Macro: Central bank jitters


After a blistering start to the year, the Absolute Return Macro Index returned -0.21% in February in part on jitters about the direction of monetary policy by the major central banks. Rumors of yet more increases from the Federal Reserve, for one, led to a sharp appreciation of the U.S. dollar, leaving a number of funds wrongfooted. Lotsoff Capital Management's LCM Global Interest Rate Hedged Fund (Aggressive Program) posted a demoralizing -4.71% for the month. It could have been worse, though, as shown by MLM's macro funds, which all dropped in the region of 5.5%. Still, some firms