Trade War Only A Symptom of Underlying Global Risks   While commodities is the overarching theme of this commentary, we recognize that the really large money flows occur in the stock and bond markets, particularly the latter. With Germany issuing 30-year debt at negative yields (yes, investors effectively lock in…

During the month of August, the top 3 performing sectors were: Metals (4.23%), Interest Rates (2.86%) and the Barclays CTA Index (1.43%). Precious metals such as gold and silver lead the way as investors look for an alternative investment. The bottom 3 sectors were: Livestock (-9.39%), Energy (-5.80%) and S&P…

Americas   In Case You Forgot, The Federal Reserve lowered interest rates at its July 30th-31st meeting, but only -0.25%, not the -0.50% the market hoped for. What got equities more concerned was the messaging during the Q&A where Chair Powell said the rate cut was only a “mid-cycle adjustment”…

Trade War Tempest or Just a Squall?   As the July 31st Fed interest rate cut was quickly overrun by the trade war tit-for-tat, we need to gain some perspective on expected impact of the US/China interaction in early August without the hype too often seen in the media.  On…