Lower inflation and low unemployment, alone, may not ensure Biden’s reelection. Voter economic angst runs deeper and broader than simple
It’s (More Than) the Economy, Stupid!
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Larry Hatheway has over 25 years’ experience as an economist and multi-asset investment professional. He is co-founder, with Alexander Friedman, of Jackson Hole Economics, a non-profit offering commentary and analysis on the global economy, matters of public policy, and capital markets. Larry is also the founder of HarborAdvisors, LLC, an investment advisory firm catering to family offices and institutional clients worldwide.
Previously, Larry worked at GAM Investments from 2015-2019 as Group Chief Economist and Global Head of Investment Solutions, where he was responsible for a team of 50 investment professionals managing over $10bn in assets. While at GAM, Larry authored numerous articles on the world economy, policy-making, and multi-asset investment strategy.
From 1992 until 2015 Larry worked at UBS Investment Bank as Chief Economist (2005-2015), Head of Global Asset Allocation (2001-2012), Global Head of Fixed Income and Currency Strategy (1998-2001), Chief Economist, Asia (1995-1998) and Senior International Economist (1992-1995). Larry is widely recognized for his appearances on Bloomberg TV, CNBC, the BBC, CNN, and other media outlets. He frequently publishes articles and opinion pieces for Bloomberg, Barron’s, and Project Syndicate, among others.
Larry holds a PhD in Economics from the University of Texas, an MA in International Studies from the Johns Hopkins University, and a BA in History and German from Whitman College. Larry is married with four grown children and resides with his wife in Redding, CT, alongside their dog, chickens, bees, and a few ‘loaner’ sheep and goats.
What we Hope for in 2024
In 2024, we have three hopes for a better world.
Whither Interest Rates?
Absent recurring aggregate supply and demand shocks, or a global private sector investment boom, lower interest rates are here to stay.
Fulfilling the Promise of Medicare
Medicare is a program so good that it is worth improving. But powerful vested interests stand in the way of a system that could provide better
A Teaching Moment
Complexity is common. The better we understand its sources, the better we can address its challenges.
The Fed’s Done: What Next?
The Fed’s tightening cycle is done. Now comes the recession, for which Wall Street, Main Street and Pennsylvania Avenue are ill prepared.
Does Anyone Care About Deficits?
In recent months, US bond yields have jumped. Surging government deficits are partly to blame. Will politicians respond?
Data Dependent?
The Fed is a self-described ‘data dependent’ decision-maker. But that’s not all. Its aversion to inflation risk and its abiding reliance
Are Stocks and Bonds Poised to Sell-Off?
In 2022, rising inflation triggered a simultaneous sell-off in stock and bond markets. Are we now poised for a repeat?
Who Can Trash China’s Economy Most?
Is China’s economy in real trouble, or is the pessimism unwarranted? The answer likely depends on whether Xi’s authoritarianism erodes
Landing in Fog
The Fed is flying through a fog of conflicting data, trying to soft land the economy. Rarely has visibility been this poor. The glide path
Why Debt is Too Often Misunderstood
Understanding how private, public, and foreign debt are interrelated yields important insights into the workings of the economy. It also leads