MACROTOURIST ON VACATION UNTIL SEPTEMBER 5

That’s it for the MacroTourist for a little bit. I am headed to the cottage for the summer. Although I will be following the markets, I am taking some time off from writing. For those readers who have in the...

A NEW BULL MARKET IN COMMODITIES (JUST NOT THE ONES YOU EXPECT)

The other day I received an email asking if I knew what was ailing copper. Usually copper and oil follow each other fairly closely. They are both economically sensitive, so their correlation is fairly high. Yet over the past month,...

THE FED CRIES UNCLE

I have long held the view that contrary to popular opinion, since taking over as Fed chair, Yellen’s actions have erred on the hawkish side. Most pundits portray her as some sort of easy money villain, but it is not...

FADE THE CENTRAL BANKS

The one way action in the bond market continues this morning. The mad rush into fixed income has increased in ferocity and tone. There is no difference between being early and wrong, so I am clearly wrong with my negative...

HOW DID IT COME TO THIS?

This morning I awoke to the most miserable, pessimistic, sad bunch of headlines about the European Union and Brexit that I can recall in quite some time. This Bloomberg quote sums up the mood perfectly: EU President Donald Tusk goes...