The U.S. Most large U.S. indices have pushed to new all-time highs, on the back of optimism stoked by positive earnings (as we have have been anticipating over the past few weeks) and perhaps because of optimism about U.S./China trade negotiations. We see that negotiation process continuing to play out, Read more
Over the past decades, California has learned that all of its sun, forward-thinking culture, educated workforce, and entrepreneurial spirit couldn’t stop the gradually accelerating exodus of the aerospace industry from the Golden State. There were many factors involved, of course – but the point is that regional dominance in an Read more
On August 5, the U.S. Federal Reserve announced that its governing board had voted four to one to back the creation of a real-time, round-the-clock payment and settlement service, to be called FedNow. The goal of this service would be to set up an infrastructure to allow payments between banks Read more
Modern Monetary Theory and the Case For Gold U.S. investors woke up on Wednesday to news of surprisingly aggressive rate cuts from India, New Zealand, and Thailand, as more Asia Pacific central banks act to preempt a global economic slowdown. At its last meeting, the U.S. Federal Reserve called an Read more
Market Summary The U.S. As expected, the U.S. Federal Reserve cut the benchmark fed funds rate by 0.25% on Wednesday, as expected, and also ended the runoff of its portfolio of bonds a month early. Fed Chair Powell said, “The outlook for the U.S. economy remains favorable and this Read more
The U.S. Earnings season in the U.S. is in full swing. While earnings growth has stalled after the tax-break driven pace of growth that was enjoyed in 2018, it remains broadly within the trend of growth that has followed the 2008/2009 financial crisis. Source: Bloomberg, LLP Of course, there Read more
Trump’s Executive Drug Price Efforts May Face Legal Rebuff Partisan gridlock has made legislative progress on many issues difficult to achieve — particularly healthcare. Senate Finance Committee chair Chuck Grassley has been in negotiations with his Democratic counterpart, Ron Wyden, since early this year to advance a bipartisan bill that Read more
The Longest Expansion The economic expansion that began in 2009 has now crossed the threshold and become the longest period of economic growth in U.S. history: Source: Goldman Sachs Global Investment Research Of course, this milestone has led to two responses: analysts and central bank economists reminding us that “expansions Read more
Buybacks Will Continue To Support Stock Prices in 2019 We’ve often noted that one of the major facts of the post-2009 stock market rally has been the role played by companies buying back their own shares. By some analyses, company buybacks have been the largest net buyers of stocks over Read more
B Corporations Feeding Millennial Appetite For Social Responsibility There has never been a watertight separation between business activities and the ethical concerns of those who run businesses and those who invest in them. Over the past several decades, however, there has been a growing interest on the part of many Read more
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