Alhambra Investment Partners, LLC

The official statement that accompanies each every FOMC policy action is by nature bland and sterile. Still, despite the sparseness of printed words those that are included can say a lot. Here’s...

There is some hope among those viewing bad news as good news. In China, where alarms are currently sounding the loudest, next week begins the plenary session for the State Council and its working...

The first central banker to blink wasn’t Jay Powell, it was Stephen Poloz. The Bank of Canada has been steadily raising its policy rate like the Fed, or had been. It was widely expected that...

We can add realtors to the list of those who are angry with Jay Powell. The housing market continued its perplexing slump in October, according to a broad section of data encompassing everything from...

Retail sales rebounded 0.8% in October 2018 from September 2018, but it’s the downward revisions to the prior months that are cause for attention. The estimates for particularly September were...

On February 12, 1999, the Bank of Japan announced that it was going full zero. Japan’s central bank would from that day forward push the overnight uncollateralized lending (interbank) rate to...

The manufacturing renaissance at the base of this supposed US economic is disappearing. It is unsurprising, quite predictable actually. First, there was the cleanup from last year’s major storms...

On December 12, 2007, the Federal Reserve announced its entry into emergency “non-standard” policy measures. In a belated attempt to “address elevated pressures in short-term funding...

The calendar last month hadn’t yet run out on US Industrial Production as it had for US Retail Sales. The hurricane interruption of 2017 for industry unlike consumer spending extended into last...

It was for a time a somewhat curious dilemma. When it rains it pours, they always say, and for China toward the end of 2015 it was a real cloudburst. The Chinese economy was slowing, dangerous...

It’s one of those useless explanations that while technically true tells us nothing of value about the situation. The Chinese are never boring when coming back from a Golden Week holiday. This...

June 13 sticks out for both eurodollar futures as well as IOER. On the surface, there should be no bearing on the former from the latter. They are technically unrelated; IOER being a current rate...

The Bureau of Economic Analysis (BEA) revised Q2 GDP to a 4.07464% continuously compounded annual rate from 4.13987%. More importantly, the BEA provided revised benchmark estimates for corporate...

One year ago today, something broke. It wasn’t a big thing, practically a footnote seemingly not worth mainstream attention. Out of nowhere, the 4-week T-bill yield spiked. On Friday, September...

The US yield curve isn’t the only one on the precipice. There are any number of them that are getting attention for all the wrong reasons. At least those rationalizations provided by mainstream...

According to the Conference Board, US consumers are sky high. The business association’s index measuring consumer confidence jumped to a level it hasn’t seen since the apex of the dot-com...