Cumberland Advisors

As 2015 comes to a close, we reflect on the turmoil that we witnessed throughout the year. It has been intensifying. Volatility is rising. With the exception of Japan and, less so, some in Europe,...

I want to zero in on the one asset class that affects every other one. I'm talking about the U.S. dollar.Now you might think the dollar's going to crash. That makes sense. The value of all paper...

On Friday morning, creditors and the Puerto Rico Electric Power Authority (PREPA) reached a “tentative” agreement to restructure the Puerto Rico power provider’s $8 billion in...

High-yield markets are seeing the spotlight shine directly on them today, as earlier the Wall Street Journal reported a full liquidation and winding down of a well-known high-yield mutual fund....

This week's central bank ‘speak-fest’ and the December decisions were just the beginning of the divergence, though. Whilst we expect the Fed to hit the pause button after its first hike...

The November 13 terrorist attacks in Paris shocked the world. There were immediate effects in France, with hotel and tourism visits cancelled and attendance reduced at public entertainment events. In...

Investors in China equities have been on a roller-coaster ride this year. The Shanghai market soared 60% to a seven-year high in mid-June and then tumbled 43% over the following two months to a trough...

Pundits were previously in favor of a Fed move by a small percentage in December. That is now a solid majority. Markets anticipate a Fed move. Hmm?Torsten Slok (Chief International Economist, Managing...

The economic recovery in the Eurozone is accelerating as the final quarter of the year gets underway, with stronger output growth in October for the four biggest economies – Germany, France,...

We are likely to have worldwide near-zero short-term interest rates for at least another two years, maybe three or four. The implications for stocks, bonds, and currency exchange rates are huge, as we...

Like similar calls in the US following the ENRON debacle and the ’07–’09 financial crisis, the Volkswagen (DE:VOWG) scandal has led to calls of “Where was the board?” In...

To no one’s surprise, the FOMC didn’t make the first policy move off its zero-rate policy at the meeting this week. Much has been made of both the removal of the reference in the...

On October 22, Moody's downgraded the state of Illinois GO and sales tax debt from A3 to Baa1. To summarize Moody's explanation, the state's financial situation has deteriorated during the...

As close followers of the municipal credit asset class, we have identified three helpful indicators since fiscal year 2009–2010, the year the financial crisis harshly impacted state and local...

European Central Bank (ECB) President Mario Draghi surprised markets Thursday by clearly signaling that the ECB is highly likely to take action at its December 3 meeting to provide further support to...

We have a little more Volkswagen (DE:VOWG) info as a follow-up from our trip to Europe.First, let me summarize our investment view. We don’t like VW and would not own it if we were in the...