Monday Morning Notes, 5/19/25 If You Don’t Have Time This Morning The Fed remains in a holding pattern. The economy remains sufficiently strong that the Fed confidently believes it can
Monday Morning Notes, 5/12/25 If You Don’t Have Time This Morning Policy remains in a holding pattern as the Fed manages risks to both sides of its mandate. We think
Steady as She Goes Today’s FOMC meeting ended exactly as we anticipated with Federal Reserve Chair Jerome Powell effectively ending any residual hopes for a June rate cut. Barring a
Monday Morning Notes, 5/5/25 If You Don’t Have Time This Morning As the Federal Reserve heads into its May FOMC meeting this week the economic outlook remains mired in uncertainty.
Ahead of the April Employment Report The details of tomorrow’s employment report could in the Fed’s eye sharply reduce chances for a June rate cut. As we have laid out in previous reports,
Monday Morning Notes, 4/28/25 If You Don’t Have Time This Morning It’s blackout week for the Fed, leaving the market focus on data and trade policies. Timing the impact and
Monday Morning Notes, 4/21/25 If You Don’t Have Time This Morning The Fed expects to remain on hold until it has a clearer sense of which side of the mandate,
Quickly on Powell Federal Reserve Chair Jerome Powell gave no hope that a Fed “put” to support markets will come anytime soon. Here is the key paragraph in Powell’s speech: Our
Dovish Waller Federal Reserve Governor Chris Waller maintained his out-of-consensus position in today’s speech. Waller was prescient on the upside of the pandemic inflation and then again on his labor market
Monday Morning Notes, 4/14/25 If You Don’t Have Time This Morning There is no easy summary this morning. The economic landscape remains complicated as President Donald Trump’s administration lurches between
Heading Into the Weekend When volatility is high, we find it important to maintain focus on the underlying forces. Some things to ponder over the weekend: It is critically important
So Many Moving Pieces One of the most difficult aspects of this drama has been to keep in focus what we wrote on Monday: Over the weekend, however, the Trump administration
Quick on the Fed We have received multiple questions about the Fed and QE this morning as credit markets come under pressure. We remind readers what we wrote on Monday:
Quick Follow Up Clients have been asking about our hawkish take on Federal Reserve Chair Jerome Powell’s speech last Friday, largely in disbelief that Powell would make such a hawkish
Monday Morning Notes, 4/7/25 This is a “Tariff Turmoil” edition given that the data has fallen by the wayside for the time being. While it’s hard to hear on a
Holding Our Fed Call Steady We have not changed our Fed call in the wake of the latest tariff announcements. Given what we have on the table now in data and
First Thoughts on Tariffs Trump’s latest round of tariffs deepens the challenge facing the Fed. Even if ultimately some reciprocal tariffs are negotiated down, we expect the tariff baseline of
A Contrarian Take on the Labor Market Incoming ISM and JOLTS data point to slowing labor demand. Still unanswered, however, is the impact of Trump’s immigration policies on labor supply.
Monday Morning Notes, 3/31/25 We have been on the road this past week, and here is what we have been discussing with clients: But Trump continues to muse to advisers
Monday Morning Notes, 3/24/25 If You Don’t Have Time This Morning The Fed and financial market participants continue to wait for data that would clear the way for rate cuts.
