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Vol. XXVII · No. 134
Tuesday — October 27, 2026
Houston, Texas
Search Results

lance roberts

1,316 results found

Financial Conditions Butt Heads With Borrowing Conditions Invest
— Invest · 3 years ago

Financial Conditions Butt Heads With Borrowing Conditions

At last week’s FOMC meeting, Jerome Powell said, “We think financial conditions are weighing on the economy.” His comments seem sensible, given the following: Powell’s statement indicates that financial conditions are tight. However, they are easy based on the Fed’s definition of financial conditions. If Powell doesn’t appreciate the difference between financial and borrowing conditions, […]

Michael Lebowitz 6 min read
Liquidity Problems Are Closer Than You Think Invest
— Invest · 3 years ago

Liquidity Problems Are Closer Than You Think

In 2019, the Fed cut interest rates and restarted QE despite a healthy economy. Today, inflation is higher than the Fed’s target, economic growth is above historical trends, and financial markets display complacency and exuberance. Yet, the Fed is talking about cutting rates and reducing QT. The only rationale for them in such an environment […]

Michael Lebowitz 7 min read
Money Market “Cash On The Sidelines” – A Myth That Won’t Die Invest
— Invest · 3 years ago

Money Market “Cash On The Sidelines” – A Myth That Won’t Die

As money market account balances soar, the mainstream media again proclaims, “There is $6 trillion of cash on the sidelines just waiting to come into the market.” No? Well, here it is directly from YahooFinance: “The growing pile of cash in money market funds should serve as a strong backstop for the stock market in […]

Lance Roberts 6 min read
The Pause Lengthens As The Fed Walks A Tightrope Daily Market Commentary
— Daily Market Commentary · 3 years ago

The Pause Lengthens As The Fed Walks A Tightrope

The Fed’s pause since the last rate increase is five months old. To help appreciate the tightrope the Fed walks between recession and inflation, we closely follow Fed communications and appreciate history. At yesterday’s FOMC meeting, Jerome Powell used the balance of risks between inflation and recession as the justification for the pause of rate […]

RIA Team 4 min read
RRP Program Dwindles As Excess Liquidity Fades Daily Market Commentary
— Daily Market Commentary · 3 years ago

RRP Program Dwindles As Excess Liquidity Fades

The Fed offers banks and money market funds reverse repurchase agreements (RRP) to drain excess liquidity in the money markets, allowing them to manage the Fed Funds rate. RRP are collateralized overnight loans made by banks and money market funds to the Fed. In March 2021, RRP balances surged due to the excessive liquidity caused […]

RIA Team 6 min read
Where Are 10 Year Yields Going? Daily Market Commentary
— Daily Market Commentary · 3 years ago

Where Are 10 Year Yields Going?

10-year U.S. Treasury note yields have fallen by nearly 0.75% since late October. Fundamentally supporting the steep decline in yields is weaker than expected CPI and PCE inflation data. Further, the last BLS employment report shows a slowing of job growth. Additionally, and maybe most importantly, the Fed seems content that the recent tightening of […]

RIA Team 6 min read
ESG Is Dying Its Inevitable Death Invest
— Invest · 3 years ago

ESG Is Dying Its Inevitable Death

ESG scoring and mandates remain a subject we have contested since it sprang to life in 2020. The push of “woke activism” on, and by companies, to meet nebulous or artificial standards has led to various bad outcomes. ESG refers to the Environmental, Social, and Governance risk theoretically embedded in a business. However, while ESG […]

Lance Roberts 6 min read
Daily Market Commentary
— Daily Market Commentary · 3 years ago

Are The Treasury and Fed Managing Market Liquidity?

The federal debt cap was lifted on June 3, 2023. The Treasury immediately flooded the markets with large debt issuance to meet its massive borrowing needs. Most investors presumed market liquidity would decline as net positive Treasury issuance pulls money from other investments. As shown below, the Treasury has since added about $450 billion to […]

RIA Team 5 min read
Daily Market Commentary
— Daily Market Commentary · 3 years ago

The Coming NASDAQ 100 Rebalancing

NASDAQ announced it will rebalance the NASDAQ 100 Index to “address overconcentration in the index by redistributing the weights.” They do not expect to add or remove stocks from the index. They will announce the changes to the NASDAQ 100 this Friday, but they will not take effect until July 24th. Click HERE for the […]

RIA Team 4 min read