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Commentary

Canso February 2007 Corporate Bond Newsletter

The bond market is currently seeing and sawing between statistical releases, waiting for evidence of the U.S. economy weakening. The consensus view is that weakness in the U.S. housing market will spill over into the…
Commentary

Canso February 2007 Market Observer

The world economy continued to grow in 2006, defying monetary policy tightening and higher energy prices. Federal Reserve Chair Ben Bernanke declared a ceasefire on increases in the Fed Rate in June and waited for…
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…

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