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Liquidity
March 15 2023
Liquidity .
Article Next steps
March 14 2023

The Fed’s response to the collapse of SVB puts pressure on the Treasury and the FOMC decision next week.

March 13 2023
Markets/Economy .
Article Drama upstaged
March 13 2023

Weekly Cash Commentary

March 3 2023
Markets/Economy .
Article Pendulum swings too far yet again
March 6 2023

Weekly Cash Commentary

March 1 2023
Liquidity .
Article Coming to terms
March 1 2023

Investors have begrudgingly capitulated to a still-hawkish Fed.

February 24 2023
Markets/Economy .
Article Haunting words
February 27 2023

Weekly Cash Commentary

February 21 2023
Markets/Economy .
Article Hindsight is 50-50
February 21 2023

Weekly Cash Commentary

February 13 2023
Markets/Economy .
Article This baffling economy
February 13 2023

Weekly Cash Commentary

February 3 2023
Markets/Economy .
Article Fuel for the fire
February 6 2023

Weekly Cash Commentary

February 21 2023
Liquidity .
Article Yield curveball
February 2 2023

The market is dismissing the Fed's determination to defeat inflation.

January 30 2023
Markets/Economy .
Article Cooling down
January 30 2023

The fact that inflation is falling puts the Federal Reserve in a delicate position.

January 23 2023
Markets/Economy .
Article The value of a quarter
January 23 2023

Whether the Federal Reserve goes with a 25 or 50 basis-point hike next week might not impact the terminal rate.

February 2 2023
Politics .
Article Dysfunction that knows no limits
January 20 2023

Rancor aside, with ‘extraordinary measures’ the debate over the U.S. debt limit has time to be resolved.

January 17 2023
Markets/Economy .
Article What's a central bank to do?
January 17 2023

Weekly Cash Commentary

January 5 2023
Markets/Economy .
Article On the road
January 9 2023

Weekly Cash Commentary

December 29 2022
Markets/Economy .
Article Crazy, but good year for liquidity
January 3 2023

Weekly Cash Commentary

January 11 2023
2023 Outlook .
Article Sweet spot
December 29 2022

Three things to watch in 2023.

December 15 2022
Markets/Economy .
Article Inflation still high on everyone's, and Fed's, mind
December 19 2022

Weekly Cash Commentary

December 15 2022
Monetary Policy .
Article Disconnect
December 14 2022

The Fed pushes back against market expectations.

December 9 2022
Markets/Economy .
Article It's all relative
December 12 2022

Weekly Cash Commentary

December 5 2022
Markets/Economy .
Article Perplexing Powell
December 5 2022

Weekly Cash Commentary

November 30 2022
Monetary Policy .
Article Just the facts
December 1 2022

FOMC voters must stick to the data to make their next decision on rates.

November 28 2022
Markets/Economy .
Article Much to consider
November 28 2022

Weekly Cash Commentary

November 18 2022
Markets/Economy .
Article A slight difference of opinion
November 21 2022

Weekly Cash Commentary

November 11 2022
Markets/Economy .
Article A disconnect
November 14 2022

Weekly Cash Commentary

November 7 2022
Markets/Economy .
Article Lag and letdown
November 7 2022

Weekly Cash Commentary

November 1 2022
Monetary Policy .
Article Not so fast
November 2 2022

Fed Chair Powell indicates the pace of hikes is not as crucial as arriving at the right place.

October 31 2022
Markets/Economy .
Article Frightening inflation
October 31 2022

Weekly Cash Commentary

November 8 2022
Monetary Policy .
Article The good old days
October 31 2022

Money market yields have returned to pre-GFC levels.

October 24 2022
Markets/Economy .
Article Job market is as stubborn as inflation
October 24 2022

Weekly Cash Commentary

October 18 2022
Markets/Economy .
Article Slow to rise; slow to fall
October 17 2022

Weekly Cash Commentary

October 10 2022
Markets/Economy .
Article Good news for those who like bad news
October 10 2022

Weekly Cash Commentary

October 3 2022
Markets/Economy .
Article Consumers still spending
October 3 2022

Weekly Cash Commentary

October 24 2022
Monetary Policy .
Article D.I.Y.
October 3 2022

Fed projections are less useful these days.

September 23 2022
Markets/Economy .
Article Horizon of hikes
September 26 2022

Monthly Cash Commentary

September 16 2022
Markets/Economy .
Article A rotten Core
September 19 2022

Weekly Cash Commentary

September 9 2022
Markets/Economy .
Article 'Pick-A-Little Talk-A-Little'
September 12 2022

Weekly Cash Commentary

September 2 2022
Markets/Economy .
Article Powell might have to start shouting
September 6 2022

Weekly Cash Commentary

October 3 2022
Liquidity .
Article The place to be
September 1 2022

 Cash has become a compelling asset class.

August 26 2022
Markets/Economy .
Article Roping inflation
August 29 2022

Weekly Cash Commentary

August 22 2022
Markets/Economy .
Article Minutes show FOMC's tough talk softening
August 22 2022

Weekly Cash Commentary

August 12 2022
Markets/Economy .
Article Beyond the headline
August 15 2022

Weekly Cash Commentary

August 8 2022
Markets/Economy .
Article The Fed on the balance beam
August 8 2022

Weekly Cash Commentary

July 29 2022
Markets/Economy .
Article Large numbers and tall mountains
August 1 2022

Weekly Cash Commentary

September 1 2022
Liquidity .
Article See you in September
August 1 2022

Next month will mark a half-year of hikes, time enough to evaluate their impact.

July 27 2022
Monetary Policy .
Article Another big swing
July 27 2022

The Fed raises interest rates by 0.75% for the second month in a row.

July 25 2022
Markets/Economy .
Article Not so negative anymore
July 25 2022

Weekly Cash Commentary

July 15 2022
Markets/Economy .
Article Looking to the past
July 18 2022

Weekly Cash Commentary

July 11 2022
Markets/Economy .
Article Between a rock and a hard place
July 11 2022

Weekly Cash Commentary

July 5 2022
Markets/Economy .
Article Moving on to Q3
July 5 2022

Weekly Cash Commentary

July 1 2022
Liquidity .
Article Perpetual motion
July 1 2022

The Fed’s willingness to shift on volatile data makes rate expectations difficult.

June 24 2022
Markets/Economy .
Article Hot mic
June 27 2022

Weekly Cash Commentary

June 17 2022
Markets/Economy .
Article Speed climbing
June 21 2022

Weekly Cash Commentary

June 15 2022
Monetary Policy .
Article Since you offered
June 15 2022

The market’s late shift in expectations gave the Fed the opportunity for a 0.75% hike.

June 13 2022
Markets/Economy .
Article How will the Fed interpret high inflation?
June 13 2022

Weekly Cash Commentary

June 6 2022
Markets/Economy .
Article The rollout of the rolloff
June 6 2022

Weekly Cash Commentary

June 28 2022
Liquidity .
Article Ear to the ground
June 1 2022

The Fed must rely on the data and not its policy framework to curb inflation.

May 27 2022
Markets/Economy .
Article Looking forward to summer
May 31 2022

Weekly Cash Commentary

May 23 2022
Markets/Economy .
Article The Fed has donned blinders
May 23 2022

Weekly Cash Commentary

May 16 2022
Markets/Economy .
Article Welcome aboard, Mr. Powell
May 16 2022

Weekly Cash Commentary

May 6 2022
Markets/Economy .
Article Undeniably hawkish Fed
May 9 2022

Weekly Cash Commentary

May 6 2022
Monetary Policy .
Article Driving the point home
May 4 2022

With a 50 basis-point hike, the Fed hopes to stick it to inflation. 

May 2 2022
Markets/Economy .
Article Quiet before the storm
May 2 2022

Weekly Cash Commentary

May 2 2022
Liquidity .
Article The table is set
May 2 2022

The Fed rate cycle and the SEC money fund reform process are ready to begin in earnest.

April 22 2022
Markets/Economy .
Article A seat at the table
April 25 2022

Weekly Cash Commentary

April 19 2022
Markets/Economy .
Article A single mandate?
April 18 2022

Weekly Cash Commentary

April 11 2022
Markets/Economy .
Article 'Expeditiously' is the new 'transitory'
April 11 2022

Weekly Cash Commentary

April 4 2022
Markets/Economy .
Article Strong jobs report kepts Fed on track
April 4 2022

Weekly Cash Commentary

April 7 2022
Liquidity .
Article Balancing expectations
April 1 2022

The Treasury yield curve isn't matching the futures market’s view of rate hikes.

March 28 2022
Markets/Economy .
Article Powell doubles down
March 28 2022

Weekly Cash Commentary

March 18 2022
Markets/Economy .
Article A hike and then some
March 21 2022

Weekly Cash Commentary

April 5 2021
Markets/Economy .
Article Lots of news, little action in Q1
April 5 2021

Weekly Cash Commentary