Markets continue to exhibit higher volatility due to economic data that indicates that higher for longer Federal Reserve interest rate policies are more likely.  At TTCM, we view predicting macroeconomic data as being a rather pyrrhic enterprise, as success rates for even supposed experts, are far less than 50%.  By focusing on individual securities and...Read More

Volatility has begun to pick up in equity markets as bond yields have continued to creep higher, based on fears of higher for longer inflationary pressures.  I’ve warned before about being too aggressive in this environment.  Too many people expect equity markets to perform like they did in exceptionally low interest rate periods and that...Read More

This article rightfully brings attention to the high possibility that tax rates on dividends will be increasing next year.  With bond yields so low for highly rated companies it does make some sense to issue debt and to pay it out to shareholders, and then over the next years pay back the loans by offering...Read More

Alfredo Saenz is exactly right that the ECB needs to get in front of the issue and buy Spanish debt as yields climb.  As stated before this won’t solve the structural problems but neither will delaying the issue.  Policymakers have continuously waited for the market to force them to make a move instead of taking...Read More