Dr. Charles Lieberman

About Dr. Charles Lieberman

Dr. Charles Lieberman is the Chief Investment Officer and co-founder of Advisors Capital Management, LLC. Dr. Lieberman began his professional career as an academic at the University of Maryland and Northwestern University. After five years in academia, he joined the Federal Reserve Bank of New York as head of its Monetary Analysis staff. From there, Dr. Lieberman moved to Wall Street, working with Morgan Stanley and Shearson Lehman Brothers, focusing on the debt and equity markets, respectively. In 1986, he joined Manufacturers Hanover Securities as Chief Economist and Head of Research and retained that position through the subsequent mergers with Chemical Bank and Chase Manhattan. During his eleven and a half years with these banks, he worked intensively with clients, as well as the Bank’s trading desks and portfolio and sat on the Bank’s Markets Committee, which was responsible for funding, interest rate, and currency risk management. He also traveled extensively on behalf of the Bank, both domestically and internationally, consulting with senior government officials and portfolio managers of some of the largest financial institutions in the world. In 1997, he left Chase to found, along with co-founder Henry Kaufman, the global macro hedge fund Strategic Investors Management LLC, and to serve as its managing partner and principal strategist. Dr. Lieberman has appeared often on Bloomberg, CNBC, and is frequently quoted by Barron’s and The Wall Street Journal. Dr. Lieberman earned his B.A. in Economics at MIT, and a Ph.D. in Economics from the University of Pennsylvania.

By Dr. Charles Lieberman The September jobs report disappointed with a mere 194,000 new payroll jobs, a totally misleading sense of how the labor market is performing. Everything else in the report was consistent with the ongoing solid recovery of the labor market. So, we expect the Federal Reserve to announce the start of its…

By Chuck Lieberman, Co-founder & CIO The August employment report actually fit in quite well with investor expectations, even though job growth was well below the consensus. Hiring is being held back by the Delta variant and the unwillingness or inability or people to return to work, even as firms increase pay to attract or…

By Dr. Chuck Lieberman, Co-founder and CIO Economic growth is very strong, profits significantly outperformed optimistic expectations and hiring is robust, even as bottlenecks and labor scarcity hamper the pace of recovery. The rally in the bond market turned on a dime. Most Fed officials still seem to prefer maintaining the current highly accommodative policy…

By Dr. Chuck Lieberman, Co-founder and CIO This morning’s Q2 GDP came in at 6.5%, well below the 8% or higher that was expected. But digging into the details shows strong underlying demand and sets the stage for ongoing solid growth. 1. Consumption +11.8%. Services rose 12.0%, a sharp rise from Q1. 2. Nonresidential capital…

School’s out for the summer, but the Fed’s policy stance is already being tested. Job growth has picked up sharply and should remain fairly strong even before schools resume in September. But rising labor costs and their effects on inflation will test the Fed’s view that the surge in inflation will be just transitory. Much…

Job growth picked up by 559,000 in May, notably stronger than the solid, yet disappointing, 278,000 increase in headcount estimate for April, but the real story is that the strong recovery in demand is being held back by supply constraints, especially in the labor market. So, the market remains concerned that inflation might increase on…

Investors were shocked by the “meager” 266,000 increase in payroll employment despite very widespread evidence that the economy is roaring back. It seems very clear that many workers prefer to take generous unemployment benefits rather than return to work, even as firms struggle to hire the labor they need to operate, even when they offer…

The economy is now in full sprint, after being “Off to the Races”, as we wrote a month ago. Payroll jobs surged by 1.07 million in March, including upward revisions to prior months, and additional mega-sized jobs gains are likely in the coming months, as vaccinations continue to roll out rapidly and the economy reopens….

The larger than expected increase of 379,000 jobs in February (and a good-sized upward revision to prior data and another slight decline in the unemployment rate to 6.2%) suggests that the economy is already lifting off after shutdowns due to the pandemic. We were expecting this to start in March or April. Now, it appears…

The roiling of the equity market by individuals using Reddit to act collusively in stocks like GameStop, AMC Entertainment, Blackberry, and numerous others is likely to continue for the near-term. Many hedge funds that are short these stocks will be forced to cover their shorts and will suffer large losses, which implies sizable profits for…

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