Archive for September, 2017

August 2017 – Monthly Commentary

September 25, 2017  |   Monthly Commentary   |     |   0 Comment

August 2017 On August 2 the Treasury Borrowing Advisory Committee (TBAC) released, via the U.S. Treasury Department website, its roadmap for reducing the Federal Reserve’s balance sheet. The TBAC is a liaison of senior members of money center banks and investment firms and the Treasury Department. The goal of the group is to keep the Treasury informed as to the thinking of the largest buyers of U.S. Government debt. Typically, the group focuses on supply and ...

July 2017 – Monthly Commentary

September 25, 2017  |   Monthly Commentary   |     |   0 Comment

July 2017 The equity market remained a bastion of tranquility in July as the S&P 500 rallied 1.9% and the volatility index (VIX) touched an all-time low of 8.84 late in the month. A telling example of the complacency was on display in a Bloomberg TV interview. The analyst being interviewed was asked how she could offer a buy recommendation on a stock with such a lofty Price/Earnings ratio. The analyst responded that yes, the stock ...