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2015 3rd Quarter Fixed Income Comments
Alas, another quarter came and went without action by the Federal Reserve. Unfortunately, the Fed’s lack of movement was overshadowed by the mid-quarter devaluation of the Chinese yuan. The biggest event of the third quarter, the devaluation and subsequent market crash heightened fears of the already opaque Chinese economy. It became clear that the country’s…
2015 2nd Quarter Fixed Income Comments
In the second quarter of 2015, the possibility of a June rate increase by the Federal Reserve came and went quietly, with markets unsurprised when rates remained the same. Speculation continues for the date of “liftoff” and there are plenty of arguments for and against rate increases. In the short term, it appears the Fed will raise rates 0.25%…
2015 2nd Quarter Equity Comments
The second quarter of 2015 brought with it the tenth consecutive quarterly gain for stocks; unfortunately that gain was only 0.3%. After positive economic news helped drive gains throughout much of the quarter, stocks surrendered nearly all of those gains in June when concerns about Greece, China, and Puerto Rico all contributed to a 1.9% drop in the S&P…
2015 June Insight Report
MORE SIGNS OF A SPRING ECONOMIC REBOUND Economic Data Stronger and more consistent signs of an economic rebound from first quarter weakness were the main themes in June’s data releases (which largely reflect economic activity in May). An upward revision to Q1 2015’s gross domestic product (GDP) growth, from -0.7% to -0.2%, also shed a somewhat more positive light on the prior quarter…
2015 1st Quarter Fixed Income Comments
The Federal Reserve removed the word “patient” from their forward guidance, effectively making the timing of the first Federal Funds rate change in the last 5 years completely data dependent. Yes, the last time the Federal Funds rate has moved at all was in February of 2010. However, Chairwoman Janet Yellen told us…
2015 1st Quarter Equity Comments
The first quarter of 2015 was eerily similar to the first quarter of 2014 when the Polar Vortex put the economy on hold. This year cold weather was only one factor: a West Coast port strike and the impact of a strong dollar on exports also hindered economic activity, while lower capital expenditures by the…
2015 March Insight Report
April Update | As of March 31, 2015 ECONOMY: WINTER DOLDRUMS CONTINUE WITH SOME EARLY SIGNS OF A SPRING SNAPBACK Economic Data March 2015’s U.S. economic data (which largely reflect economic activity in February 2015) continued the prior month’s trend of weaker than expected numbers that increasingly point to soft growth in the first quarter…