CONTENTS


4-5 Eddie Tofpik


The Black Obelisk and the


6-7 Edward Fremlin-Key


18-19 Steve Freed


Rebirth of Inflation... When three deciduous forests can only buy you one peanut...


Metallic Hegemony Is it not high time for a redefining of the word ‘outlier’? It only requires a brief look back over the last two decades to prompt a realisation that the often overlooked ‘black swan’ scenario is not as improbable as statistically forecast. As such, the notion of an ‘outlier’ – something or someone that is situated away or detached from a main body of system – is actually more of an ‘inlier’.


8-9 Andy Ash


Yin & Yang The FOMC’s statement came and went. Once upon a time we would diagnose these with a fine toothcomb but nowadays we have the 140 characters on Twitter from the Trump to react to instead.


10-11


Alan Bush Advancing Stock Index


Snippet on Grains Soybean prices this year started out above year ago levels, corn prices are about the same and wheat prices are below a year ago.


20-21 Andy Ash


No feeling, no risk On waking, most mornings recently, one is faced by a plethora of ever increasing Trump ‘triumphs’ gazumping the previous one, with ever more gallish bravado.


22-23 Howard Jenkins A sweet or sour year for sugar?


The beginning of the year is a good time to look forward to what sugar prices may do over the coming twelve months.


24-27 Paul Mylchreest The S&P 500, Interest Rates


& Gibson’s Paradox Inflation is a complex phenomenon that means different things to different people.


Futures and a Tighter Fed? The two just don’t seem compatible. At first glance higher stock index futures and rising interest rates appear to be opposites. How can a bull market in stock index futures continue in the wake of tighter credit from the Federal Open Market Committee?


12-13 George Eddell


Negative Correlations Cause or effect: How significant is the EUR/USD to European Grain and Oilseeds markets?


14-17 Stephen Lewis


Central Banks Rowing Back There is no consensus, even within the Bank of England (BoE), over the credence to be placed in the BoE’s economic forecasts.


28-31 Mark Bowman Chinese Air Pollution and its


Impact on Commodities While the problem of Chinese air pollution has populated the headlines for years, the condition at the end of 2016 and in early 2017 has become so severe that the Chinese government is finally taking concrete action.


32-35 About ADMISI


3 | ADMISI - The Ghost In The Machine | January/February 2017


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