Tag Archives: Robert Eisenbeis

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Cumberland Advisors Market Commentary – Not What It Seems: Where’s the Beef?

Author: Robert Eisenbeis, Ph.D., Post Date: June 23, 2020
Not What It Seems: Where’s the Beef?

As reported previously, the Federal Reserve has embarked upon an evolving series of support and lending programs as part of its emergency response to the COVID-19 pandemic. As Chairman Powell stated in his post-FOMC meeting press conference and in subsequent Congressional testimony, the Fed has responded “forcefully, proactively and aggressively” to the crisis. This is […]

Cumberland Advisors Market Commentary – The FOMC: Whatever (and However Long) It Takes

Author: Robert Eisenbeis, Ph.D., Post Date: June 17, 2020
Market Commentary - Cumberland Advisors - The FOMC Whatever (and However Long) It Takes

To no one’s surprise, the FOMC in its June meeting reaffirmed its 0–25 basis-point target for the federal funds rate. Markets did not react well, especially since the announcement came on the heels of a fairly downbeat assessment by Chairman Powell regarding the expected slow path for the recovery and the problems in the labor […]

Cumberland Advisors Market Commentary – Digging Deeper

Author: Robert Eisenbeis, Ph.D., Post Date: June 9, 2020
Market Commentary - Cumberland Advisors - Digging Deeper- Who Was and Was Not Employed

On Friday, the Dow bounced over 750 points, reacting to the May employment report. In truth, it seems that participants never read beyond the first sentence, which stated: “Total nonfarm payroll employment rose by 2.5 million in May (private sector employment increased 3.1 million while government employment declined by 585 thousand) and the unemployment rate […]

Cumberland Advisors Market Commentary – Inflation, Deflation, and Capacity Utilization – Part 2

Author: Robert Eisenbeis, Ph.D., Post Date: June 3, 2020
Market Commentary - Cumberland Advisors - Inflation, Deflation, and Capacity Utilization – Part 2

Bloomberg’s Lisa Abramowicz recently tweeted, “When you measure the prices of things Americans are spending money on right now, ‘it turns out that the actual inflation rate is not as low’ as the data suggest” (https://twitter.com/lisaabramowicz1/status/1263868020516151298). Her evidence was a chart showing how spending for food at home had jumped while spending on food away […]

Cumberland Advisors Market Commentary – Inflation and Capacity Utilization

Author: Robert Eisenbeis, Ph.D. & David R. Kotok, Post Date: May 22, 2020
Market Commentary - Cumberland Advisors - Inflation, Deflation, and Capacity Utilization

At Cumberland, we continuously have internal strategy discussions. We decided to make one such discussion, on the subject of inflation and US capacity utilization, available in the form of a commentary to clients, consultants, and all readers. Below you’ll find a summation of our discussion, written by Bob Eisenbeis, Cumberland Advisors Chief Monetary Economist. -David […]

Cumberland Advisors Market Commentary – Inflation/Deflation: What Do We Know Now?

Author: Robert Eisenbeis, Ph.D., Post Date: May 18, 2020
Cumberland Advisors' Robert "Bob" Eisenbeis, Ph.D.

The most recent CPI numbers show a decline of 0.8% for the month of April, triggering questions about both a possible deflation and where prices are likely to go in the future. The fact is that no one knows what inflation will do in the short run, and all we have to go on, as […]

ROBERT EISENBEIS: Too early to tell on financial relief programs in pandemic

Author: , Post Date: May 11, 2020
Cumberland Advisors Robert "Bob" Eisenbeis Ph.D. In The NewsCumberland-Advisors-Robert "Bob" Eisenbeis Ph.D. In-The-News

Excerpt from the Sarasota Herald-Tribune Too early to tell on financial relief programs in pandemic Posted May 11, 2020 by Robert Eisenbeis, Ph.D. Congress and the Trump administration have embarked upon a massive federal stimulus program to mitigate the impact of the coronavirus on the U.S. economy. At the same time, the Federal Reserve has […]

Cumberland Advisors Market Commentary – The Fed and Markets

Author: Robert Eisenbeis, Ph.D., Post Date: April 28, 2020
Federal Reserve Building

Congress and the Trump administration have embarked upon a massive federal stimulus program to mitigate the impact of the coronavirus on the US economy. At the same time, the Federal Reserve has stepped up to bolster financial markets, having announced, in addition to its ongoing support of the repo market, a series of ten loan […]

Cumberland Advisors Market Commentary – Narrow Banks

Author: Robert Eisenbeis, Ph.D., Post Date: April 17, 2020
Narrow Banks

In a move largely overlooked due to the virus pandemic, on March 25, Judge Andrew L. Carter, Jr., of the United States District Court for the Southern District of New York dismissed a case filed by principals of The Narrow Bank (TNB) against the Federal Reserve Bank of New York (https://www.tnbusa.com/wp-content/uploads/2020/03/2020.03.25-TNB-Order.pdf). What is The Narrow […]

Cumberland Advisors Market Commentary – Repos Revisited

Author: Robert Eisenbeis, Ph.D., Post Date: April 9, 2020
Market Commentary - Cumberland Advisors - Repos Revisited

On March 12, a Wall Street Journal headline announced, “Fed to Inject $1.5 Trillion in Bid to Prevent ‘Unusual Disruptions’ in Markets” (https://www.wsj.com/articles/fed-to-inject-1-5-trillion-in-bid-to-prevent-unusual-disruptions-in-markets-11584033537). The inference was that the Fed was embarking upon a massive injection of funds into short-term money markets. That is, the first three offerings of $500 billion each were but the first […]