Albert Edwards

Albert Edwards: "Something Smells Different This Time"

"Is it conceivable that the Fed is no longer so data dependent and doesn’t care how strong the economy is or whether wage inflation is going to pick up? Many commentators seem to think the Fed will simply back off tightening as soon as the going gets rough – as it has consistently done in the past. But something smells different."

Schaeuble: "The Britons Were Endlessly Lied To And Deceived" On Brexit

Schaeuble said that British people were "endlessly lied to and deceived" in last year's Brexit referendum campaign. The finance minister, speaking on the first anniversary of the Brexit vote, was scathing about the "leave" campaigners who persuaded a majority of voters to opt to quit the European Union.

Albert Edwards: "Citizens Will Soon Turn Their Rage Towards Central Bankers"

"In an age of “radical uncertainty” how long will it be before angry citizens tire of blaming an impotent political system for their ills and turn on the main culprits for their poverty – unelected and virtually unaccountable central bankers? I expect central bank independence will be (and should be) the next casualty of the current political turmoil."

Albert Edwards: "What On Earth Is Going On With US Wages"

"What on earth is going on with US average hourly earnings (AHE)? Three consecutive Employment Reports have seen this key measure of wage inflation surprise by its weakness. I feel especially foolish as I had written that wages were set to accelerate sharply" - Albert Edwards

"Sell In May"... And Buy Bonds?

SocGen's cross-asset strategist Andrew Lapthrone has found a curious seasonally-driven pair trade which may be suitable for the next four months: sell stocks and buy bonds, as "June to September are among the weakest months for equities but the strongest for bonds."

Albert Edwards Is Puzzled: "Where Is The Wage Inflation?"

"To be honest I am a little surprised that US nominal wages are not showing more of an acceleration given surging headline inflation has crushed real wage growth over the last year. Falling US real wages are already resulting in slower consumption growth, but workers have not yet pushed up nominal wage inflation..."