April 2020 – Monthly Commentary

May 18, 2020  |   Monthly Commentary   |     |   0 Comment

April 2020 We open this monthly commentary with a discussion of the year-to-date performance of our Reserve Cash Management composite.  We manage the underlying portfolios of that composite in a highly conservative fashion and that’s reflected in the performance.  Through April, the total return has been 0.45%, net of fees.  That compares favorably to PIMCO’s MINT, and Blackrock’s NEAR, which are the largest short maturity fixed income ETF’s in the ...

March 2020 – Monthly Commentary

April 24, 2020  |   Monthly Commentary   |     |   0 Comment

March 2020 Since we penned our last monthly update, the unthinkable has come to pass.  The Coronavirus death toll, which just a month ago seemed an abstract concern, has come to cripple the daily activities of the entire world.  Social distancing, face mask demand, shortages of staples such as paper goods, pasta, and flour have become part of our common consciousness.  Our leaders have begun to talk of restarting the ...

February 2020 – Monthly Commentary

April 24, 2020  |   Monthly Commentary   |     |   0 Comment

February 2020 We’re going to start this monthly update by focusing on the positive because there is so little of it in the media lately.  The most notable news was the February employment report which astounded investors with a gain of 273,000 net new workers joining the workforce, 100,000 more than had been forecast.  Moreover, the previous month was revised from 225,000 net new workers to 273,000.  The unemployment rate ...

January 2020 – Monthly Commentary

February 14, 2020  |   Monthly Commentary   |     |   0 Comment

January 2020 The Treasury Department is the agency assigned the responsibility for issuing government debt, among other varied responsibilities.  Since the financial crisis, the Treasury has been tasked with financing the enormous debt burden of the United States.  Initially, criticism of profligate deficit spending was heard from the “Tea Party” politicians, but over the course of the last few years, that criticism has ceased.  In fact, acceptance of the deficit ...

November 2019 – Monthly Commentary

January 28, 2020  |   Uncategorized   |     |   0 Comment

November 2019 As we ease into year end, the Fed has managed to avoid upsetting the capital markets as it did last December.  Fed Chairman Powell, at the recent post-FOMC press conference sounded a tone of neutrality with regards to policy and despite repeated questions about the next move in the overnight lending rate, he remained noncommittal.  He also faced questions about the repo market and the performance of the ...