California is on the roof

Municipal bonds should not be switched to the corporate credit ratings scale. The current scale provides a level of discipline to state and local governments, as the California's periodic credit concerns demonstrate.
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Negative interest rates now, inflation later?

The Fed probably won't be able keep themselves from using low to negative short term interest rates to inject massive amounts of monetary stimulus, nor should they. The cost, though, will be inflation later, which makes long term interest rates look scary.
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