The Federal Open Market Committee (the Fed) is in a tough position. Core inflation, which excludes volatile food and energy prices, has fallen dramatically and is now approaching its long-term […]

Since invoking the International Emergency Economic Powers Act (IEEPA) on April 2nd, 2025 (“Liberation Day”), President Trump has overseen the most dramatic shift in U.S. trade policy since the Smoot-Hawley […]

Fixed Income performance in the first half of the year was solid yet tenuous. Interest rate volatility hit a two-year high in April as the threat of tariffs and trade […]

After much political jostling, deliberation and negotiation, the One Big Beautiful Bill Tax and Spending Act (OBBBA) passed through the budget reconciliation process with a simple majority and was signed […]

After an auspicious 2024 campaign, the S&P 500 entered bear market territory right after the end of Q1. Adding insult to injury, last year’s most universally loved sectors of the […]

The U.S. housing market has been stuck in neutral for quite some time. After a short burst of enthusiasm in the years following the pandemic, momentum has slowed considerably. While […]

The first three months of the new administration have come and gone. While it has become evident that many components of the U.S. political economy are subject to change, that […]

The past twenty-five years have been marked by asset bubbles, a global financial crisis, multiple bear markets, and rock-bottom interest rates for nearly half of the time. As we enter […]

Artificial intelligence (AI) was a 2024 leadership theme across asset classes. Whether it was data centers in real estate, energy assets powering data centers in natural resources, semiconductor companies fueling […]

Rising yields in the fourth quarter of 2024 have become a defining feature of the market landscape entering 2025. The 10-Year Treasury yield rose nearly 1.00% to end the year, […]