by Tony Valente | May 1, 2025 | Uncategorized
The opening words of last month’s letter couldn’t have been more fitting: “There’s no turning back now, and the rest of the world knows it.” The events that followed proved just how true that was. On April 2nd, “Liberation Day,” the...
by Tony Valente | Apr 2, 2025 | Uncategorized
There’s no turning back now, and the rest of the world knows it. The reciprocal tariffs set to be announced on Wednesday, April 2nd, won’t resolve uncertainty—they will merely mark the beginning. Whatever is unveiled will serve as the opening salvo of President...
by Tony Valente | Mar 3, 2025 | Uncategorized
The Japanese yen was the top-performing currency in February, appreciating by 3.05% due to a combination of rising Japanese interest rates and a decline in U.S. 10-year interest rates. As illustrated in the chart above, the USD weakened against the yen, dropping from...
by Tony Valente | Feb 4, 2025 | Uncategorized
The CAD was the weakest performer in January, pressured by a rate cut from the Bank of Canada and renewed tariff threats from President Trump. In contrast, Japan saw the opposite trend—the Bank of Japan raised interest rates, and the absence of U.S. tariff threats...
by Tony Valente | Jan 8, 2025 | Uncategorized
At the start of 2024, market consensus widely predicted that the U.S. Federal Reserve would slash interest rates six times, with speculation rising to as many as seven cuts by mid-January. A recession, deemed imminent, was expected to drive this aggressive monetary...
