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Thoughts From The Divide: Particularly Fluid

BY JON WEBB
Now a week out from the Fed making it clear that the squeeze of lower growth isn’t worth the juice of bringing inflation back to (not toward, Jerry!) 2%, Mohamed El-Erian summed up the state of play nicely in a recent article for the FT. The Queens’ College president noted that, “It is not often that you see a reputable central bank revise up its inflation and growth projections and yet strengthen a dovish tilt to its policy stance. Yet that is what happened in Washington last week when the Federal Reserve raised those projections up a notch and yet delivered two consequential signals – a willingness to tolerate higher inflation for longer and an openness to slow the ongoing reduction in its balance sheet.” Read more →

NDR Fixed Income Allocation Strategy September 2023 Update

BY BRIAN SANBORN
The NDR Fixed Income Allocation Strategy, Positioning Update Read more →

Thoughts From The Divide: Signals vs Omens – Sept 6

BY JON WEBB
Call me superstitious, but some irrational part of me can’t help but think the disappointment surrounding the Nvidia results had wider significance. Like  Mary Poppins leaving when the wind changes, sometimes it’s something mundane which, with the benefit of hindsight, signals a shift in sentiment. It’s not that Nvidia never disappoints, but it has come to feel like that recently. And since the Nvidia results, stocks do seem to have lost their mojo, in marked contrast to bonds. Read more →
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