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Three Implications of the Latest Inflation Release
Posted by Jeffrey J. Roach, PhD, Chief Economist Tuesday, March 14, 2023 Overview First, Fed Will Likely Focus on Price Stability Mandate Over Growth Investors should expect the Federal Open Market Committee (FOMC) to focus on the inflation portion of the dual Congressional mandate for price stability and full employment, i.e., the growth component of the […]
March 14, 2023
Taking A Closer Look at the Fed’s New Bank Term Funding Program (BTFP)
Posted by Lawrence Gillum, CFA, Fixed Income Strategist Wednesday, March 15, 2023 Those of us who lived through the Bear Stearns, Lehman Brothers and Washington Mutual (to sadly only name a few) financial collapses are shuddering at the thought history may be about to repeat itself. Thankfully, as we wrote about in Monday’s blog, there are […]
March 15, 2023
Three Takeaways from the Fed Decision
Posted by Jeffrey J. Roach, PhD, Chief Economist Thursday, March 23, 2023 Overview First, a Pause was Discussed but Eventually Dismissed In days prior to the meeting, committee members considered pausing the rate hiking campaign due to uncertainty with some regional banks. The run on deposits at some banks in the U.S. created a bit of […]
March 23, 2023
Munis Bounced Back in March; Seasonality Tailwind
Posted by Lawrence Gillum, CFA, Fixed Income Strategist Wednesday, March 29, 2023 After one of the weakest February’s on record, the municipal market is on track for its strongest March performance since 2008, as it benefits from a flight to safety amid turmoil in the banking industry. The Bloomberg Municipal Index is up nearly 2% (so […]
March 29, 2023
Main Takeaways from the Report on Business
Posted by Jeffrey J. Roach, PhD, Chief Economist Tuesday, April 4, 2023 Overview All Components Below 50—A First Since 2009 The manufacturing business report reveals the weakness within the manufacturing sector as the economy reacts to high inflation, tighter financial conditions, and uncertainty within the banking sector. For the first time since 2009, all components of […]
April 4, 2023
First Quarter Market Observations
Posted by Jeffrey Buchbinder, CFA, Chief Equity Strategist Wednesday, April 5, 2023 An eventful first quarter wrapped up last week. In today’s blog, we make seven market observations from first quarter performance and share our thoughts on what these performance trends could mean for our outlook. Growth soundly beat value on technology’s strength, with an additional […]
April 5, 2023
The 60/40 Is Back…Perhaps Even Long Term
Posted by Barry Gilbert, PhD, CFA, Asset Allocation Strategist Monday, April 10, 2023 There deservedly was a lot of hand-wringing about the death of the 60/40 portfolio in 2022, a portfolio of 60% stocks and 40% bonds. As we stated back in June, the call for the demise of the 60/40 had likely come too late. Even […]
April 10, 2023
Bond Markets Still Believe in the Fed
Posted by Lawrence Gillum, CFA, Fixed Income Strategist Tuesday, April 11, 2023 The Federal Reserve (Fed) has raised short-term interest rates at the most aggressive pace since the 1980s in an effort to bring down the highest inflationary pressures in more than 40 years. Certainly, the main motivation behind these aggressive rate hikes is to realign […]
April 11, 2023
Bull market or not, the rebound off the October 2022 lows has been lackluster
Posted by Jeffrey Buchbinder, CFA, Chief Equity Strategist Wednesday, April 12, 2023 Today marks the six-month anniversary from the October 12, 2022 low in the S&P 500. Since the 25.4% drop in the index from January 3, 2022 through that day in October (is it me or do bear markets often end in October), the S&P […]
April 12, 2023
6 Things to Know About Stocks and Recessions
Posted by Barry Gilbert, PhD, CFA, Asset Allocation Strategist Thursday, April 13, 2023 Yesterday, the Federal Reserve (Fed) released the minutes from its March 21-22 Federal Open Market Committee (FOMC) meeting. In the section summarizing staff projections, to the surprise of some, the staff explicitly forecasted a recession: “Given their assessment of the potential economic effects […]
April 13, 2023