Director of institutional asset management at Ritholtz Wealth Management. Writes the A Wealth of Common Sense blog and co-hosts the Animal Spirits podcast with Michael Batnick.

• This year: Mortgage rates have gone from 6% to 7% 10 year Treasury yields: 4% to 5%. Inflation: 2.4% to 3.4%. Oil prices from less than $60/barrel in Jan to >$100/barrel And the stock market is up double digits but valuations are falling Why?

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Co-founder, chairman and chief investment officer of Ritholtz Wealth Management. Hosts the Masters in Business podcast for Bloomberg and wrote How NOT to Invest.

• 10 Friday AM Reads

  My back in NY morning reads: ​• Why Are Valuations Falling in a Bull Market?: Ben Carlson runs the year’s tape — mortgages from 6% to 7%, the 10-year from 4% to 5%, inflation from 2.4% to 3.4%, oil from under $60 to ove…

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Co-founder, chairman and chief investment officer of Ritholtz Wealth Management. Hosts the Masters in Business podcast for Bloomberg and wrote How NOT to Invest.

• 10 Thursday AM Reads

  My morning reads: • Here’s Who Trump Should Blame for the Rate Hike He’s Raging About:He promised lower prices and lower interest rates. His policies delivered renewed inflation and a rate hike. (The Bulwark) • Gas Pric…

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Director of institutional asset management at Ritholtz Wealth Management. Writes the A Wealth of Common Sense blog and co-hosts the Animal Spirits podcast with Michael Batnick.

• Why Are Valuations Falling in a Bull Market?

  Rising rates, higher inflation and falling PE ratios.

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Economist; former chief economist of the International Monetary Fund.

• i was going to write something, but Quentin beat me to it... Let me put it another way, so that Chairman Coquerel @ericcoquerel understands and corrects his statement. When a state issues nominal bonds (bonds that pay in euros), the real value of interest payments varies with inflation, creating risk for investors. So they require a higher interest rate to compensate for the risk. In issuing inflation protected bonds, the state eliminates the risk and thus is able to get a lower rate. This decreases the burden of the debt. This is good. Always happy to help the Chair of the Finance Committee…
  Quoting@QuentinVandewe2Est-ce que LFI organise un concours Lépine pour la théorie du complot la plus idiote sur la dette ? Après la Banque de France qui revendrait la dette en secret, Mélenchon découvre que l'État « vient de proposer de nouveau des titres indexés sur le capital et des intérêts compensant l'inflation ». U…

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Director of institutional asset management at Ritholtz Wealth Management. Writes the A Wealth of Common Sense blog and co-hosts the Animal Spirits podcast with Michael Batnick.

• I know everyone hates bonds right now b/c inflation, govt debt, etc But if you own a bond index fund that tracks the Agg you're getting 5.2% avg yield to maturity right now Investors would have killed for yields this high at any point in the past 15 years or so

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Director of institutional asset management at Ritholtz Wealth Management. Writes the A Wealth of Common Sense blog and co-hosts the Animal Spirits podcast with Michael Batnick.

• We now have: 7% mortgage rates 5% bond yields 3.5% inflation A roaring stock bull market A transformational tech innovation boom Good movies Angst among the younger generation This really is the 1990s all over again

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Economist at the Hoover Institution; wrote The Fiscal Theory of the Price Level and blogs as The Grumpy Economist.

• More on lower rates

  This follows up my last post on lowering rates to lower inflation.

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Economist; writes In My Tribe, and wrote The Three Languages of Politics.

• Economics Links, 9/3/2026

  The WSJ on mortgage defaults; A committee to advise the Fed on inflation; Andreas Steno Larsen on the rickety market for long-term U.S. bonds; Gad Levanon on unemployment among young college grads

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British designer and technologist; co-founder of the design studio BERG, which made Little Printer, and writer of the blog Interconnected.

• llm naming inflation is out of control. Astra and Mythos pretty much maxing out in terms of scale, I mean where do you go from there

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Monetary economist known for NGDP-level targeting. Wrote TheMoneyIllusion until it closed in 2024 and now writes The Pursuit of Happiness.

• Basil Halperin on sticky wage models

  Why wage inflation is what matters

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Writer of the personal-finance blog Of Dollars And Data and author of Just Keep Buying and The Wealth Ladder. Chief Operating Officer at Ritholtz Wealth Management.

• x.comWhat if I told you that $100 at 25 is worth $500 at 65 even AFTER we adjust for inflation? My latest on why your money is worth a lot more when you're young:

  ofdollarsanddata.com

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• BlogWhy $100 in Your 20s is Worth $500 in Your 60s

  What if I told you that $100 at 25 is worth $500 at 65, even after we adjust for inflation? Well...it is. There's an unspoken belief in personal finance that a dollar is always worth a dollar (putting inflation aside).…

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Economist at the Hoover Institution; wrote The Fiscal Theory of the Price Level and blogs as The Grumpy Economist.

• Raise rates? Warsh's conundrums

  Inflation is stubbornly high, and the Fed mulls whether to raise rates.

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Monetary economist known for NGDP-level targeting. Wrote TheMoneyIllusion until it closed in 2024 and now writes The Pursuit of Happiness.

• Thoughts on inflation and monetary policy

  Be careful what you ask for

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Economist at the Hoover Institution; wrote The Fiscal Theory of the Price Level and blogs as The Grumpy Economist.

• Sluggish expectations

  As part of a big revision of “Inflation”, a short book resulting from last year’s Brunner lecture, I wrote the following short section.

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Economist; Professor of the Practice of Economic Policy at Harvard, nonresident senior fellow at the Peterson Institute, and Chairman of the US Council of Economic Advisers from 2013 to 2017.

• This is the cut of the data that had people especially worried about inflation after this week's PCE infaltion release.

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Economist; Professor of the Practice of Economic Policy at Harvard, nonresident senior fellow at the Peterson Institute, and Chairman of the US Council of Economic Advisers from 2013 to 2017.

• PCE inflation came in high. And the details were even more worrying than the headline as the risk of inflation mounting outside the tariff/Iran affected sectors. Core PCE annual rate: 1 month: 3.9% 3 months: 3.5% 6 months: 4.1% 12 months: 3.4%

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Economist at the Hoover Institution; wrote The Fiscal Theory of the Price Level and blogs as The Grumpy Economist.

• Shock Accounting.

  The lab-leak shock really caused inflation

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Economist at the Hoover Institution; wrote The Fiscal Theory of the Price Level and blogs as The Grumpy Economist.

• Supply Shocks and Nominal Anchors

  Updating “Inflation,” I took “supply” and “demand” shocks more seriously, in a FTPL framework.

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President of the United States, the 45th from 2017 to 2021 and, as of 2026, the 47th; before politics a New York property developer who ran the Trump Organization, and the host of The Apprentice from 2004 to 2015.

• Merry Christmas to all, including the Radical Left Scum that is doing everything possible to destroy our Country, but are failing badly. We no longer have Open Borders, Men in Women’s Sports, Transgender for Everyone, or Weak Law Enforcement. What we do have is a Record Stock Market and 401K’s, Lowest Crime numbers in decades, No Inflation, and yesterday, a 4.3 GDP, two points better than expected. Tariffs have given us Trillions of Dollars in Growth and Prosperity, and the strongest National Security we have ever had. We are respected again, perhaps like never before. God Bless America!!! Pr…

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Founder of the toy manufacturer Viahart; writes about manufacturing, importing and why bringing production back to America is harder than it sounds.

• Amazon’s Pricing Policies Promote Inflation

  The state of California has sued Amazon in what may be the biggest antitrust case for 25 years, when 20 states joined the US Department of Justice to sue Microsoft. These cases revolve around whether consumers are harme…

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Economist; Professor of the Practice of Economic Policy at Harvard, nonresident senior fellow at the Peterson Institute, and Chairman of the US Council of Economic Advisers from 2013 to 2017.

• Why Did (Almost) No One See the Inflation Coming?

  To understand the possible trajectory of inflation in 2022 and beyond, it is helpful to understand why the United States and Europe had so much inflation in 2021.

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