The Inflation Game - Cumberland Advisors' Week in Review

Cumberland Advisors
Sat May 13, 2023

The Cumberland Advisors Week in Review is a digest of news, commentary, and opinion from our team. These are not revised assessments, and circumstances may have changed in the market from the time of original publication.




Matt McAleer - Equities
- Equities still trading in a range
- NASDAQ hanging around YTD highs
- Regional bank weakness bleeding into large cap banks 
- What are the possible impacts of long term bank headwinds on markets?

John Mousseau - Fixed Income
- Headline & Core CPI creeping downwards
- Much needed quiet week for U.S. Treasuries
- Negative 10 & 2 year yield curve level has decreased significantly
- A longer pause for the Fed would likely lead to faster cuts

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Camp Kotok Corner


Perspectives, News, and/or Resources from Attendees
Camp Kotok Wood Sign with Fish 2023

Check out this excerpt of a "WOW of the week" post from Camper Steve Blumenthal....
Powell says there is no problem and seeming no limit on government debt. I remember sitting with a former Federal Reserve Chief Economist at the Camp Kotok “Shadow Fed” fishing trip in August 2019. Then, the government debt was ~ $19 trillion, and the Fed owned about $4 trillion of it. I leaned across the table and asked my friend, “What’s the plan?” His answer shocked me. “On one side of the government’s balance sheet (Fed), there is an asset of $4 trillion, and on the other side (US Treasury), there is a liability of $4 trillion. He put his two hands up in the air and clapped them twice. Meaning they offset and cancel each other out. I was stunned. That’s what Powell is saying. That’s the plan.


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Day One of "Cryptocurrency and the Future of Global Finance" is now available online


Cryptocurrency and the Future of Global Finance Video Series


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