The ECB kicked off the central bank holiday festivities with a less-than-expected expansion of its Q€ program, disappointing the markets.  Draghi did announce a reduction in the deposit rate and increase to the term of the monthly bond purchases, but did not increase the monthly €60 billion purchase amount as…

While the ECB’s decision to expand Q€ on December 3rd was important, the markets will be watching the actions and wording of Dr. Yellen and the US Federal Reserve on December 16th.  The question of whether they will raise rates seems moot at this point – we are switching our…

The Federal Reserve came out in October with both guns blazing, talking up the likelihood of an increase of US interest rates.  US payrolls for October were much higher than expected and the disappointing previous months were also revised upward, giving Yellen the ammunition for talking up the possibility.  While…

The Federal Reserve saw something it did not like and left rates alone for the 82nd month in a row at its September meeting.  Certainly there was the usual verbiage about doing something this year – but only if there are no unpleasant surprises.  On October 2nd we got that…