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EUROPE’S ENERGY CRISIS IS KEEPING ENERGY PRICES AND INFLATION HIGH
America leads the world in oil and gas production. We believe midstream energy infrastructure offers predictable cash flows to investors..
How Will Fed Chair Powell Respond To The Market?
A significant interest rate move has taken place in recent days that has received scant coverage from mainstream financial media. The market has priced in a more aggressive pace of Fed tightening over the next couple of years, while simultaneously moderating the outlook beyond that. This flattening of the yield curve has been reflected in […]
Why Staying Warm In Boston Will Cost You
We spent last weekend in Boston with our daughter, who’s at school there and just turned 21. We visited the Mapparium, a glass spherical room that has the visitor standing inside the globe, with the world’s countries as in the 1930s (i.e. much of Africa was controlled by European powers and India had not yet […]
Life Without The Bond Vigilantes
“The Fed’s an inflation creator, not an inflation fighter.” So said Paul Tudor Jones last week in an interview on CNBC. It’s doubtful that charge has been leveled at the Fed in at least half a century. William McChesney Martin ran the Fed for almost 19 years (1951-70) during a period that set the stage […]
Pricing In A Less Dovish Fed
Bond yields have drifted up 0.25% over the past month. Real yields on TIPs have barely budged from around –1%, so the move in bonds has translated into rising inflation expectations — now solidly above 2.5% for the next decade. The persistence of negative real yields is surprising – with the Fed likely to finally […]
Why The Energy Crisis Will Force More Realism
The two front covers from The Economist, thirteen months apart, represent an overdue liberal education. Much of the mainstream press has heralded the energy transition to renewables as a source of jobs, innovation and everything else good including lower CO2 emissions. In September 2020 The Economist ran a leader titled Is it the end of […]