Following a steep decline in 2021, Chinese stocks have provided a roller-coaster ride to international investors thus far in 2022, as positive spurts encounter headwinds that cut short market recoveries. For example, the SPDR S&P China ETF, FXI, after hitting a low in mid-March, staged…

The philosopher and Holocaust survivor Elie Wiesel said, “Words name things and then replace them.” He was reflecting on the nature of history as time passes. He was speaking about the word Holocaust, which, at the time I heard him say it, meant the World War 2 period and the concentration camps…

Dear Clients & Friends,

My friend Brent Donnelly of Spectra Markets, tenured regular attendee at the annual gathering in Maine, has granted permission to share his excellent research note about US dollar strength and stock markets.

The FOMC began raising rates at its March meeting, by 25 basis points, and followed in May with a 50-basis-point increase, then began frontloading its policy tightening by 75 basis points in June and another 75 basis points in July.

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The Cumberland Advisors Week in Review is a recap of news, commentary, and opinion from our team. These are not revised assessments, and circumstances may have changed in the market from the time of original publication. We may include older commentaries that our editors have determined may be…

CCC spreads are now significantly higher than the pre-Covid December 31, 2019, level. This widening spread suggests that the Fed’s policy of tightening by raising rates while shrinking its balance sheet is starting to tighten financial conditions.  

My friends Philippa Dunne and Doug Henwood of TLRanalytics had the following observation about the GDP-versus-GDI debate: “Some argue that GDI is better in a creative economy, which seems to imply nothing is created!”

Chairman Powell kicked off the Kansas City Fed’s annual Jackson Hole symposium on Friday and sent a strong, clear message.