Cumberland Advisors

After a poor start to the quarter, the Treasury market rebounded nicely over the month of December, providing positive performance across the Treasury curve as the equity market suffered from negative...

The story is that the Fed’s quantitative easing program injected large amounts of liquidity into financial markets, causing bond rates to fall and stock prices to accelerate. Consequently, the...

Muni yields rose in the first six weeks of this quarter – mostly in sympathy with US Treasuries (NYSE:UST). We saw the 10-year and 30-year Treasury bonds rise 20 and 25 basis points...

The Treasury market had priced in a 25-basis-point increase in the FOMC’s target range for federal funds prior to the FOMC’s December 18–19 meeting. The Committee was faced with...

The 2018 US stock market showed major changes in the fourth quarter. Volatility scared investors and some panicked. Others changed asset allocations. Suddenly, 2% on cash equivalents had resonance. In...

We’ll not mince words here: The president’s characterization of himself as “Tariff Man” is juvenile and unpresidential. We cannot imagine Mr. Eisenhower, Mr. Kennedy, Mr....

The last three weeks of November saw a bounce in the bond market, with intermediate and longer bond yields falling after spending most of 2018 rising.If we look at the US Treasury market (chart 1), we...

Eurozone equity markets have had a difficult year thus far, losing some 13.2% as of November 28, as measured by the iShares MSCI Eurozone ETF, (NYSE:EZU). While a slowing economy and a 6% weakening of...

Here’s our first take after the midterm elections.The polls actually got it right, with the Democrats taking the House of Representatives and the Republicans enjoying a slight pickup in the...

The Italian drama continues, with the European bond markets demonstrating great resilience despite the risks presented by the Italian government’s proposed fiscal policy stance, which has been...

As Treasury markets had correctly predicted, the FOMC raised its target range for federal funds by 25 basis points to 2.0%–2.25% at its meeting on Wednesday. Perhaps more importantly, it also...

In a year when we have seen commentators talking about the relative flatness of yield curves, we have a conundrum when we look at the US Treasury yield curve and the US muni yield curve (shown here as...

In his Thoughts from the Frontline letter on Friday, John Mauldin wrapped his own strong remarks on Trump’s trade war with China around a tweet from the vastly experienced and hugely connected...

The European Central Bank (ECB) left its monetary policy stance unchanged at its September 13 meeting. Net asset purchases will end in December, but with the Bank’s maintaining its stock of...

Last week Venezuela devalued its currency, the bolivar, by 95%, cutting five zeros off the exchange rate. This measure was a desperate response to hyperinflation that reached an astonishing rate of...

The Turkish lira is down more than 40% year to date, with Friday’s fall alone reaching 18.5% at one point and ending down 14.3% for the day. While Turkey’s economy is not large, some major...