Insights

Just 2 short weeks ago, we sent out a letter discussing how 2025 was the Year of Perpetual Change with at least 7 different major government policy events acting to delay corporate and consumer decision making and effectively stunting economic growth.   As we make our way into the office this morning, 2026 has started in a similar vein. Today’s distraction revolves around Greenland and the full force push to bring it under U.S control. Hopefully, this turns out to be a simila

2025 will go down as the Year of Perpetual Change . Throughout the year, consumers and corporations were forced to digest an onslaught of uncertainty stemming from significant shifts in federal policy.   In (mostly) chronological order, these changes included:   ·         The creation of the Department of Government Efficiency (DOGE) ·         The introduction of a high tariff regime ·         A subsequent move to a more modest tariff strategy ·         Changes in immigration

2025 Year in Review   2025 will go down as the Year of Perpetual Change . Throughout the year, consumers and corporations were forced to digest an onslaught of uncertainty stemming from significant shifts in federal policy.   In (mostly) chronological order, these changes included: a)      The creation of the Department of Government Efficiency (DOGE) b)      The introduction of a high tariff regime c)       A subsequent move to a more modest tariff strategy d)      Changes i

Price Return Last Week S&P 500 (1.0%)   S&P Mid Cap    (0.7%)       Russell 2000    (1.0%)     MSCI EAFE    +0.5%       MSCI EM +2.3%     10 Yr US Treasury Rate – rose from 4.13% to 4.19% Source: Refinitiv Eikon Recent News Venezuelan President Removed From Power – Venezuelan President Nicolás Maduro and his wife were captured on Saturday by the U.S. military and transported to a federal jail in New York.  Both are awaiting trial for narcoterrorism charges.  While ini

Price Return Last Week S&P 500 +1.4%    S&P Mid Cap     +0.7%       Russell 2000     +0.2%     MSCI EAFE    +1.2%       MSCI EM +2.1%     10 Yr US Treasury Rate – fell from 4.15% to 4.13% Source: Refinitiv Eikon Recent News GDP – Q3: 4.3% (Reuters Poll est. 3.3%) Q2: 3.8% Economic growth in the third quarter surpassed expectations, growing at its fastest rate in two years.  Consumer spending, exports, and government expenditures all accelerated in the third quarter le

Price Return Last Week S&P 500 +0.1%    S&P Mid Cap     0.0%       Russell 2000      (0.8%)      MSCI EAFE    +0.2%       MSCI EM (1.5%)        10 Yr US Treasury Rate – fell from 4.20% to 4.15% Source: Refinitiv Eikon Recent News Jobs Report – Nov: 64k (Reuters Poll est. 50k) Oct: -105k After a long delay due to the government shutdown, the Labor Department released jobs data for October and November on Tuesday.  The reports showed that payrolls were down 105,000 jobs

Price Return Last Week S&P 500 (0.6%)    S&P Mid Cap     +0.9%      Russell 2000      +1.2%     MSCI EAFE    +0.9%       MSCI EM +0.4%     10 Yr US Treasury Rate – rose from 4.14% to 4.20% Source: Refinitiv Eikon Recent News Fed Cuts Rates – The Federal Open Market Committee voted 9-3 to lower interest rates by 0.25%.  This brings the federal-funds rate to a range of 3.5-3.75%, a three-year low.  Of the three dissenters, two voted to keep rates the same and one voted

Price Return Last Week S&P 500 +0.4%    S&P Mid Cap     +0.4%      Russell 2000      +0.9%     MSCI EAFE    +0.8%       MSCI EM +1.4%     10 Yr US Treasury Rate – rose from 4.02% to 4.14% Source: Refinitiv Eikon Recent News Core PCE – Sep: 0.2% (Reuters Poll est. 0.2%) Oct: 0.2% After a delay extending over a month due to the government shutdown, core inflation data was released for the month of September.  Results were in-line with estimates and put the 12-month incr

Price Return Last Week S&P 500 +3.7%    S&P Mid Cap     +3.9%      Russell 2000      +5.6%     MSCI EAFE    +3.3%       MSCI EM +2.5%     10 Yr US Treasury Rate – fell from 4.06% to 4.02% Source: Refinitiv Eikon Recent News Jobs Report – Sep: 119k (Reuters Poll est. 50k) Aug: -4k After being delayed over 6 weeks due to the government shutdown, the Labor Department reported that payrolls rose by 119,000 jobs in September.  This was partially offset by a reduction in th