and...

As with all innovation, the roots of any specific trend usually cast back a very long time. In terms of Enterprise computing solutions, Software as a Service (SaaS) dates to the earliest days of the...

Jose Manuel Barroso was the former Prime Minister of Portugal who became the 11th President of the European Commission. Never one to be shy about sharing his opinions, in June 2012 at the G20 summit...