The Big Picture

Periodic economic updates and commentary – a global macro perspective

Financial markets and economies bounced in and out of a deep pothole in the first quarter of 2016

May 16th, 2016|by Michael Ashley Schulman, Perspectives, The Big Picture|

Golden Gate 20pct

Financial markets and economies bounced in and out of a deep pothole in the first quarter of 2016 and the stomach churning reverberations continue to be felt in some investor stomachs.  The underlying strength of the US economy, led by consumer spending, is […]

Financial Markets Pulled in a Tug of War

February 4th, 2016|by Michael Ashley Schulman, Perspectives, The Big Picture|

Tug of war rectangle

Financial markets in 2015 were pulled between the Fed’s determination to raise rates as the U.S. job market strengthened and pressure for lower rates in the rest of the world as China’s economic growth slowed and commodity […]

The U.S. has enjoyed a good six year run in asset prices

October 30th, 2015|by Michael Ashley Schulman, Perspectives, The Big Picture|

The U.S. has enjoyed a good six year run in asset prices; simultaneously, the global economy has had anemic economic growth that has perpetually caused concern: this is not the time to increase risk. Some have likened the last several years to a Goldilocks economy, not too hot and not too cold; if so, it […]

The domestic economy is much closer to normal

June 30th, 2015|by Michael Ashley Schulman, Perspectives, The Big Picture|

The domestic economy is much closer to normal that it has been in the last five years. With expectations that the U.S. economy will grow 3% in the second half, Greece’s immediate uncertainty behind us, Cuban and Iranian détentes winding their way through the political process, and little damage done by Chinese stock gyrations, there […]

In the US and euro area a number of global bourses hit all-time highs

March 30th, 2015|by Michael Ashley Schulman, Perspectives, The Big Picture|

In the US and euro area a number of global bourses hit all-time highs in the first quarter. Europe led the pack, as sovereign quantitative easing (QE) was a catalyst to unlock value. Not only are euro area equities (particularly export and real estate related sectors) finally responding to a cheapened euro and zero interest […]