I continue listening and considering all bearish arguments for stocks, but for now, I can’t ignore the Big Beautiful Elephant in the room! Appropriately, investors

We may have closed the books on the first quarter, but market volatility has followed us into the early trading days of the second quarter.

Investors continue to enjoy the bull market, but remain somewhat nervous about valuation. Policy uncertainty is higher than usual, in part because there are so

Because nearly all economic policies (outside of the Fed Funds rate) have been accommodative during the last year and since the Federal Reserve has also

It is likely that growth is now becoming more important to the Fed than inflation, with macro data broadly coming in softer, and many lower

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

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