Moody's downgraded the US, the last of the "big three" to strip the US of its triple-A rating. I suspect a muted reaction, at least initially, in the UST market. Stocks might take it worse. I also cover Walmart and its comments on tariffs.

In his Letter to Shareholders, Mr Buffet raised the issue of the 1% excise tax on stock repurchases, a bad idea. I think he is right!

This week we have monetary policy decisions from the Fed, the Bank of England and the ECB, the last of the year. This provides context.

Windfall taxes are economically stupid, which might be why politicians seem to like the idea so much. Banks and energy companies are at risk

The Federal Reserve is in the early stages of reducing its balance sheet, or quantitative tightening ("QT").

FOREX is in the news, especially as many think the USD has reached its peak and is at an inflection point. What drives FOREX? Read on.

The decade 2010-20 involved a very hands-on approach by the Fed to steer the US economy out of a deep recession. What lessons can be learnt

The bond market looks to be doing the Fed's dirty work, sending short term yields to post-pandemic highs. Is the Fed being too methodical?

I continue to believe that inflation will be transitory, but supply-push inflation will cause inflation to be higher longer.