“To me the most beautiful word in the dictionary is tariff…” – Donald Trump, October, 2024 1
As we enter an era of America First trade and economic policies, it raises the question: can tariffs be beautiful? Note, this is an explanation and not a rationalization.
Here is… More >>
It’s been a remarkable year for equity investors when you consider the S&P 500 has hit an all-time high 56 times so far in 2024. 1
It’s not the best “all-time high” year but it’s near the best in the last 100 years. 2
Around this time of year, I always look back… More >>
This week should bring another interest rate cut by the Federal Reserve, as the futures markets are indicating. 1
Yet headline inflation has ticked up a bit after several months of moderation. 2
The recent CPI data suggests inflation is stalling above the Fed’s 2%… More >>
Last week’s jobs report presented new evidence that the U.S. labor market continues its delicate balancing act toward a soft landing. While the jobs report’s headline metric of nonfarm payrolls posted a 277,000 advance in November, another gauge of household employment… More >>
It's intuitively hard to invest when valuations on stocks are at record highs. Under normal circumstances, you would think that investments made at these levels would produce negative returns. According to J.P. Morgan, it’s quite the opposite. Historically, investing at… More >>