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Ben Emons  

  • A Third Mandate
    Apr. 6, 2014 DIA, SPY, QQQ 7 Comments


    • Since the financial crisis, there has been a greater focus on financial stability by global central banks.
    • The third mandate of central banks--financial stability--will be sacrificed at times for better economic performance.
    • Once the economic healing is completed, monetary policy has to play a different role where the third mandate has to strike a balance.
  • Terming Out The Premium
    Mar. 27, 2014 1 Comment


    • Term premium is the extra compensation an investor seeks when holding longer maturity bonds. Term premium can be driven by many factors like inflation expectations, short-term interest rates and volatility.
    • Investors should look at term premium across fixed income assets. The reward is mainly the return from carry—the excess return for accepting some term premium in bonds.
    • In today's steep upward sloping environment there are globally carry return opportunities.
  • A Not So Neutral Rate
    Jan. 21, 2014 TBT, TLT, TMV 1 Comment
  • The Real Bills Doctrine
    Jan. 21, 2014 SPY, QQQ, SH 2 Comments
  • The Implications Of Negative Yields
    Jul. 14, 2013 2 Comments
  • The Incomplete Banking Union
    Editors' Pick • Jul. 3, 2013 6 Comments
  • No Longer A True Risk-Free Rate
    Jun. 20, 2013 2 Comments
  • The Meaning Of Voter Risk Premium For Markets
    Apr. 7, 2013 Comment!
  • The Politics Behind Debt Monetization
    Mar. 10, 2013 3 Comments
  • The Financial Domino Effect: Positive And Negative
    Jan. 8, 2013 2 Comments