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My view on what's going on in the financial markets and the global economy, and a few other things that might interest me from time to time.

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Week ended August 22, 2025: Powell signals dovish tilt
After drifting lower much of the week, US stocks and bonds got a significant uplift on Friday from Fed Chairman Powell's comments at the Jackson Hole Economic Symposium.

tim@emorningcoffee.com
2 days ago3 min read
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Week ended Aug 1, 2025: more trade uncertainty, weak jobs report
We were largely struggling but at least moving sideways until Friday, when the twin negative effects of a new tariffs and a weaker-than-expected jobs report pulled the rug from underneath investor sentiment. Risk assets faltered and safe haven assets rallied. Ouch!!

tim@emorningcoffee.com
Jul 316 min read
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Week ended July 18, 2025: US economic data and corporate earnings solid
Concerns regarding tariffs and trade rhetoric faded a bit in the second half of the week in the U.S., which gave way to decent economic data and a strong start to the earnings season. The S&P 500 and NASDAQ hit record highs (again). Yields were under modest pressure at the long end of the curve.

tim@emorningcoffee.com
Jul 184 min read
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The end of Silicon Valley Bank
Silicon Valley Bank went from fine to dead in less than 48 hours. Why and how? Could it have been prevented? What now?

tim@emorningcoffee.com
Mar 13, 202312 min read
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The Federal Reserve's balance sheet
The Federal Reserve is in the early stages of reducing its balance sheet, or quantitative tightening ("QT").

tim@emorningcoffee.com
Aug 23, 20226 min read
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FOREX
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.

tim@emorningcoffee.com
May 25, 20229 min read
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The Federal Reserve and the Decade of 2010-2020
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

tim@emorningcoffee.com
May 10, 202214 min read
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Will the US dollar remain the global reserve currency?
It is fashionable to espouse the end of the US dollar as the leading global reserve currency, but this will not occur anytime soon.

tim@emorningcoffee.com
Mar 17, 20228 min read
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Is the bond market doing the Fed's dirty work?
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?

tim@emorningcoffee.com
Oct 20, 20215 min read
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