Far from suggesting financial Armageddon, US Treasury Secretary Scott Bessent’s futile efforts to keep a lid on Treasury yields suggest that, once again, the dollar is America’s currency, but everyone else’s problem. But while investors have few alternatives, the bond-salesman-in-chief cannot be complacent.
Last weekend was ye olde county fair here in Vermont and, of course, we were on the scene to cuddle cows (if you’re Kidwoods) and look askance at cows (if you’re Littlewoods). The county fair also provides a panorama of consumerism. So much to buy, so little time! Annoying, but a fantastic opportunity to practice…
If Europe remains a mere collection of small states and middle powers, the current period of profound geopolitical and historical change will also mark the end of its role on the world stage. With no end in sight for Russia’s war in Ukraine, Europeans must come to grips with reality. BERLIN—Four and a half years…
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RBC Capital Markets will pay $275,000 to settle FINRA charges that anti-money laundering procedures in its wealth management division could have missed suspicious transactions. According to the FINRA letter of acceptance, waiver and consent signed last week, the issues arose during a cycle exam by the brokerage self-regulatory organization. The lapses in question allegedly took…
I thank various workshop/seminar participants and colleagues for their comments. Insurance market intelligence was generously provided by former colleagues at Liberty Mutual Insurance and UnitedHealth. Special thanks to Jim MacPhee who is particularly unstinting with his time despite having to run a Fortune 100 insurance company. Funding was provided by the Stanford Institute for Economic…
