Alhambra Investment Partners, LLC

Inventory is an exceedingly simple concept spaced between the most basic economic fundamentals. Because the modern economy operates upon mass production, the flow of goods is not direct. Thus, there...

As with other economic accounts, retail sales dropped back in May after the temporary rebound coincident to calendar effects. Overall sales, including autos, grew just 1.9% over May 2015, well below...

If there seems to be more safe haven demand of late, the increasing odds of British exit from the EU is being blamed. According to Yahoo!Finance, Goldman Sachs (NYSE:GS) sees “kinks” in...

This past week, the ishares S&P 500 (NYSE:IVV tested resistance at the 2120-25 level, close to the all-time highs for the market, after a remarkable rebound from its crushing meltdown in January....

With stocks down for a second day, attention has been focused on the UK vote potentially in favor of leaving the EU. It seems like a naturally disruptive event, or at least in theory, an outcome that...

In August 2013, the Treasury Department through its Treasury International Capital data (TIC) put a scale on that summer’s disruption. With a two-month delay, the TIC figures gave us some...

Eurodollar futures prices rose again today, the seventh consecutive increase in most maturities. Six of those days were relatively small moves, the biggest jump last Friday with the release of the...

Wholesales sales are right back on track again after two months of being affected by the calendar. After rising 0.8% in February and 0.6% in March, sales declined by 5.3% Y/Y in April. For the first...

It makes for yet another huge dichotomy, but one which is curiously absent from any mainstream commentary. As noted earlier today, Chinese imports were pleasantly surprising for the mainstream as they...

The BLS updated its productivity estimates yesterday to incorporate the BEA’s slight upward revision in GDP for Q1 2016. The changes to the productivity series were also small, where the initial...

Well, that was ugly. The lousy employment report released this past Friday threw the markets and probably the FOMC for a loop. Stocks didn’t really do anything – yet – but other...

By any reasonable standard, today’s trading in “dollars” was highly unusual. The Chinese yuan had been trading its typical depreciation route all through the night and toward the US...

Benchmark revisions continue to flow through manufacturing and industrial figures. The latest were attached to the Census Bureau’s statistics on factory orders. Having already obtained the...

Ten days ago, it was reported that the Bank of Japan for the first time set aside reserves against expected losses should its massive portfolio of JGB’s finally move toward QQE success. The main...

Economic Reports Scorecard The standout reports from the last two weeks are mostly real estate related. The Housing Market Index kicked things off two Mondays ago with a solid reading of 58 (this is a...

The Chinese exchange rate has traded lower for five consecutive days, and aside from essentially no change last Friday, the USD/CNY would have been down eight days in a row. That contrasts with the...