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The Game Has Changed

The Compound and Friends

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The Dollar Is a Reflection of Financial Conditions, Right?

The dollar is nothing more than a reflection of the stringent financial conditions that we had over the summer. It's interest rate differentials relative to Europe, Japan. That's I mean, that's what the dollar is. The S&P over the last six months has been most sensitive to three things: triple B spreads, as they go up, S&P goes down,. As that goes up, nominal interest rates, which is basically the five year you can use as a good proxy. All those things have reversed in the last month. This is the S&P on top and the dollar on the bottom and their mirror images.

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