Newsletter
A Quarterly Report on Economic
Viewpoints and Investment Strategy
Spring 2025, Vol 40, No. 2
Market conditions at present can best be described as not too hot, not too cold, but NOT just right! The stock market’s early bullishness that greeted the incoming administration —characterized by expectations of pro-growth deregulation and structural economic reform—has given way to a wave of policy uncertainty.
Spring 2023, Vol 39
Bullish investors have long lived by the well-known axiom of “Don’t fight the Fed”, but they are now positioned in complacent opposition of existing Fed policy and a deteriorating economic backdrop. The first three months of 2023 reflect a standoff between galvanizing stock market sentiment and increasing stresses on the US economy.
Winter 2023, Vol 38
The capital markets were anything but ordinary in 2022. Inflation soared, interest rates spiked, energy saw huge price swings, stocks experienced a bear market and bonds endured their worst year since the American Civil War.
Summer 2022, Vol 37
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