Cumberland Advisors

At his monthly press conference last week, Mario Draghi, President of the European Central Bank (ECB), stated that while the ECB did not change its benchmark interest rates, “the governing...

The IMF recently published its latest outlook for the global economy. In summary, the IMF economists state the following:The global recovery is expected to strengthen, led by advanced economies....

The agenda for the April 15-16, 2014, research conference hosted by the Federal Reserve Bank of Atlanta has been released. Readers who are seriously concerned about monetary policy; the questions...

This is a common question voiced by concerned clients in the last few days. There is good reason for it, given that a highly volatile correction is underway. Recognize that the correction is more...

If you haven’t read either the book or the article, what follows may not make a lot of sense. This commentary is not a book review.What Lewis doesn't say is that some people understood HFT from...

Thus far 2014 has been a difficult year for international equity markets. An apparent slowing in the recovery of the global economy, including the advanced as well as emerging-market economies, a...

The tax-free municipal bond market had a very good first quarter of the year as many intermediate- and longer-term bonds rallied back from their beat-up levels of 2013.Part of this rally was reversion...

Despite Chair Yellen’s admonition, both pundits and journalists have been making much of the so-called “dots chart” released after the close of Wednesday’s FOMC meeting. The...

Emerging market equities as a group have underperformed so far in 2014. The MSCI Emerging Market Index, EM, is down 5.76% year-to-date as of March 21. However, if the Ukraine crisis continues to...

Today’s reports of Russian troops storming a Ukrainian base in Crimea are reflecting a Russian act of consolidation. Russian has annexed Crimea. End of story. Non-Russians are to be there only...

Every month the Cleveland Fed computes and publishes a median CPI and a 16% trimmed-mean estimate of the CPI. They add these calculations to the headline CPI and the CPI excluding food and...

The US Congress has managed again to kick every charity in the gut. Let me summarize how they’ve done it first, personalize the issue to my congressional district second, call for action third,...

Russia and Crimea are following the same roadmap that the United States and Texas followed when Texas officially left Mexico on March 2, 1836. TX became an independent republic. It subsequently joined...

Friday’s employment number of 175K has generated both surprise and a sense that the economy may be on track despite bad weather and other less positive data. This impression was reinforced in...

“The PR GO curve is inverted and shorter maturity GOs are trading cheap to CCC corporates. Thus, if the Commonwealth is able to access sufficient long-term borrowing in a timely manner, the...

Fast-moving events in Ukraine point to a bifurcation of the country. It seems clear that Russia will take the Autonomous Republic of Crimea and that Russian influence will likely dominate the eastern...