Fair For Mnuchin To Pinpoint Algo-Trading: Eisenbeis (Radio) – Bloomberg Markets

Bloomberg Markets – Bob Eisenbeis, Vice Chairman and Chief Monetary Economist at Cumberland Advisors, and Former Director of Research at the Atlanta Fed, on the FOMC meeting and markets. Hosted by Pimm Foxx and Lisa Ambramowicz.

Running time 08:02


Cumberland Advisors on Bloomberg Radio

LISTEN HERE (or click the graphic above): Bloomberg Markets with Robert Eisenbeis Ph.D.

If you like this podcast, you may enjoy the June 22, 2018 Bloomberg Daybreak interview with  David Kotok, Chairman and Chief Investment Officer at Cumberland Advisors. He discusses the Dow’s eight day drop and possible trade war with China. He also discussed bonds and treasuries with Bloomberg.

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If you like podcasts, check out this one from 2015 featuring David Kotok talking about his background and Camp Kotok with Barry Ritholtz. They also talk about the history of Cumberland Advisors since its founding, and delve into fundamental principles of investing and valuation.

Links here

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‘That was shocking’: Strong job gains give GOP extra fuel heading into Election Day

Excerpt from The Washington Post,
‘That was shocking’: Strong job gains give GOP extra fuel heading into Election Day
By Heather Long and
Danielle Paquette
November 2, 2018


Hiring surged and wages grew more than they have in almost a decade, the government said Friday in a report seized on by Republicans just before the midterm elections as evidence their policies are delivering for American workers.

Trump and Republican candidates painted the jobs report as further proof of an economic boom, but many independent economists warn that growth has probably peaked and that it is likely there will be a slowdown, especially if trade tensions continue to escalate.

“The economy peaked in the second quarter of this year and has been slowing for four to five months,” said David Kotok, chair of Cumberland Advisors. “The trade war is slowing the growth rate, because tariffs are a sales tax imposed on Americans by the U.S. government.”

Markets jumped immediately after the release of the report Friday but ended the day in the red, with the Dow Jones industrial average down almost 110 points mainly on concerns that the U.S.-China trade battle won’t end soon.

Read the full article at The Washington Post

Big day in Fed Land

Excerpt from Politico Morning Money,
Big day in Fed Land


At 12:15 p.m., newly minted Fed Vice Chair Richard Clarida will give his first major remarks on monetary policy. It comes at a critical time for the central bank, which is under verbal assault by the President of the United States and dealing with volatile markets currently worried about interest rates, the impact of tariffs, a possible peak in corporate profits and economic slow-downs around the world outside the United States.

Cumberland’s David Kotok emails on Clarida’s speech: “He is a prominent figure in the market community. He is known as thoughtful and a centrist. While I believe he doesn’t personally like Trump’s Fed bashing, I do not expect Clarida to refer to it.

“He knows he is speaking for worldwide consumption and he knows these words he offers in his first speech can either inflame markets or calm them. I expect his remarks to be well received and carefully crafted. That is exactly what is needed given the President’s unseemly Fed bashing rhetoric.”

Read the full article at https://www.politico.com/newsletters/morning-money

Dow drops 327 points as market turbulence deepens

Excerpts from wtvr.com’s CNN Money article,
Dow drops 327 points as market turbulence deepens


The jittery stock market is once again heading south.

The Dow dropped 327 points, or 1.3%, on Thursday, with selling accelerating after Treasury Secretary Steven Mnuchin backed out of a conference in Saudi Arabia. The index had been down 471 points at one point.

The news adds to rising global uncertainties, including concerns about Italy’s budget and a plunge in China’s stock market.

David Kotok, chief investment of Cumberland Advisers, said he believes Thursday’s market slide was driven more by concerns about Italy and China.

“But Mnuchin doesn’t help things,” said Kotok.

Mnuchin’s announcement points to elevated tensions between the United States and Saudi Arabia over the disappearance of Washington Post journalist Jamal Khashoggi.

While tech stocks fell sharply, defensive areas such as utilities and telecom rose slightly.

“There is a rotation away from the tech and momentum names,” Kotok said. “One has to ask: Has FANG been defanged?”

Read the full article at https://wtvr.com