Recent Posts

  1. August 8, 2022

    The latest jobs report for July crushed all estimates. The U.S. economy added 545,000 total jobs last month, with almost every category adding jobs. 12 The number of jobs added per month over the last year has been a remarkable 526,000 on average. 3 This latest… More >>

  2. August 1, 2022

    The U.S. economy posted its second consecutive quarter of negative GDP growth. 1 If you review our Q3 2022 Look Ahead, you can see the outcome was highly predictable. The question is are we in a recession? According to the Bureau of Economic Analysis, an independent… More >>

  3. July 25, 2022

    This week the Federal Reserve will put its’ next installment in place to fight inflation that it mostly can’t impact. They will raise the Fed Funds rate by 75 bps and much of that is to diminish consumer demand in hopes of cooling inflationary pressures. The Fed readily… More >>

  4. July 18, 2022

    The U.S. Dollar, relative to other countries, has been on a tear in the past year. The U.S. trade weighted dollar is up over 10% this year and nearly 20% off the bottom in 2021. 1 The strength in the U.S. Dollar is always relative to how other countries’ currencies are… More >>

  5. July 11, 2022

    We kick off Q2 earnings season this week, and it should be the bottom of the earnings cycle. 1 Expectations are for S&P 500 earnings to come in around 4.3% for the quarter, marking the weakest earnings report since pandemic earnings in Q4 2020. Going forward… More >>

  6. July 5, 2022

    Our Q3 2022 Look Ahead is available for review. The video link is here and the PDF version is here. In this post, we highlight some key themes we see in the coming quarter. We think we are in the midst of a growth cycle detour. 1 We believe we will have a period of… More >>

  7. June 27, 2022

    The Fed wants to orchestrate a “soft landing” for the U.S. economy, one in which job losses, wealth destruction, and credit contractions are minimal while inflation reduction is impactful. How do we frame this and measure this? The good news is the Bank of International… More >>

  8. June 21, 2022

    It’s easy to get lost in the day-to-day pain of demand destruction. Living through economic cycles is a discipline of its own for investors. One thing that helps is to reflect on the cause, as it generally provides the path to a solution. In our current case, the cause… More >>

  9. June 13, 2022

    It’s been a nasty year for portfolios, especially those traditionally considered conservative like the 60/40 stock/bond portfolio. 1 Much of the portfolio headwind is being driven by raising rates and the Fed’s policy to combat inflation. Bonds typically act as an… More >>

  10. June 6, 2022

    For many months I have been focused on the tension between inflation and a recession, with the principal actor being the Federal Reserve. Can the Fed skillfully land a 23 trillion-dollar economy in a soft spot while fighting 8% inflation? It’s clear some don’t believe that’s… More >>

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