Peace, Panic and Expensive Dreams

Peace, Panic and Expensive Dreams

The markets have spent the past week doing what they do best: changing their minds every five minutes. One day we’re told the world is ending because oil tankers cannot get through the Strait of Hormuz. The next day we’re told peace is breaking out across the Middle...
Rates Matter, But War, Oil and Politics Matter More

Rates Matter, But War, Oil and Politics Matter More

Interest rates may be tradable, and God knows the markets love turning every central bank cough into a full-blown drama, but the bigger question is whether rates at current levels are genuinely restrictive enough to damage economic growth. There is always an obvious...