As tactical asset allocators, we continue to monitor and analyze interest rates, credit markets, the economy and other factors affecting various bond sectors.
Pension consultants are increasingly recommending that their clients invest in funds of funds of funds whereby the consultant is paid an asset based fee to select and monitor the funds of funds that, in turn, select and monitor the actual managers.
To achieve price stability, it would require the Fed to monitor a full range of asset prices including not only goods and services, but also the price of gold and the foreign exchange value of the dollar.