Cumberland Advisors

On Thursday, February 7, as I do most days, I watched Bloomberg Television’s Surveillance from an exercise bike while sipping my morning coffee. Sara Eisen, Scarlet Fu, Tom Keene, and Mike McKee...

BCA updated their series that compares the National Federation of Independent Business (NFIB) survey with the Institute for Supply Management (ISM) survey. For two decades the surveys tracked each...

“Currency War” is the latest hot title. It’s now on the front pages, triggered by the policy change in Japan. In only two months the Japanese yen has weakened about 15% against the...

At Cumberland, we continue to take a harsh view of many California municipal bond credits. We do this notwithstanding the recent upgrade action of a prominent credit-rating agency. At Cumberland, we...

At the London Metal Exchange (LME), aluminium and copper inventories witnessed their highest gains at 20150 and 10925 tons respectively. On the other hand, zinc inventories fell by 2825 tons to...

In Wednesday’s WSJ, journalists who follow the Fed reported on a new Fed working paper that provided detailed simulations of how the exit strategy that the FOMC laid out in June 2012 would...

Today’s labor report confirms the ongoing slowness of our US economic recovery. We are seeing how difficult it is to accelerate the job-creation component. We are also seeing the early impact of...

“The Obama administration’s fiscal plans anticipate a peace dividend after withdrawals from wars in Iraq and Afghanistan. The Republican Party has reasonably argued that it is unrealistic...

“Taxation without representation” says the text under the Washington, DC license plate of President Obama’s inaugural limo. Citizens of DC argue they are not represented when the...

The last couple of days have emphasized how much misunderstanding exists about government policy and the Fed, even among supposedly seasoned members of the financial press. For example, in last...

Washington has handed an economy now struggling to get back on its feet a barbell instead of a helping hand—a tax barbell. With much hoopla and political posturing, the United States’...

International banks had reason to celebrate Monday when they received a somewhat unexpected New Year's gift from their regulators. The central bank governors and heads of supervision that oversee the...

The release of the FOMC December minutes last Thursday was viewed by markets as a negative shock. Commentators and market participants focused in particular on what they viewed as “new”...

In my recent commentary on the Asian-Pacific equity markets, I hesitated to include Japan in my positive outlook for the region. Afterall, Japan has disappointed so many times in the past when there...

Dear Speaker Boehner:Please do not do it. Please do not call the House of Representatives back into a yearend, lame duck session. Please let us get to January 1, 2013. Actually, let us get past...

We are scheduled to interview on Bloomberg TV at 9:15 AM, Monday, December 24 with anchor Betty Liu on “In the Loop.” Our discussion will likely include markets and factors like the fiscal...