Attached is the Third Quarter 2025 Market Commentary. In this edition we discuss the continued volatility in financial markets, the extremely strong three-year equity returns, the recent moves by the Federal Reserve, and the “curious balance” in the US Labor Market. Please read the Third Quarter Market Commentary for more information.
Read MoreIn this edition we discuss the increased levels of volatility in markets, the historic rebound from the April lows, the higher rates on Treasury debt and subsequent deterioration in the US budget forecast, and the continued focus on expected Fed interest rate moves. Please read the Second Quarter Market Commentary for more information.
Read MoreIn this edition, we discuss the high levels of volatility in financial markets over the past several months, the nonstop discussion of tariffs since November, the Federal Reserve actions over the past few months, and the slowdown in US economic growth. Please read the First Quarter Market Commentary for more information.
Read MoreIn this edition, we discuss the rise in interest rates despite the Federal Reserve cutting the Funds rate by 100 basis points, the challenge in forecasting economic growth, increased financial market volatility and our concern on US equity valuations after the strong run-up during the past 14 months. Please read the Fourth Quarter Market Commentary
Read MoreIn this edition, we discuss the continuing narrowness of the market advance, the Federal Reserve’s ‘wait and see’ approach to interest rates, our take on the issues facing Congress, preliminary thoughts on the November election, along with potential headwinds during the next several months. Please read the Second Quarter Market Commentary for more information.
Read MoreIn this commentary we discuss the continued economic strength, potential timing on the Federal Reserve interest rate cuts, the narrowness of the market advance, stretched equity valuations, and potential market headwinds during the remainder of 2024. Please read the First Quarter Market Commentary for more information.
Read MoreIn this commentary we discuss the strong year-end rally in both equities and fixed income, our views on the economy, earnings growth, and potential Federal Reserve actions in 2024, and how this all ties in to our assessments on current valuations. Please read the Fourth Quarter Market Commentary for more information.
Read MoreIn this commentary we discuss the pullback in financial markets during the third quarter, our views on recent Federal Reserve actions, concerns about stubborn inflationary pressures, and how this all ties in to our views on corporate profits which ultimately drive stock prices. Please read the Third Quarter Market Commentary for more information.
Read MoreIn this commentary, we discuss the surprising strength in US equity markets which was concentrated in the largest technology stocks. The Federal Reserve seems to be nearing the end of its tightening cycle and consumers are starting to show signs of slowing down. Earnings growth continues to be challenging for many companies as margins are
Read MoreIn this commentary we discuss the volatile moves in interest rates during the past quarter, the two bank failures and our theories on why these are likely isolated instances, our views on inflationary trends slowly decreasing, and how it all comes together for a challenging earnings growth environment for corporate America in 2023. Despite the
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