Macro: Americas The US economy disappointed in Q1 2017 by growing only +0.7% at an annualized rate. Q1 has been disappointing over the last five years, with growth an average of +1% versus +2.5% for the other quarters. One can see that on the WSJ graph to the right (Q1s…
OPEC and non-OPEC cuts are at or exceeding their stated goals as Russia finally reached its 300,000 barrels per day (bpd) target. However, their efforts have been undermined by three primary factors: expansion by OPEC producers not subject to cuts, expansion by non-OPEC producers and higher stockpiles of refined products…
When it comes to your managed futures investments, you may have wondered how a CTA is able to ensure that all their clients have the same rate of return from month to month. Unlike a fund investment, when investing through a separately managed account, CTAs must ensure that all of…
Macro: Americas The Federal Reserve did indeed raise rates as expected at the March meeting, setting the pace for three hikes this year. In the meeting minutes released in early April, the Fed also indicated that they may also change monetary policy to allow for gradual reduction of the bond…