The Market in Pictures, June 19

Our team reviews a massive amount of institutional research throughout the week to isolate the signals that matter most. This week’s selection steps back to appreciate the unbridled engine of American innovation, the undeniable fundamental strength of corporate...

Warsh Lays Down the Law

The Federal Reserve left the Fed Funds rate unchanged in a 3.50%-3.75% range today, as expected. The dot-plot median forecast increased by 1/8 of a point this year and by ¼ point in both ‘27 and ’28. The longer-run median declined from 3.125% to 3.063%. Notably, there...

The Market in Pictures, May 29

Our team looks at a lot of research throughout the day. Here are a handful of charts we think are good summations of investor activity, from stocks catching up with earnings, to the AI impact and US dominance, to FOMC expectations and trillion-dollar companies. Have a...

The Bond Environment Entering the Warsh Regime

Treasury Curve Movements   The yield curve today looks drastically different than the beginning of the year. The largest increases have occurred in the belly of the yield curve, with 2s rising the most at a 59 bp increase since the start of the year, with lesser...