The story is that the Fed’s quantitative easing program injected large amounts of liquidity into financial markets, causing bond rates to fall and stock prices to accelerate. Consequently, the argument goes that, the shrinking of the Fed’s balance sheet through maturity runoff will cause bond…

We wish all the best to our readers and friends for the holidays. We hope you enjoy some great days with your families and friends and look forward to a prosperous 2019. We wish a great new year for all of you and particularly those less fortunate. And hope everyone in their own ways…

Earlier this summer we wrote about the FY 2017 returns (July 1, 2016 – June 31, 2017) reported in the NACUBO-Commonfund Study of Endowments® (NCSE).[1]

We constantly get email defending the Trump-Navarro Trade War policy. The critics outnumber the defenders, but we can observe that both sides of this debate are digging in their heels.

The Treasury market had priced in a 25-basis-point increase in the FOMC’s target range for federal funds prior to the FOMC’s December 18–19 meeting. The Committee was faced with essentially three policy options: Pause, deliver on the 25-basis-point increase and signal a pause, or deliver on the…

From the trade war to the Fed, the fourth quarter of 2018 has been full of uncertainty, which is markets’ least favorite scenario.

As 2018 draws to a close, economic growth in almost all economies, including that of the US, is moderating but is still expansionary and in most cases remains above long-term trends.

We discussed the goal of leveraged ETFs previously – to provide daily returns that match the desired ratio over the underlying index (https://www.cumber.com/margin-trading-vs-leveraged-etfs/).