September 2018 – Monthly Commentary

October 19, 2018  |   Monthly Commentary   |     |   0 Comment

September 2018 The Federal Reserve releases the value and composition of their Open Market holdings every Wednesday afternoon.  These are the securities the Fed bought when, in their judgement, the economy demanded artificially low interest rates.  On Wednesday September 5, the value of the Open Market holdings fell below $4 trillion dollars for the first time since peaking at $4.24 Trillion in April 2017.  That represents a reduction of approximately 5% and a milestone in monetary ...

August 2018 – Monthly Commentary

September 24, 2018  |   Monthly Commentary   |     |   0 Comment

August 2018 The U.S. economy continues to chug along with the second quarter growing at a revised 4.2% annualized rate.  That strength has carried into the third quarter with the Atlanta Federal Reserve forecasting 4.3% growth for the period.  That growth seems to have emboldened equity investors as the S&P 500 posted an all-time high of 2,916.50 on August 29th.  The index has since pulled back marginally, but all signs suggest that new records are likely ...

July 2018 – Monthly Commentary

September 04, 2018  |   Monthly Commentary   |     |   0 Comment

July 2018 The dog days of summer are upon us and the U.S. market has been relatively calm despite the daily barrage of news from around the globe.  That’s not to say that global macro events are not on the mind of investors.  Quite to the contrary.  Donald Trump’s trade war is making the headlines daily, the health of the European banking system continues to be a worry, and the drama of The United Kingdom’s divorce ...

June 2018 – Monthly Commentary

August 14, 2018  |   Monthly Commentary   |     |   0 Comment

June 2018 In the days and weeks leading up to the recent imposition of tariffs on China, nervous investors sold stocks and pushed bond yields lower.  However since the tariffs went into place stock prices have risen, with the S&P 500 just ticks away from its recent high and less than 3% away from an all-time high.  Apparently, investors have chosen to look past the immediate trade rhetoric and are focusing on the coming earning season, ...

May 2018 – Monthly Commentary

August 14, 2018  |   Monthly Commentary   |     |   0 Comment

May 2018 The bastion of calm that swept over capital markets evaporated in May, as a number of emerging market economies and their markets suffered under the strain of bad policy.  After years in financial purgatory following their 2001 default, Argentina is again facing financial strain.  The serial defaulter returned to the global bond market two years ago with a $16 billion multi-tranche deal that received $70 billion in orders.  Investor demand had grown so strong ...