When monetary policy turns more accommodative, the more cyclical, leveraged and more-volatile asset classes generally outdistance defensive names,

When monetary policy turns more accommodative, the more cyclical, leveraged and more-volatile asset classes generally outdistance defensive names.

Monetary policy is not a panacea.

Hats divide generally into three classes: offensive hats, defensive hats, and shrapnel.

Domestic inflation reflects domestic monetary policy.

The phrase 'perception is reality' is overused generally. But perception can be reality in monetary policy. The bond market doesn't act merely on what it sees. It acts on what it expects of the Fed or the government.