Alhambra Investment Partners, LLC

In case you need any assistance in trying to figure out when Janet Yellen spoke, or at least when the text of her speech was released from embargo, here is a hint: It seems her stream of consciousness...

Second quarter 2016 GDP was revised slightly lower, from about 1.21% to just 1.09%. That changes nothing from the preliminary estimate, as real GDP has averaged now only 0.93% over the past three...

Today’s durable goods report was uniformly ugly, if not borderline atrocious. The view from especially capital goods, the vital investment that the US economy sorely needs to snap out of its...

Going back to Japan for a third time today (it is more than deserved), at least in the setup, the Financial Times on August 1 astutely picked up what the rest of the mainstream media missed about the...

Starting June 8, oil prices began falling again, reversing their more optimistic trend that had lingered since February 11 long after the usual correlation to CNY was broken. In fact, by the time WTI...

On March 9, 2016, front month trading for Japanese government bond (JGB) futures was halted at 12:32 pm Tokyo time. Selling had become intense, tripping the Osaka Exchange’s dynamic circuit...

The simple fact of the matter is that 2012 wasn’t supposed to happen. By every orthodox prediction and theory about the set of tools deployed after the Great Recession (after it, the first clue)...

In the late 1990’s, economists attempted to get reacquainted with something that they previously believed was an artifact of long ago history. The plight of Japan during that decade had revived...

The NBER does not define a recession as two consecutive quarters of contracting GDP. That is the mainstream definition that largely survives as a coping mechanism to deny what might otherwise be quite...

Surprise, surprise, the second quarter earnings season is again producing better than expected overall results. Analysts’ earnings growth estimates for the S&P 500 are now somewhere around...

With auto sales coming in exceptionally weak in the retail sales report on Friday and given the importance of the auto sector in an otherwise awful economy, it makes sense to go further in detail to...

In early 2005, the US Senate began debating a bill seeking to impose a broad 27.5% tariff on Chinese exports to the United States. Congress was emotionally moved by the supposed problem of pegging the...

Ford Motor Company (NYSE:F) issued a stark warning last week when reporting second quarter earnings. On its conference call, CFO Bob Shanks used the word “plateau” in relation to the...

Factory orders declined rather sharply in June, offering more evidence that the (economic) summer might be upon us. It was not a surprise given that the flash durable goods estimate also for June...

The Personal Savings Rate is a rather important economic indication. Because it is derived from the difference between income and spending, it can tell us a great deal about the state of the economy...

Construction spending had been increasing steadily since the start of 2011. Factoring both the size of the decline due to the housing bust and the timing of the turnaround in sales and prices, the...