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Akademiker Pension Serves The US A Warning

Akademiker Pension Serves The US A Warning

By Michael Lebowitz and Lance Roberts | Jan 22, 2026 | Daily Market Commentary
A Danish pension fund, Akademiker Pension, which manages roughly $25 billion in retirement assets for teachers, announced that it plans to sell all of its U.S. Treasury holdings by th...
What Does Kevin Warsh Bring To The Fed?

What Does Kevin Warsh Bring To The Fed?

By Michael Lebowitz and Lance Roberts | Jan 21, 2026 | Daily Market Commentary
It appears that President Trump wants Kevin Hassett to remain in his role at the White House. With the supposed frontrunner to replace Powell out of the running, the nomination now se...
The Money Supply Myth: Context Matters

The Money Supply Myth: Context Matters

By Michael Lebowitz and Lance Roberts | Jan 20, 2026 | Daily Market Commentary
Supporting the dollar-debasement narrative is the claim that money supply growth is out of control. For instance, we saw a post claiming “US money creation is happening at an alarmi...
A Weak Yen, The BOJ, And The Carry Trade

A Weak Yen, The BOJ, And The Carry Trade

By Michael Lebowitz and Lance Roberts | Jan 16, 2026 | Daily Market Commentary
Bank of Japan (BOJ) officials are increasingly discussing the weak yen as a source of inflation. Their concern is that prolonged yen weakness raises import costs and encourages busine...
Luxury Slump Bankrupts Saks Fifth Avenue

Luxury Slump Bankrupts Saks Fifth Avenue

By Michael Lebowitz and Lance Roberts | Jan 15, 2026 | Daily Market Commentary
“With the debt payment looming, time ran out.” That succinct summary ended a Wall Street Journal article titled:
Transportation Stocks Are At Odds With Truck Sales

Transportation Stocks Are At Odds With Truck Sales

By Michael Lebowitz and Lance Roberts | Jan 14, 2026 | Daily Market Commentary
Yesterday’s Commentary noted the recent strength in transportation stocks. For example, the transportation ETF (XTN) has outperformed the S&P 500 by more than 9% over the last 2...
DOJ Investigates Powell: Implications For Fed Policy?

DOJ Investigates Powell: Implications For Fed Policy?

By Michael Lebowitz and Lance Roberts | Jan 13, 2026 | Daily Market Commentary
Over the weekend, Jerome Powell revealed that the Department of Justice (DOJ) has opened a criminal investigation into his June testimony to Congress regarding the roughly...
Fannie And Freddie To The Rescue

Fannie And Freddie To The Rescue

By Michael Lebowitz and Lance Roberts | Jan 12, 2026 | Daily Market Commentary
President Trump is using Fannie Mae and Freddie Mac to help make housing more affordable. According to a TruthSocial post, the President claims Fannie and Freddie have a combined $200...
Stagnation Is Lulling The Fed To Sleep

Stagnation Is Lulling The Fed To Sleep

By Michael Lebowitz and Lance Roberts | Jan 9, 2026 | Daily Market Commentary
The JOLTs data released on Wednesday paint a picture of labor market stagnation. The graph below shows that the number of job openings has fallen to levels similar to those right befo...
Fed Challenges: Bill Dudley’s Take On 2026

Fed Challenges: Bill Dudley’s Take On 2026

By Michael Lebowitz and Lance Roberts | Jan 8, 2026 | Daily Market Commentary
Bill Dudley, a respected economist and President of the New York Fed during the Financial Crisis, penned a