The Economy Just as we turn the corner from a year dominated by the pandemic, with hopes that normality might return in 2021, the stomach-wrenching riots in the Capitol last week swept the news. Roll up your sleeves, this year is likely going to get messy, and we don’t mean that just in a political […]

Fiscal Stimulus Congressional Democrats and Republicans reached a $900 billion fiscal stimulus deal this past weekend. While it provides much needed support to the economy, it is not the same panacea as the first stimulus bill. We believe this fiscal initiative is too late to avoid the slowdown already gripping the labor market and the […]

The Economy With the number of Covid cases accelerating to record high levels, we are at the intersection of the escalating pandemic and the rush to get the first vaccines delivered. Around the world, countries and cities are ramping up efforts to control the spread of the COVID-19 virus as pharmaceutical companies are racing to […]

Monetary Policy During the Financial Crisis in 2009, the Federal Reserve initiated an aggressive policy of purchasing bonds in the open market onto its balance sheet. Up to that point, the Federal Reserve had a constrained bond portfolio, which as a percentage of the Federal Reserve’s capital, represented roughly a 4.5% capital ratio. Following the […]

The Economy The job market is softening heading into year-end as seasonal job growth remains slow. With the spike in COVID-19 cases around the country, pharmaceutical companies are racing to get a vaccine approved and distributed in hopes of controlling the continuing spread of the coronavirus. The virus’ negative impact on Black Friday sales was […]

Investment Themes for 2021 Economic Growth will be slow in the first half of the year as efforts to control the spread of the coronavirus intersect with the roll out of the vaccine. Recovery will be slow in the industries most effected by the COVID-19 virus, including retail, travel, hospitality, and restaurants. In some cases, […]

The Economy As we head into the end of the year, the coronavirus is the defining issue for investors. Or, more precisely, the coronavirus’ impact on the economy is the defining issue for investors. Domestic GDP grew 33.1% in the third quarter according to the Bureau of Economic Analysis. The consumer has held up remarkably […]

After a contentious election and close race, we have a new president. We expect President-elect Biden to move quickly to restore many initiatives that Trump dismantled from the Obama era. These initiatives include reinstating the U.S. in the Paris Accord and the World Health Organization, as well as reinstating the “Dreamers” program for young undocumented […]

The Economy Last week was a tough week for equity investors. The S&P 500 Index dropped -5.6% as the spread of the COVID-19 virus accelerated around the world. Combined with the uncertainty of the election and lack of a fiscal stimulus package, investor sentiment simply deteriorated.  While the election this Tuesday will resolve some uncertainty […]

The Economy In a world filled with uncertainty, there are two things we are certain of today. First, we are closer to an election, which will decide who the next president of the United States will be for the next four years. And, second, we are closer to a meaningful way to help control the […]