RECESSION OF REPRICING? The rate angst of March bled into equities in April, and has tipped U.S. small cap stocks, the Nasdaq Index, and select international markets like the Shanghai Composite into bear market (20% decline) territory. The most speculative parts of the markets have been...
RATE ANGST The U.S. bond market just exited its worst quarter in years, with Treasuries down 5.6%, corporate bonds down 7.4% and a broad municipal bond index down 6.2%.1 After shaking off the rise in inflation in 2021, a swing in the outlook for Federal Reserve...
THE WAR TO END ALL WARS Such was the assessment originally applied to “The Great War” that ran from 1914 to 1918 – a war so violent and so bloody the world was convinced nothing so horrific could or would ever happen again. The world was...
LESS GROWTH, MORE INFLATION In just a few weeks’ time, the threat of a Russian invasion of Ukraine has become the reality. The resulting humanitarian toll has led to millions of Ukrainians leaving the country, with a similar number displaced and too many killed or injured....
AND THE BAND PLAYED ON The Titanic took approximately two hours and forty minutes from its initial iceberg collision to its foundering. The ship’s band — hoping to help keep passengers calm — continued to play (waltzes and ragtime numbers*) for nearly all of that time,...