Alhambra Investment Partners, LLC

There is absolutely no need whatsoever to pay any attention to what Janet Yellen says. There is even less call for parsing the increasingly ridiculous FOMC statement, particularly with regard to...

At the end of July, with a majority of the 500 companies included in the S&P 500 index having reported their earnings, the tabulated EPS (as reported) was figured around $24.09. That was already...

The economy of 2015 started out “unexpectedly” weak before succumbing to “global turmoil.” It was the events of last summer that began to sow serious doubts about not just the...

“Should I stay or should I go now? If I go there will be trouble. An’ if I stay it will be double…this indecision’s buggin’ me”The Clash (Lyrics) Summer vacations...

For the fifteenth consecutive month dating back to November 2014, the US CPI remained less than 1.5%. While this was supposed to be the year where “transitory” effects of oil prices as...

Industrial production in the United States fell by 1.1% year-over-year in August, a slightly larger decline than the -0.6% estimated for each of the two months prior. August’s negative was the...

In many ways it is surprising the bond selloff hasn’t been bigger. After all, the recovery narrative of the unemployment rate has had almost everything going for it since February, at least in...

There is validity in (not “to”) the myth of central banking, one that has important and very serious implications right down the smallest and most immediate terms. The first task of every...

At the end of August, the US Energy Information Administration reported that it had been overstating domestic demand for oil and energy products to a considerable degree. Using imprecise and lagging...

The yield on the 10-Year US Treasury closed at around 1.68% yesterday, but judging by the haughty commentary surrounding global bond markets you would be forgiven if you thought it was 2.68%. Since...

Chinese oil imports surged again in August to the equivalent of 7.77 million barrels per day (mbpd). That was significantly more than July’s pace of 7.35 mbpd, and up an astounding 1.5 mbpd from...

Factory orders rose in July in seasonally-adjusted terms from a downward revised June level. As has been the case with a number of economic data points this summer, that was a drastically different...

The primary symptom of the economic malaise or depression that has developed since the Great Recession (which wasn’t a recession) is an economy that works less and thus earns less. Such a...

For October 2014, the ISM estimated that its Chicago Business Barometer was a blistering 66.2. Encompassing much of the Midwest and a good deal of auto and parts production, that level seemed to make...

Repo fails in the past two weeks (the week of August 17 the most current figures) were both more than $192 billion. Though that level is highly elevated, those were actually the fewest fails since...

A euro-dollar futures contract affords the buyer the opportunity to obtain a $1 million euro-dollar deposit for a three-month term at the expiration and execution of the contract. The rate to be paid...