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Monetary Policy
March 15 2023
Liquidity .
Article Next steps
March 14 2023

The Fed’s response to the collapse of SVB puts pressure on the Treasury and the FOMC decision next week.

March 10 2023
Markets/Economy .
Article Robust jobs report puts air under wings of Fed hawks
March 10 2023

The still hot labor market all but ensures the Federal Reserve stays aggressive.

March 3 2023
Markets/Economy .
Article Dr. Jekyll and Mr. Market
March 3 2023

U.S. equity and fixed-income markets are pointing in different directions.

March 1 2023
Liquidity .
Article Coming to terms
March 1 2023

Investors have begrudgingly capitulated to a still-hawkish Fed.

February 23 2023
International/Global .
Article More of the same
February 24 2023

The global economic picture is setting up to look a lot like last year's.

February 17 2023
Equity .
Article They called 'peak inflation' 3 times in the '70s. Just saying.
February 17 2023

Inflation, consumer strength move bonds closer to the Fed. Stocks still keeping some distance.

February 8 2023
Fixed Income .
Article It's an 'on the one hand, on the other' economy
February 8 2023

And that's creating challenges for fixed-income positioning.

February 23 2023
Equity .
Article 'Goldilocks' is a bit generous
February 7 2023

We're probably not yet at a "just right" stage for stocks, especially of the growth variety.

January 27 2023
Fixed Income .
Article Be on the lookout
January 26 2023

An improved high-yield asset class might not flash the same signs for reentry as in past economic downturns.

January 17 2023
Markets/Economy .
Article Best case scenario
January 17 2023

Inflation cooling but labor market remains healthy.

January 11 2023
Markets/Economy .
Article Stock market seasonals flashing green
January 11 2023

Two market indicators suggest equities could enjoy a better year. 

January 17 2023
2023 Outlook .
Article Potholes remain, but bonds headed in right direction
January 5 2023

Three things to watch in 2023.

January 11 2023
2023 Outlook .
Article Sweet spot
December 29 2022

Three things to watch in 2023.

December 22 2022
2023 Outlook .
Article A gloomy winter
December 29 2022

Three things to watch in 2023.

December 15 2022
Monetary Policy .
Article Disconnect
December 14 2022

The Fed pushes back against market expectations.

December 7 2022
Markets/Economy .
Podcast Is recession around the corner?
December 7 2022

Silvia Dall’Angelo, Donald Ellenberger and Steve Chiavarone discuss global inflation and whether the markets have already priced in a recession. 

December 8 2022
Monetary Policy .
Article Fed is getting what it wants for the holidays
December 6 2022

The U.S. economy is slowing across the board.

December 2 2022
Equity .
Article If you think that's Jerome playing Santa Claus ...
December 2 2022

You have to ask: is he here to hurt or help?

November 30 2022
Monetary Policy .
Article Just the facts
December 1 2022

FOMC voters must stick to the data to make their next decision on rates.

November 29 2022
Markets/Economy .
Article Resist the temptation
November 17 2022

Wide corporate bond spreads are enticing, but the time to add to credit sectors hasn't come yet.

November 7 2022
Markets/Economy .
Article October jobs report a mixed bag
November 7 2022

Solid week of employment data keeps Fed aggressive.

November 1 2022
Monetary Policy .
Article Not so fast
November 2 2022

Fed Chair Powell indicates the pace of hikes is not as crucial as arriving at the right place.

November 8 2022
Monetary Policy .
Article The good old days
October 31 2022

Money market yields have returned to pre-GFC levels.

October 21 2022
Markets/Economy .
Article Bird of prey
October 21 2022

Hawkish Fed prompts us to lower our GDP growth estimates.

October 24 2022
Monetary Policy .
Article D.I.Y.
October 3 2022

Fed projections are less useful these days.

September 2 2022
Markets/Economy .
Article Mixed picture for August employment
September 2 2022

Relatively healthy jobs report keeps Fed hiking rates.

October 3 2022
Liquidity .
Article The place to be
September 1 2022

 Cash has become a compelling asset class.

August 26 2022
Monetary Policy .
Article Hawkish Powell roils markets
August 26 2022

Fed Chair uses Jackson Hole keynote to reset investor expectations. 

August 19 2022
Equity .
Article Chill in 'Emerald City'
August 19 2022

Bears and bulls facing off on what the Fed may do.

August 16 2022
Equity .
Article You've got to ask yourself one question
August 12 2022

A lot is riding on a Fed pivot.

September 1 2022
Liquidity .
Article See you in September
August 1 2022

Next month will mark a half-year of hikes, time enough to evaluate their impact.

November 8 2022
Markets/Economy .
Article We're not in a recession...yet
July 29 2022

But high inflation and Fed tightening are taking us closer.

July 27 2022
Monetary Policy .
Article Another big swing
July 27 2022

The Fed raises interest rates by 0.75% for the second month in a row.

July 22 2022
Monetary Policy .
Article Hawkish Fed argues for keeping defense on the field
July 21 2022

Rising recession risk favors defensive dividend stocks, cash and Treasuries.

July 15 2022
Markets/Economy .
Article Sizzling
July 15 2022

Hot inflation, stagflation concerns, recession fears and a hawkish Fed.

July 8 2022
Equity .
Article Malaise
July 8 2022

Markets might be setting up for '70s' era modest returns.

July 1 2022
Liquidity .
Article Perpetual motion
July 1 2022

The Fed’s willingness to shift on volatile data makes rate expectations difficult.

June 23 2022
Inflation .
Article There will be pain
June 22 2022

Unfortunately for workers, wage inflation at heart of Fed tightening.

June 15 2022
Monetary Policy .
Article Since you offered
June 15 2022

The market’s late shift in expectations gave the Fed the opportunity for a 0.75% hike.

June 10 2022
Active Management .
Article Defense still rules in this market
June 10 2022

Fed should give investors no reason to stray from short-duration, value strategies.

June 28 2022
Liquidity .
Article Ear to the ground
June 1 2022

The Fed must rely on the data and not its policy framework to curb inflation.

May 6 2022
Monetary Policy .
Article Driving the point home
May 4 2022

With a 50 basis-point hike, the Fed hopes to stick it to inflation. 

May 2 2022
Liquidity .
Article The table is set
May 2 2022

The Fed rate cycle and the SEC money fund reform process are ready to begin in earnest.

April 28 2022
Monetary Policy .
Article Investors should stay defensive if the Fed follows its rhetoric
April 28 2022

More rate hikes would favor cash, floating-rate securities and value stocks.

May 13 2022
Interest Rates .
Article Federal Open Mouth Committee
April 26 2022

The Fed's abundant messaging has the market doing its work for it.

April 22 2022
Markets/Economy .
Article Dominos falling
April 14 2022

Russia’s invasion, higher energy costs, soaring inflation, hawkish Fed…

December 7 2022
Fixed Income .
Article Mosaic of uncertainties merits caution
April 11 2022

Bonds wrestle with pricing Fed, war and inflation outcomes.  

April 8 2022
Equity .
Article The Fed WILL succeed
April 8 2022

The only question for investors: at what cost?

April 26 2022
Markets/Economy .
Article Is the equity head fake over?
April 7 2022

A host of negative factors could end the recent rally.

December 7 2022
Equity .
Article Call us 'cautious bulls'
April 5 2022

Year-end S&P forecasts for 2022 and 2023 lowered to 4,800 and 5,100.

April 7 2022
Liquidity .
Article Balancing expectations
April 1 2022

The Treasury yield curve isn't matching the futures market’s view of rate hikes.

December 17 2021
Equity .
Article There's a reason it's called the 'Wall of Worry'
November 22 2021

Market risks stay skewed to upside but inflation and possible policy errors lurk.