by David Wagner | Sep 26, 2022 | Blog, Macro Updates
Many of y’all have heard my D + G spiel regarding the S&P 500’s P/E compressing from 21.5x (Dec ’21) to 16x currently, all while the risk premium has actually tightened. In other words, the cheapening of the P/E simply reflects the reality of higher real interest...
by John Luke Tyner | Sep 22, 2022 | Blog, Macro Updates
As expected, the Federal Reserve opted to raise rates 75bps, taking the target range to 3.00% to 3.25%, with a total of 300bps in policy adjustments since March…the fastest rise over a seven-month span in four decades. Coming into today, the debate was between 75bps...
by Brad Rapking | Sep 19, 2022 | Blog, Macro Updates
Why do we own international stocks? This is one of the most common questions we receive from advisors. Who can blame them? We are nearly 15 years into a regime in which US equities have outperformed international equities. You read that correctly – 15 years of...
by Joseph Sykora | Sep 7, 2022 | Blog, Macro Updates
With stocks and bonds both down year-to-date (YTD), there have been very few places for investors to hide. In fact, through August, the 60/40 portfolio is having its worst year ever going back to 1976 (data as of 8/31/22): Specifically, within fixed...
by David Wagner | Aug 18, 2022 | Blog, Macro Updates
For the first time in a while, we have something to discuss coming out of Washington D.C. On Tuesday, President Biden signed into law the Inflation Reduction Act (“IRA”), which should be termed the Build Back Smaller Act, as the package is a slimmed down version of...
by John Luke Tyner | Aug 11, 2022 | Blog, Bonds, Macro Updates
U.S. Headline CPI was flat from June to July, slowing to 8.5% YoY. The core CPI (ex food & energy) rose +0.3%, keeping the YoY number at 5.9%. Headline CPI had the lowest monthly overall reading since May 2020 (0.0%). The unchanged reading was driven by an...
