Federal Reserve Board Chairman, Jerome Powell, who has been remarkably quiet as he adjusts to his new role at the Fed, finally roiled markets last week. He made comments on Wednesday, during the Atlantic Festival at a session moderated by Judy Woodruff of the PBS News Hour. Powell said, "The really extremely accommodative low interest [...]
Many of you possess vast knowledge, from personal experience, on the subject of having teenagers in your life. I, on the other hand, am just beginning to learn. I’ve been recently musing on their ability to believe in fictions created in their young minds. This seems to especially occur when they are asked, by an [...]
It is ingrained in our societal message regarding investments that stocks are risky and bonds are safe. We all “know” this because we are told it, explicitly and subtlety, every day. Because of this, individuals in our country, and indeed around the world, have tens of trillions of dollars invested to earn 3% or [...]
In spite of woeful prognostications to the contrary, the US economy seems to be wearing Kevlar. Rate hikes, tariffs, Turkey, you name the fear, the economy remains unscathed. Case in point, through all the supposed turmoil, the U.S. grew at a 4.2% annual rate in the second quarter and looks set for a similar pace [...]
One of the hardest things for me to put aside when writing blogs and similar posts is the focus on the big picture. The “Why”. Why do we plan? Who is this money ultimately for and when do they need it? Most of you know we have spent decades warning about the misinformation in the [...]
To our clients - We are in the process of updating some of our communication and reporting systems in order to enhance our relationship with you as well as stay up to date with constantly changing technology and security needs. Our client portal - known to you as our “Wealth Management System” - has been [...]
Something strange happened after last Friday's jobs report - the yield on the 10-year Treasury Note fell, finishing Friday at 2.95%, down four basis points from Thursday's close. To us, this makes no sense. If anything, it serves to reinforce our view that the bond market is making a big mistake. Yes, we realize that [...]
The US labor market is going from strength to strength. Like with corporate earnings, June jobs data beat consensus estimates - up 213,000 - pushing the average monthly gain for the past year to 198,000 per month. Meanwhile the unemployment rate jumped from 3.8% to 4.0%. Why? Because the civilian labor force grew by 601,000. [...]
What do the internet and China have in common? For better or for worse, policymakers are no longer treating them with kid gloves. This past week, the Supreme Court reversed a decision made before the dawn of the internet that prevented states from taxing sales to their residents unless the business had a "physical presence" [...]