Alhambra Investment Partners, LLC

The corporate junk bubble had gotten so beaten up and so dire that removal of the liquidation pressure was bound to attract bargain hunters and momentum chasers. Despite all that has happened, the...

This week’s chart comes courtesy of a post from our friends at FT Alphaville. The chart is from BAML and tracks the number of high yield defaults. Default rates are actually just about normal at...

There was a time not all that long ago that it was great, maybe even thrilling, to be a central banker. The late 1990s had to have been the absolute apex, but the aftermath of the panic of 2008...

By now most people have given up on IBM (NYSE:IBM). I don’t mean that they have dismissed the company as a dinosaur on its way to extinction but rather it has been pulled down from the Pantheon...

Today was the third consecutive down day of selling in eurodollar futures. The June 2018 contract settled below 98.80 for the first time in April, almost unwinding the move higher at the start of this...

Goldman Sachs (NYSE:GS) did not disappoint. The bank’s earnings for Q1 were a disaster slightly worse than what was already anticipated as beyond bad. There was nothing that the firm did that it...

There is undoubtedly serious stratification in the housing market, as higher end homes have no trouble selling at greater and greater price points. That, in turn, has left those owing homes in the...

The focus on China and the Chinese economy is not just related to its size but more so the fact that it is the pivot point for the whole global system. In pure economic terms, as “end...

After a punishing January and a mediocre February, the first quarter of 2016 ended on a positive note. With the exception of some international markets, March was a very nice rebound month across the...

Survey based economic reports continue to run counter to real world, actual data. Since the real data tends to lag, an optimist would probably take this as good news. A pessimist would dismiss it...

There is great allure in comparing our current economic circumstances to those in 1937, and why wouldn’t there be? The associations are especially striking, starting with the gaping hole left...

US industrial production fell yet again in March to (benchmark revised) -2% year-over-year. With updated revisions, the contraction in IP now extends seven months rather than what would have been just...

What is most amazing about the current “manufacturing recession” is that it has occurred while automobile production has remained rather stout. That would suggest the state of production...

Given the revisions to wholesale sales (downward) and inventories (upward), we knew that the overall inventory imbalance for the whole supply chain would be pushed up somewhat. Total Business...

The world cheered this morning’s trade estimates from China, as both exports and imports rebounded from a dismal start to the year. Exports rose 11.5% in March after falling 25% in February;...

Calendar effects, base effects, and holidays continued to plague retail sales estimates. Where February 2016 included a 29th day of extra selling/buying, March finds an early Easter holiday relative...