The Institutional Risk Analyst

If you consider QE “stimulus” inflationary, then Fed policy actually accelerated inflation in the November-January period.

Spreads have a long way to go before we return to the crisis levels of Q1 2020. And we are not nearly ready to go shopping.

The Powell FOMC has lost all credibility when it comes to financial markets or managing inflation and independence from the US Treasury

We think the chart below from FRED is worth any amount of words on the impact of QE on equity market valuations.

any of the problems that the Fed now seeks to fix, starting with the unnecessary elimination of LIBOR, are a function of earlier policies...

And in the meantime, we view the end of QE as a net negative for global stocks as well as crypto. Everything is correlated in a crowd.

The good news is that NRZ is growing and making strides in terms of asset creation and, especially, asset retention.

Look for the FOMC to act early and go big in terms of forward repurchase agreements at the first sign of liquidity stress.

This week we speak with Stan Middleman, founder and CEO of Freedom Mortgage, about the US economy and the outlook for residential mortgages

Fact is, we are all staring at computers or handsets, all of which are connected to the internet.

Amidst the yelling and screaming of Elizabeth Warren, we suspect that Jay Powell will survive the crisis