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Priced for Delivery

Priced for Delivery

With U.S. equities again trading near record highs, the instinct for investors is to focus on what could go wrong,…

Earned, not Awarded

Earned, not Awarded

Kevin Warsh's first FOMC meeting as Fed Chair on June 17 left the funds rate unchanged at 3.50-3.75% in a…

Surface Tensions

Surface Tensions

By now, most investors should be aware of the two key topics shaping the current macro environment. The first is…

Passing the Baton

Passing the Baton

In the global equity relay race of 2025, the U.S. market (S&P 500) produced respectable returns of roughly 16.84% total return, but international developed and emerging markets significantly outperformed, with the MSCI ACWI ex USA returning approximately 32.45%.

A Tale of Two Risks

A Tale of Two Risks

The Federal Reserve’s long-awaited pivot on September 17, 2025 marked a significant inflection point for markets — delivering the first rate cut since December 2024 after nine months of steady overnight rates.

Caution Lights On

Caution Lights On

By now, most are aware that tariffs can create inflationary shocks and slow economic growth — a stagflationary setup — by increasing the cost of imported goods.

Navigating Choppy Waters, Makes for Resilient Sailors

Navigating Choppy Waters, Makes for Resilient Sailors

U.S. economic policies under Trump have seen a significant change in focus from his first to second term. Early within his first term, the primary emphasis was on tax cuts and deregulation, aimed at stimulating business investment and economic growth.

Trump 2.0

Trump 2.0

US exceptionalism has been the theme for 2024 with the US stock market dominating on the global front. Exhibit 1, below highlights this outperformance with both the S&P 500 Index and the Nasdaq Composite Index returning 26.52% and 31.15% respectively on a price appreciation basis relative to other global markets.

Prepare For Landing

Prepare For Landing

In what could be described as the Super Bowl event of financial markets, on September 18, 2024, the Federal Open Market Committee (FOMC) gave the market a much anticipated rate cut taking the overnight rate to 5.0%. This marked the end of peak interest rates and the start of a new cutting cycle.