Surprising US monetary strength
Divergent US / rest of G7 money trends signal US economic outperformance and misaligned monetary policies. Continue reading
Why the UK MPC should stand pat
Monetary trends suggest a minor and short-lived inflation upswing. Continue reading
Monetary news still weakening
A suggested further fall in global real money momentum strengthens conviction in a coming PMI decline. Continue reading
UK house prices: (much) more downside
A comparison with index-linked gilts suggests that house prices are as expensive as at the start of the crash phase of the last 18-year housing cycle. Continue reading
A “monetarist” perspective on current equity markets
Monetary trends suggest a peak in economic momentum and less liquidity support for markets. Continue reading
What explains the bond bear?
The recent rise in global government bond yields reflects a restrictive shift in global “excess” money conditions. Continue reading