There has been much concern in society at large, and the financial markets in particular, about the escalation of
geopolitical tensions between China and the US. These tensions have centered primarily around the increasing
rhetoric and saber rattling over Taiwan’s statehood status. Chinese equities remain.....
Weekly Commentary
Monthly Commentary
List of Services
A shortened holiday week saw the manufacturing sector steady at a muted level and a services sector maintaining solid growth. However, it was the August Jobs Report on Friday that rocked financial markets. It reported a paltry 22,000 new jobs versus 79,000 the prior month. More importantly, the prior two months were revised down a net 21,000. That immediately.....
The economic news showed a housing market still muddling along and a bifurcated manufacturing sector with growing strength from smaller companies less prone to tariff uncertainty. That news paled by comparison to Fed Chairman Powell’s remarks on Friday from the Economic Policy Forum in Jackson Hole, Wy. He indicated less concern about tariffs and greater concern about the job market that suggested.....
It was a busy week for economic data and financial markets liked what they saw. Inflation was the headliner, and the news was mixed but generally confirming still benign conditions. Manufacturing is still holding its sluggish pattern. Business sentiment improved and the consumer is still in solid condition as evidenced by the July Retail Sales and the still very low level of Weekly Jobless Claims...
Apparently, the last week of July was an Emily Litella moment (please email us if you remember this character, at the risk of dating yourself!). “Never mind”, that Trump Tariff Tantrum was 6 months out of date. Oh well, back on to optimism and a market rally. Ostensibly, the driver was strong earnings from Microsoft and Meta along with Apple’s commitment to invest an additional....
US and Foreign Developed financial markets reacted to the new US/Japan trade deal with a strong rally. The deal reduces tariffs on Japan in return for greater access for US goods into the Japanese economy and a $550 billion investment by Japan into the US economy. Meanwhile, the economic data showed manufacturing muddling along and a lethargic housing market. However, a continued......
The week saw a number of data points showing inflation holding on to its progress. Two important regional manufacturing surveys indicated a strong snap back in current and projected activity. Housing is still stumbling with persistently high mortgage rates. However, the news that really moved markets was Nvidia receiving assurances from the White House that it can resume......
The onslaught of news activated more cross currents in the financial markets. Tariffs again took the headlines. President Trump announced a 50% tariff on copper and new tariff levels on Canada, Japan and South Korea. He also emphasized that the August 1, 2025 tariff deadline date will not change. There were also rumors of new sanctions coming on Russia in response to its escalation of the war in Ukraine. Meanwhile, it was a relatively........
Speculation on the direction of hostilities in Iran dominated the focus of financial markets. Meanwhile, there was good economic news on inflation and the May Retail Sales Report displayed a vibrant consumer with year over year “core” retail sales up a solid 4.57%.....
It was a nice week for financial markets reacting positively to favorable news on inflation and US/China trade talks. Then came a new war in the Middle East with Isreal attacking Iran’s nuclear and military sites Thursday evening. Financial markets went into a selloff on Friday, bringing....
Monthly Commentary
The economic data showed the US economy holding steady with moderate growth. It also signaled further reductions in inflation have stalled, but we see no noticeable increase in inflation from tariffs. The big market moving news came courtesy of Fed Chairman Powell. In a speech on Friday August 22 from the Economic Policy Forum in Jackson Hole, Wyoming, he signaled the green light was on for rate cuts to begin in September. ....
It was a busy month for economic data. On balance it showed a steady economy, digesting the unfolding realities of tariffs. Any tariff inflationary pressures still had not shown up in any of the key measurements. However, tariffs took center stage again. Early in the month President Trump made clear that the August 1st deadline was a firm date. In the middle of the month,....
The month sure offered up enough headlines for everybody. Markets rallied on the announcement of a June 10, 2025 US/China framework to resolve trade issues. Then markets sunk with Isreal’s attacks against Iran’s nuclear and military facilities. Then they rallied with the successful US strike on Iran’s nuclear facilities and the ensuing Isreal/Iran cease fire. Meanwhile, the hard economic data continued......
From the April doom and gloom on tariffs, tariff headlines in May spurred a strong financial market rally. It started with the Mid-may announcement that the US and China suspended their triple digit tariffs for 90 days. Then, in the last week of May, the US Court of International Trade struck down many of the administration’s tariffs. Never mind the next day an Appeals Court put a stay on that ruling until....
The month opened with a bang. President Trump announced “Liberation Day” on April 2nd with the unveiling of a new regimen of reciprocal tariffs. They were much broader and more severe than anticipated. If the President wanted to get the world’s attention that he was serious about reordering the global trade landscape, he succeeded. The S&P 500 promptly declined -9.05% that week with....
There has been much concern in society at large, and the financial markets in particular, about the escalation of
geopolitical tensions between China and the US. These tensions have centered primarily around the increasing
rhetoric and saber rattling over Taiwan’s statehood status. Chinese equities remain.....