“Flying a plane is no different than riding a bicycle, just a lot harder to put baseball cards in the spokes.” Captain Rex Kramer – Airplane When descending from high altitudes there are three ways we can land: soft, hard, or crash.  This applies in both aviation and economics. Now that central banks are attempting […]

“The sky is falling.  No, I’m tipping over backwards.” Steven Wright At several points over the past 18 months, we were accused of being ‘Chicken Little’ with our warnings of rising yields.  People looked at us funny when we said the central banks had a clear path to raise overnight rates to 1.5-2%.  Our sanity […]

“I had a horrible nightmare. I dreamed that I went…back in time. It was terrible.” Marty McFly Over the past two years, investors have dealt with a constant string of ‘new normals.’  At every turn, there are new changes, new uncertainties, and new unknowns to contend with.  While some of these developments are transitory (or […]

“Saying is a different thing from doing.” Michel de Montaigne First and foremost, our thoughts and sympathies are with the people of Ukraine and their families and friends across the world.  We hope for a quick and peaceful resolution to this horrifying situation. Our parents taught us that actions speak louder than words.  That ultimately, […]

“The job of the Central Bank is to worry.” Alice Rivlin We imagine that central bankers have endured many sleepless nights since the start of the pandemic.  After all, even in the best of times, stewarding monetary policy to optimize growth, inflation, and employment is a difficult balancing act.  Having to navigate the unchartered waters […]