The bond market is debating with itself what the intent of the Fed is. I don't think the Fed has a multi-step process. They… — Paul McCulley Copy Share Image
The essence of the problem is that the war against inflation is over, ... Ever since 1979 the Fed was fighting a war against… — Paul McCulley Copy Share Image
Rightly or wrongly, most Americans look at mortgage equity withdrawal as the closest thing to a free lunch. — Paul McCulley Copy Share Image
Remember, benchmark performance -- beta -- can be had for virtually free; alpha is what active managers are paid to generate. — Paul McCulley Copy Share Image
The lion's share of the bear market is over, ... It's a two-part issue. Yes, the marketplace could be nasty. But there's a great… — Paul McCulley Copy Share Image
