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Commentary

Canso November 2006 Corporate Bond Newsletter

The recent Amaranth hedge fund implosion reinforces our view that the current financial markets are speculative and valuations are driven by the extraordinarily loose monetary policy around the world since 2000. We believe that Federal…
Commentary

Canso October 2006 Market Observer

The financial markets and investors raised their voices and prices in praise of the new Lord of Money in the third quarter of 2006. Fed Chair Ben Bernanke, in his first move independent of the…
Commentary

Canso August 2006 Corporate Bond Newsletter

Economists who are peering through their magnifying glasses in the hopes of detecting an economic slowing should now move their focus to wages. We had a bit of a bond market rally in July after…
Commentary

Canso August 2006 Market Observer

“Gentle Ben” Bernanke showed his inflation-fighting fangs in the second quarter of 2006. Like the amiable bear of the television series, the Chair of the U.S. Federal Reserve spent the early part of his tenure…
Commentary

Canso May 2006 Corporate Bond Newsletter

The recent strength in the U.S. economy is pervasive. Unemployment fell to 4.7% in March in the United States which is a five year low. Wage increases are running in excess of inflation and show…
Commentary

Canso May 2006 Market Observer

“Surprise, Surprise, Surprise!” said 1960s television character Gomer Pyle enthusiastically in his strong southern accent when confronted with something very different or unexpected. While Gomer has been off prime time TV for some time, the…
Commentary

Canso March 2006 Market Observer

Rising short-term interest rates were a drag on U.S. markets in 2005, as the Federal Reserve continued to tighten monetary policy. The Federal Reserve raised short-term interest rates by 2% in 2005, but it was…
Commentary

Canso February 2006 Corporate Bond Newsletter

The bond market stands resolute in its conviction that long-term interest rates can never rise. Besides, the omniscient and ever vigilant U.S. Federal Reserve stands at the ready to rescue financial incompetence wherever and whenever…
Commentary

Canso 2005 Q3 Corporate Bond Newsletter

It has now become apparent that even hurricanes and high retail gas prices haven’t really slowed down the U.S. economy. This has moved the credit markets off its spring and early summer “high oil prices…

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