Alhambra Investment Partners, LLC

November was the month where global bonds, particularly sovereign bonds, were routed in synchronized liquidation. As such, we would expect to find among various data sources evidence to suggest a...

In May 1999, Milton Friedman gave an interview to Forbes Magazine back when it was an actual magazine. It was an auspicious time, of course, and what he had to say then resonated, though as much in an...

We have to start with the understanding that Alvin Hansen was completely wrong. Hansen was the American economist who in the late 1930’s worried that the Great Depression was not just a severe,...

There are a great many great things afoot, so it might be understandable some transferred excitement (or dread) into the realm of global currencies. The British are set to leave the European Union,...

It may seem strange that one of the primary forces behind the Bretton Woods arrangement was John Maynard Keynes. That is because what goes on in his name today is often nothing like what he proposed....

The Federal Reserve reported this week that consumer credit increased by $24.5 billion in November, the largest expansion since August and one of the biggest monthly changes in the data series....

The updated estimates from the BLS for its JOLTS data largely confirm observations from other labor markets figures. The rate of Job Openings in November 2016 was slightly more than October, but still...

If the groundhog can tell us the length of winter by simply appreciating his own shadow, China’s central bank can perform something of a similar exercise and interpretation about the global...

For all the fuss about speculators in Hong Kong, China’s central bank doesn’t seem very capable of handling them. Last week the offshore RMB money rate was driven once more to ridiculous...

With two months of an increasing index, the Federal Reserve’s alternate, comprehensive factor model for the labor market turned negative again for December 2016. The Labor Market Conditions...

Europe has not been left out of the “reflation” trend, with some seemingly good news having been reported recently. Inflation has ticked up to the highest in three years. The Harmonized...

It was announced yesterday that former New Jersey governor and one-time head of MF Global John Corzine won’t be allowed anywhere near clients in the futures business. Though a lifetime ban, the...

There are a few parts of the payroll reports that do make sense without requiring alternative interpretation. Among these face value statistics is the estimate for manufacturing payrolls. The BLS...

There are times when the illusion is understandable, if still an illusion. On days like today, it surely seems like the PBOC’s power and influence has been established and displayed. The...

The FOMC minutes published today for the December 2016 policy meeting are being shopped around in much of the mainstream as “hawkish”, or at least a continuation of the...

When the FOMC first voted to taper QE, all the way back in late 2013, they did so because their modeled projections were pointing up in every way. Among the positive factors in those equations was...