18-09-26 M4 No16

18-09-26 M4 No16

Financial commentators are no less suceptible to herding than any other species of human while the curse of the Excel spreadsheet is that it is just too easy to superpose two squiggles, push back the chair, and smile at the depth of one's graphical insights.
Especially when it comes to the complex interplay between money, credit and the real economy, this can be fraught with peril.
Meanwhile, the ECB and -more indirectly- the BOJ have been helping keep a lid on US yields, though the former's influence may now be waning. Plus, US stocks stay rich & rising, bonds are bombing and commodities, thanks to energy, are surprise race leaders.


Cantillon Consulting

September 26, 2018