Solid U.S. economic growth, an improving global backdrop and high expectations for approaching policy rate cuts are sustaining the risk-on phase and spurring pockets of
The U.S. economy avoided a much-anticipated recession in 2023 and made significant progress toward a soft landing. The key surprise was much stronger-than-expected economic growth
An oversold condition in the bond market and then a war in the Middle East two weekends ago have allowed bond yields to ease, providing
A soft inflation report last week halted the upward grind in government bond yields that were on the verge of setting new cycle highs. The
Global financial markets have moved past the shock from the abrupt failure of Silicon Valley Bank and a few other banks as well as the
The key economic question for 2023 is whether central banks will be able to bring down inflation to acceptable levels without a recession. Beyond the
Risk assets attempted to rebound last week from deeply oversold levels on hopes that central banks will soon tone down their hawkish rhetoric. Equities started
Given the extraordinary downside volatility affecting both equity and bond prices this past quarter, we felt an early commentary might be appreciated. We’ll cut to
Investor attention has pivoted over the past few weeks from the war in Ukraine back to the accelerated unwinding of global monetary accommodation. While the
Monetary and fiscal policies certainly helped jump-start the current economic expansion—as is customary in the aftermath of every recession. But expansions also become self-sustaining, which
Equity markets have been struggling with a number of short-term risk factors. None at this point (hopefully) seem to threaten the big-picture outlook of a
A host of factors have recently been pressuring the stock market. The S&P 500 Index has nearly doubled from its bear-market low in March 2020,
Over the last year, we witnessed policymakers’ experiment with ways to force the economy out of its steepest dive since the Great Depression, applying massive
2020 will go down in history as a year we all wish we could forget, but never will. The unprecedented coronavirus pandemic changed everything. While
When the world entered the throes of the sharp recession in the spring, we expected a sharp rebound followed by a gradual and choppy economic
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