Cumberland Advisors

There are reports that Senator Rand Paul intends to put a “hold” on Janet Yellen’s nomination for Federal Reserve Chair. Senator Paul is involved in an absolute act of lunacy. He...

We have entered an interlude between the last incarnation of the budget, debt, debt-limit, and sequester confrontation and the next incarnation of the budget, debt, debt-limit, and sequester...

A whipsaw is a "long, narrowing, tapering ripsaw, usually set in a frame and worked by one or two persons." Webster's Unabridged Dictionary, second edition. What a play on words. "Long," as in, we...

News reports of Janet Yellen’s forthcoming nomination will be greeted well by market agents. It should be. They will assume a continuation of the Bernanke policy. They will also assume...

Seeing no need to augment its already very expansive program of quantitative easing, the Bank of Japan (BOJ) concluded its October 3-4 Monetary Policy Meeting by deciding to keep policy unchanged. It...

“Today’s shutdown is the culmination of over two years of political turmoil in the wake of the Budget Control Act of 2011, which capped federal spending (sequestration) and brought to the...

After what can only be described as a miserable summer for the municipal bond market, the muni market came back to life in the second part of September. Really cheap blocks of 5%+ yields became harder...

Markets, media, and manic investors are consumed by the government shutdown, budget fight, debt limit debate, sequester, and assorted other shenanigans of the dysfunctional Congress and the...

We thank many readers for their emails, rebuttals, affirmations, and confirmations regarding our discussion of the Fed’s decision not to taper and our view that it injected another level of...

An unintended consequence of not tapering is, we think, that the Fed has become an enabler of more Congressional dysfunction. One of the most distressing elements of the Fed (Federal Reserve)...

This month’s economic data out of Europe confirm, if there still were any doubts, that a broad-based recovery is underway there. Global investment flows reflect this development, and it is not...

The Fed fog seems to be lifting. Syrian smoke may be clearing, too. That calls for a strategy change. The Syria problem has morphed from a military action into a diplomatic initiative. The risk of...

“Assert a principle,” says our Secretary of State, John Kerry. So now we find ourselves in the throes of an unresolved national debate over whether the US should launch cruise missiles at...

In our US ETF Equity managed accounts, we enter Labor Day weekend in the highest cash position we have seen in years. Tepid And Without ConvictionWhy? The rationale is simple. First, the market action...

In response to my recent commentary “When Will the Fed Begin Tapering Its Asset Purchase Program?” two astute readers pointed out a technical problem in my discussion of Federal Reserve...

This question is on all market participants’ minds. Attention is now centered on whether the process will begin, as some FOMC participants have suggested, as early as the September FOMC meeting....