Expect expanding Fed concerns about the economy's imminent danger of overheating. The front end of the Treasury yield curve is likely to steepen and the dollar to strengthen.

Thoughts on being long equities in a time of high asset valuations, enormous corporate leverage, and dependence on unusually low interest rates. Figuring out when enough dominoes have been knocked over to assure a general collapse may be tricky.

By many measures, Japan's economy is showing the most sustained, robust growth since its bubble burst in the early 1990s. As long as global conditions remain benign, Japan Inc. appears poised to accelerate.

There is a brewing confluence of bearish short-term developments and long-term forces for the Canadian dollar.

The global reflation story is an important force in the U.S. bull stock market. But that does not mean that it must be true.

While investors hang on to a story of solid long-term EM growth, what keeps the EM expansion from collapsing is strong government deficit spending, high liquidity from foreign lenders, and speculative markets. This is not your father’s EM sector.

As has often been the case over the past quarter century, the call for the demise of the secular bull market in bonds is premature. We maintain that the secular low in yields is ahead and not behind. The underpinnings of the secular decline in yields—pervasive, chronic overcapacity and financial fragility—all persist.

India had good reason to suspect that black money usage was accelerating in recent years. Their experiment with demonetization will adversely affect the economy in early 2017 but may yield positive benefits further down the line.

Poor 2016 holiday sales at traditional stores will reinvigorate investor worries about their future as continued rapid online sales growth accelerates the retail revolution.

The end of QE will not depress U.S. stock prices. We continue to expect U.S. markets to outperform most other major stock markets around the world.