Weekly Updates • August 25, 2025

As central bankers, economists, and policymakers gathered last weekend in Wyoming’s Grand Teton National Park for the 2025 Jackson Hole Economic Symposium, the Federal Reserve (Fed) found itself at a critical juncture marked by political pressures, personnel changes, and internal divisions over monetary policy direction.

Weekly Updates • August 18, 2025

Second quarter earnings season, which winds down this week and next, has met some of the highest expectations. Strong beat rates, big upside earnings surprises, and increases in estimates during the past four weeks were consistent themes that gave investors very little to complain about.

Weekly Updates • August 11, 2025

We have been pleasantly surprised by how well stocks have handled the sharp increase in tariffs. Since the market low from the early April tariff scare, the S&P 500 Index has gained more than 28%.

Weekly Updates • August 4, 2025

Last week was one for the ages in terms of the number and magnitude of events and data points for investors to digest. A Federal Reserve (Fed) meeting, the monthly jobs report, and the peak week of earnings season would be enough to qualify as a busy week.

Weekly Updates • July 28, 2025

Last week, investors were reminded of the persistent impact the pandemic had on many macro models. In particular, the Leading Economic Index (LEI), which has historically been the Conference Board’s accurate leading indicator of the business cycle, still points to a deep, imminent recession as of last month.

Weekly Updates • July 21, 2025

Within fixed income markets, a tug of war has unfolded between two opposing forces, much like the classic tale of Dr. Jekyll and Mr. Hyde. The benevolent Dr. Jekyll emerges when economic data suggests weakness, which leads to lower interest rates and relief for borrowers.

Weekly Updates • July 14, 2025

If “tariff” isn’t the word of the year for stock investors so far, then perhaps it’s “uncertainty.” Uncertainty around trade policy dominated the path of the stock market in the first half and will continue to play a large role in the second half.

Weekly Updates • June 30, 2025

With investor focus now squarely back on U.S. equities as new all-time highs are in sight, we dig into why strategic allocations should still consider, despite recent outperformance and multiple expansion, diversification into international equities.

Weekly Updates • June 23, 2025

Chinese equities have been a major focus for investors in recent months, with catalysts ranging from DeepSeek’s artificial intelligence (AI) advancements to tariffs and trade negotiations.

Weekly Updates • June 16, 2025

Inflation’s effects on the economy, monetary policy, and the financial markets are wide-ranging.

Weekly Updates • June 9, 2025

There have been plenty of catalysts supporting the broader market’s recovery from the correction lows set last month.

Weekly Updates • June 2, 2025

There has been no shortage of trade policy curveballs thrown at the market since the White House announced shockingly high reciprocal tariffs on April 2.

Weekly Updates • May 27, 2025
First quarter reporting season was solid, but results didn’t offer much of a confidence boost in the outlook for the rest of the year.

Weekly Update • May 19, 2025
Investor sentiment dramatically changed after Treasury Secretary Scott Bessent and other members of the Trump administration announced a temporary pause on tariffs with China. 

Weekly Update • May 12, 2025

A busy week of earnings, trade negotiations, and monetary policy meetings left the S&P 500 down around 0.5%. 

Weekly Update • May 5, 2025
The municipal bond market faced significant volatility in April, driven by spillovers from a turbulent Treasury market. Treasury yields were pressured higher by rising inflation expectations; the Federal Reserve’s cautious policy stance, reduced foreign demand; hedge fund deleveraging, portfolio shifts toward cash, and structural illiquidity.