Michael's Blog

A clear winner from the Fed’s 25 basis point rate cut was the U.S. Treasury, which can roll over maturing debt at lower costs. Lower rates however, are unlikely to make the country’s fiscal policy sustainable. Even with the Fed’s assistance, U.S. borrowing...

With the Fed poised to lower overnight interest rates next week, investors may be disappointed with the ultimate outcome. Rate cuts are too blunt to deal with many of the issues facing the U.S. economy. Let’s look at the potential asset-class implications...