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Michael Ashton

www.enduringinvestments.com
  • Analysis & Comment

Michael Ashton's Comment & Analysis
A complete archive of Michael Ashton's articles, including current analysis & comment - Page 8

Who’s Afraid of De-Dollarization?
By Michael Ashton - Apr 20, 2023
Do we need to worry about the end of the US dollar dominance in international trade – the de-dollarization of global finance?There is widespread discussion and concern in some quarters as China...
The Phillips Curve Is Still Working Just Fine
By Michael Ashton - Apr 06, 2023
I must say that it is discouraging how often I have to write about the Phillips Curve.The Phillips Curve is a very simple idea and a very powerful model. It simply says that when labor is in short...
Homes Have Gotten Cheaper by Running in Place
By Michael Ashton - Mar 22, 2023
As the Fed started lifting interest rates aggressively in early 2022, pundits almost universally declared the end of the housing market. Taking the rather lazy approach of projecting what happened in...
The Powell of Positive Thinking
By Michael Ashton - Mar 08, 2023
Yes, Federal Reserve Chairman Powell was very hawkish in his Congressional testimony on Tuesday and Wednesday. He clearly signaled (again) that once Fed overnight policy rates reach a peak, they...
Over the last couple of decades, the assumption that inflation is mean-reverting to something approximating the Fed’s target level (or to where inflation expectations are supposedly –...
We Are All Bond Traders Now
By Michael Ashton - Feb 06, 2023
When I started working in the financial markets, bond traders were the cool kids. The equity guys drove Maseratis and acted like buffoons, but the bond guys drove sensible style like Mercedes and...
What follows is a somewhat-edited version of Episode #50 of the Inflation Guy Podcast;Hello and welcome to Cents and Sensibility, the Inflation Guy Podcast. I am Michael Ashton, the Inflation Guy, and...
I was going to write a technical column today about how the sensitivity of bonds (and consequently, lots of other asset prices) to interest rates increase as interest rates decline, and discuss the...
The Monetary Policy Revolution in 3 Charts
By Michael Ashton - Jan 18, 2023
Over the last few years, I’ve pointed out exhaustively how the current operating approach at the Fed towards monetary policy is distinctly different from past tightening cycles. In fact, it is...
There was nothing at all surprising about the Fed leaning against the exuberance of the market last week The Fed's target of a 2% inflation rate remains very far-fetched In the meantime, higher...