Publications

Debt of all flavors has ballooned over the past several decades thanks to low interest rates, willing lenders and increasingly sophisticated ways to borrow. This week’s piece focuses on sovereign (a.k.a. government) debt, the allure......

Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to only so far as it may be necessary for promoting that of the consumer......

The Through Line: After months of relative calm, market volatility has spiked in recent days in response to flaring trade tensions between the U.S. and China......

Three-quarters of the way into 2025, and the Canadian and U.S. markets are in a significantly different – yet arguably better – place than where many people expected them to be at the start of the year......

Well, bitcoin is a currency. Bitcoin has no underlying rate of return. You know, bonds have an interest coupon. Stocks have earnings and dividends. Gold has nothing, and bitcoin has nothing......

The Through Line: In what would normally be a quiet march toward a late summer holiday weekend, the (headline) hits just keep coming. Questions abound re Fed independence and data reliability; deployment of troops to U.S. cities and the South......

The Through Line: For decades, the depth, breadth and quality of U.S. economic statistics have been applauded around the world. Data integrity is paramount because these numbers form the basis for a wide variety of undertakings – from compensation de...

Global equities performed well over the course of July. The strength can be attributed to a number of factors, but a key driver has been an economic, trade, and monetary policy backdrop that’s had more positive than negative developments of late. For...

The Through Line: For months, the disconnect between sturdy economic data and steadily weakening sentiment readings has perplexed those trying to decode the market’s long-term path......

The Through Line: As U.S. House Speaker Mike Johnson tried to herd the cats toward passage of a budget reconciliation deal, bond vigilantes kept a close eye on the details. The U.S. budget deficit run rate – and the accumulated total debt......