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Market Update – May 2022

A Month At A Glance • Both equities and fixed income posted large losses for the month • US core bonds fell 2.0% in April, posting their fifth consecutive month of losses • The US dollar surged 4.7% last month and has now appreciated 7.7% this year • Despite the...


The Morning View: May 6, 2022

Announced this morning, the economy added 428,000 jobs in April, more than expected. The Manufacturing and Transportation & Warehousing industries were strong, while the Construction and Mining & Logging industries were relatively weak. The Unemployment Rate...


Market Perspectives – April 2022

Recessions, Yield Spreads, and Markets • Discussion of the growing inflationary concerns and potential impact if these trends lead the global market recession • Review of the labor markets, housing industry and household wealth data and its role in supporting forward...


The Morning View: April 29, 2022

Announced this morning, Personal Income increased 0.5% in March, slightly higher than expected. Personal Spending increased 1.1% in March, also higher than expected and notably stronger than the previous month’s revised figure. In addition, the Employment Cost Index,...


The Morning View: April 19, 2022

In this morning’s data, Housing Starts were 1,793,000 in March, a bit more than expected and a 0.3% increase from the previous month. In addition, Building Permits were 1,873,000 in March, also a bit more than expected and an increase of 0.4% for the month. Overall,...


Market Update – April 2022

In Opening A lot has happened since our year-end investment commentary. In this letter, we will highlight the key developments as they relate to the global economy and financial markets. The biggest macro event is Russia’s brutal invasion of Ukraine. As is our job,...


The Morning View: April 12, 2022

In this morning’s data, the Consumer Price Index increased 1.2% in March and 8.5% on an annual basis, only slightly higher than expected on an annual basis, but again higher than the previous month. Monthly prices for Fuel Oil, up 22.3%, and Gasoline, up 18.3%, were...


Fixed Income Update – First Quarter 2022

1st Quarter 2022 Fixed Income Review • Q1 fixed income markets experienced significant negative performance as fixed income assets fell in price and yields rose • The FOMC hiked its Federal Funds target range by 25bps and concluded its ongoing asset purchase program...


The Morning View: April 1, 2022

Announced this morning, the economy added 431,000 jobs in March, a bit less than expected, with higher revisions to the previous month. The Leisure and Hospitality, Retail Trade, and Professional and Business industries were all strong, while the Transportation and...


Investment Outlook – Second Quarter 2022

How Many Horsemen Make an Apocalypse? • While there is plenty to worry about, the outlook for inflation may be the most important thing. • We know interest rates are going up, so our focus should be on whether the Fed tightens too little or too much. • One positive so...


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