Insights

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December 8 2022
Equity .
Article No more glorious place than Phoenix this time of year
December 8 2022

A quick visit lifted spirits. Will Santa do the same for the markets?

December 7 2022
Markets/Economy .
Podcast Is recession around the corner?
December 7 2022

Silvia Dall’Angelo, Donald Ellenberger and Steve Chiavarone discuss global inflation and whether the markets have already priced in a recession. 

December 5 2022
Monetary Policy .
Article Fed is getting what it wants for the holidays
December 6 2022

The U.S. economy is slowing across the board.

December 2 2022
Markets/Economy .
Article Lingering labor market strength
December 2 2022

The Fed can't like the strong job growth and surge in wages in November.

December 2 2022
Equity .
Article If you think that's Jerome playing Santa Claus ...
December 2 2022

You have to ask: is he here to hurt or help?

November 30 2022
Monetary Policy .
Article Just the facts
December 1 2022

FOMC voters must stick to the data to make their next decision on rates.

November 30 2022
Markets/Economy .
Article The case for munis
November 30 2022

Municipal securities have much to offer if the economy slows.

December 1 2022
Equity .
Article 'To V or not to V is NOT the question'
November 29 2022

2023 outlook to us looks like more of the same as "rocky landing" proceeds.

November 25 2022
Markets/Economy .
Article We need a little Thanksgiving
November 23 2022

But it's a lot more expensive this year.

November 29 2022
Equity .
Article Can you buy Junior too many presents?
November 23 2022

Not until the stimulus stockpile is gone. But what then?

November 21 2022
Equity .
Article Time to think small?
November 22 2022

Perhaps. But the focus should be on quality.

November 18 2022
Markets/Economy .
Article Winter is coming
November 18 2022

Mix shift in retail spending points to slower economic growth.

November 23 2022
Equity .
Article Not to be a grinch
November 18 2022

Many reasons for a rally but don't expect it to last.

November 29 2022
Markets/Economy .
Article Resist the temptation
November 17 2022

Wide corporate bond spreads are enticing, but the time to add to credit sectors hasn't come yet.

November 21 2022
Markets/Economy .
Article Red ripple
November 11 2022

Republicans fail to achieve expected midterm election gains.

November 16 2022
Equity .
Article The extremes lost Tuesday night
November 11 2022

Maybe everyone, including markets, could use a little boring.

November 29 2022
International/Global .
Article Is China investable?
November 7 2022

Yes, but recent actions have raised the risk.

November 7 2022
Markets/Economy .
Article October jobs report a mixed bag
November 7 2022

Solid week of employment data keeps Fed aggressive.

November 11 2022
Equity .
Article Last year's transitory is this year's pivot
November 4 2022

And it doesn't look like the Fed is planning one anytime soon.

November 1 2022
Monetary Policy .
Article Not so fast
November 2 2022

Fed Chair Powell indicates the pace of hikes is not as crucial as arriving at the right place.

November 29 2022
Equity .
Article Even rocky landings can have big bounces
November 1 2022

Remaining defensive as 2023 consensus on earnings and Fed remains too optimistic.

November 8 2022
Monetary Policy .
Article The good old days
October 31 2022

Money market yields have returned to pre-GFC levels.

October 31 2022
Markets/Economy .
Article Calm before the storm
October 31 2022

Positive Q3 GDP growth provides a respite.

October 28 2022
Equity .
Article Overstand, not understand
October 28 2022

Consider the big picture when assessing markets ... and life.

October 21 2022
Markets/Economy .
Article Bird of prey
October 21 2022

Hawkish Fed prompts us to lower our GDP growth estimates.

October 26 2022
Equity .
Article Markets like gridlock
October 21 2022

And they may get it as midterms seem to be trending the GOP's way.

October 18 2022
Fixed Income .
Article Too soon to add to high yield
October 18 2022

As they bide their time, investors should focus on strengthening portfolios.

October 17 2022
Markets/Economy .
Article Hope is not a process
October 17 2022

Investors bracing for a challenging third-quarter earnings season.

October 18 2022
Equity .
Article Time heals all wounds
October 14 2022

This market has been in a bad place for some time.

November 1 2022
Fixed Income .
Article Bond clouds starting to part
October 12 2022

With peak yields in sight, better times may be too.

November 1 2022
Equity .
Article Straight Fs
October 11 2022

Everything we thought might go wrong at start of the year, has.

October 11 2022
Markets/Economy .
Article Ghosts and shadows
October 7 2022

Whether or not this bear market survives October, investors will face an unnerving environment.

October 7 2022
Equity .
Article Ten dollars for a dozen eggs
October 7 2022

The sun's not the only thing that's hot in Hawaii these days.

October 3 2022
Equity .
Article Will the economy drive midterm elections?
October 3 2022

Or will social policy issues keep it close?

October 24 2022
Monetary Policy .
Article D.I.Y.
October 3 2022

Fed projections are less useful these days.

October 3 2022
Equity .
Article Trouble in paradise
September 30 2022

Disasters all over have markets on edge.

September 23 2022
Equity .
Article Ditto
September 23 2022

Fed Chair Powell reiterates hawkish Jackson Hole message.

November 8 2022
Equity .
Article There's no place like home
September 23 2022

Investors seeking shelter from stormy markets.

September 19 2022
Markets/Economy .
Article Consumer spending slows
September 19 2022

Control results weak, but school shopping solid.

October 11 2022
Equity .
Article The anvil that could be coming
September 16 2022

How much corporate earnings fall could determine where the market bottoms.

September 16 2022
Equity .
Article 70 is the new 50
September 16 2022

Amid this week's chaos, good vibes in visits to Atlanta and Nashville. 

October 11 2022
Markets/Economy .
Article Don't fight this Fed
September 12 2022

Higher, sooner and longer for these hawkish policymakers.

September 13 2022
Equity .
Article She rocked those hats!
September 9 2022

Queen Elizabeth II was a constant in a world of turmoil. 

September 7 2022
Equity .
Article Will biotech's bounce last?
September 7 2022

There are reasons to think it might.

September 2 2022
Equity .
Article A slower pace
September 2 2022

Perhaps Wall Street can take a cue from Main Street and just chill.

September 2 2022
Markets/Economy .
Article Mixed picture for August employment
September 2 2022

Relatively healthy jobs report keeps Fed hiking rates.

October 3 2022
Liquidity .
Article The place to be
September 1 2022

 Cash has become a compelling asset class.

September 16 2022
International/Global .
Article Why country matters
September 1 2022

Global investment decisions often start at the top.

August 26 2022
Monetary Policy .
Article Hawkish Powell roils markets
August 26 2022

Fed Chair uses Jackson Hole keynote to reset investor expectations. 

August 26 2022
Equity .
Article 'Now I understand why Dad was always in a bad mood'
August 26 2022

'70s stagflation made many people grumpy, which is why no one wants a repeat.

September 6 2022
Equity .
Article Summer's almost over
August 22 2022

And with it, the rally in stocks is likely ending, too.

August 19 2022
Equity .
Article Chill in 'Emerald City'
August 19 2022

Bears and bulls facing off on what the Fed may do.

August 22 2022
Politics .
Article What will voters think of the Inflation Reduction Act?
August 16 2022

Their answers could play a big role in midterm elections.

August 16 2022
Equity .
Article You've got to ask yourself one question
August 12 2022

A lot is riding on a Fed pivot.

December 6 2022
Markets/Economy .
Article Political hot potato
August 9 2022

What will the White House do with student debt?

August 5 2022
Markets/Economy .
Article Good news is bad news
August 5 2022

Hot July jobs report keeps Fed on warpath against inflation.

September 6 2022
Inflation .
Article Against the wind
August 5 2022

Continuing rally hopes face structural inflation headwinds.

August 4 2022
Equity .
Podcast Revenge of the boring


August 4 2022

Seeking opportunities amid volatility.

September 1 2022
Liquidity .
Article See you in September
August 1 2022

Next month will mark a half-year of hikes, time enough to evaluate their impact.

November 8 2022
Markets/Economy .
Article We're not in a recession...yet
July 29 2022

But high inflation and Fed tightening are taking us closer.

November 8 2022
Equity .
Article Wanna change the subject?
July 29 2022

Uncertainties casting doubt on the rally.

July 27 2022
Monetary Policy .
Article Another big swing
July 27 2022

The Fed raises interest rates by 0.75% for the second month in a row.

October 20 2022
Markets/Economy .
Article U.S. electric vehicle progress: more tortoise than hare?
July 25 2022

Battery technology, charging stations, safety and costs among key issues.

July 29 2022
Equity .
Article Thor versus Loki
July 22 2022

It's inflation versus recession with the Fed in the starring role.

July 22 2022
Monetary Policy .
Article Hawkish Fed argues for keeping defense on the field
July 21 2022

Rising recession risk favors defensive dividend stocks, cash and Treasuries.

July 15 2022
Markets/Economy .
Article Sizzling
July 15 2022

Hot inflation, stagflation concerns, recession fears and a hawkish Fed.

July 14 2022
Equity .
Podcast 40 years on Wall Street

July 14 2022

Investment and life lessons from Stephen Auth.

August 22 2022
Fixed Income .
Article Stay tuned, stay nimble
July 14 2022

After years of playing defense, it's time to think offense.

July 29 2022
Equity .
Article 'I mean, it's one banana. What could it cost? Ten dollars?'
July 14 2022

Inflation and recession face off as the market weighs which is worse.

July 11 2022
Markets/Economy .
Article June jobs report a mixed bag
July 8 2022

Fed on track for a 0.75% hike in late July.

July 8 2022
Equity .
Article Malaise
July 8 2022

Markets might be setting up for '70s' era modest returns.

July 1 2022
Markets/Economy .
Article Worst equity returns in half a century
July 1 2022

And the storm might not be over.

July 1 2022
Equity .
Article The summer of our discontent
July 1 2022

Could it be setting investors up for a glorious winter?

July 1 2022
Liquidity .
Article Perpetual motion
July 1 2022

The Fed’s willingness to shift on volatile data makes rate expectations difficult.

August 1 2022
Equity .
Article Rocky landings easier to handle from a neutral corner
June 28 2022

Selling equities into rally as outlook for 'Rocky Landing' grows more likely.

July 14 2022
International/Global .
Article Look to the East
June 28 2022

Our international team sees opportunity in China, Asia.

October 20 2022
Markets/Economy .
Article Collateral damage
June 24 2022

Fed policy shift should cool the housing market.

June 23 2022
Inflation .
Article There will be pain
June 22 2022

Unfortunately for workers, wage inflation at heart of Fed tightening.

June 17 2022
Markets/Economy .
Article Power up
June 17 2022

Nuclear could see a resurgence as world turns to cleaner energy.

October 20 2022
Equity .
Article This too shall pass
June 17 2022

Markets are adjusting to the new Fed regime.

June 15 2022
Monetary Policy .
Article Since you offered
June 15 2022

The market’s late shift in expectations gave the Fed the opportunity for a 0.75% hike.

June 28 2022
Equity .
Article Risk-reward on stocks edging into balance
June 14 2022

Nearing level to leg back in but staying defensive as Fed attempts 'rocky landing.'

June 10 2022
Markets/Economy .
Article Passing the buck on inflation
June 10 2022

Consumer Price Index surges to a new 40-year high.

June 10 2022
Equity .
Article Genteel and a survivor
June 10 2022

Helpful qualities in a market that's distributing so much pain.

June 10 2022
Active Management .
Article Defense still rules in this market
June 10 2022

Fed should give investors no reason to stray from short-duration, value strategies.

June 3 2022
Equity .
Article I'm a glass half-full kind of girl
June 3 2022

Contradictory data offers something for optimists and pessimists.

June 6 2022
Markets/Economy .
Article Labor market begins to retrench
June 3 2022

Fed remains on track for more half-point hikes.

June 1 2022
Fixed Income .
Article Where do yields go from here?
June 1 2022

Up, but until there is more clarity, maybe not much.

June 28 2022
Liquidity .
Article Ear to the ground
June 1 2022

The Fed must rely on the data and not its policy framework to curb inflation.

May 27 2022
Equity .
Article Are you a 'Have' or 'Have-not?'
May 27 2022

Consumers powered the recovery and markets. Will they hold up? 

May 26 2022
Markets/Economy .
Article Economic slowdown
May 26 2022

Stagflation and recession risks growing.

June 13 2022
Equity .
Article Stay strong, but defensive
May 26 2022

A near-term bottom may be in sight.

May 20 2022
Markets/Economy .
Article Solid 'Mapril' retail sales
May 23 2022

No recession on the immediate horizon.

May 23 2022
Equity .
Article Won't anyone go shopping with me?
May 20 2022

Consumers may hold the key to whether it's a recession or "softish" landing. 

June 28 2022
Equity .
Article Will this madness ever end?
May 18 2022

It will (it always has). Growth investors need to be ready.

May 16 2022
Markets/Economy .
Article Day late and a ruble short
May 16 2022

The U.S. should ramp up energy production.

May 13 2022
Equity .
Article Capitulation
May 13 2022

Cash tops shopping list but other possibilities starting to look promising.

May 26 2022
Equity .
Article Hold the fort
May 11 2022

Our bias is to add to risk. We’re just not there … yet.

December 7 2022
International/Global .
Article Planting the seeds for Arab Spring 2.0
May 10 2022

War-driven food crisis could spawn destabilizing uprisings all over.

May 6 2022
Inflation .
Article Take a breath
May 6 2022

The news on earnings and the economy is good. Markets don't care.

May 6 2022
Equity .
Article April jobs report a mixed bag
May 6 2022

Is the labor market slowing?

May 6 2022
Monetary Policy .
Article Driving the point home
May 4 2022

With a 50 basis-point hike, the Fed hopes to stick it to inflation. 

May 2 2022
Liquidity .
Article The table is set
May 2 2022

The Fed rate cycle and the SEC money fund reform process are ready to begin in earnest.

April 29 2022
Inflation .
Article Invest for inflation, not recession
April 29 2022

Unrelenting demand presents challenges as Fed seeks to unwind price pressures.

April 29 2022
Markets/Economy .
Article Ignore first-quarter GDP miss
April 29 2022

Fed still on track for a half-point hike.

April 28 2022
Monetary Policy .
Article Investors should stay defensive if the Fed follows its rhetoric
April 28 2022

More rate hikes would favor cash, floating-rate securities and value stocks.

May 13 2022
Interest Rates .
Article Federal Open Mouth Committee
April 26 2022

The Fed's abundant messaging has the market doing its work for it.

April 25 2022
Equity .
Article Prices are rising everywhere ...
April 22 2022

Consumers and businesses don't seem to mind too much ... yet.

May 11 2022
Equity .
Article Revisionist history
April 22 2022

Washington policies helped to create runaway inflation.

May 2 2022
Equity .
Article Green shoots on the horizon
April 20 2022

5 reasons growth investors can take heart in 2022.

April 22 2022
Markets/Economy .
Article Dominos falling
April 14 2022

Russia’s invasion, higher energy costs, soaring inflation, hawkish Fed…

April 14 2022
Equity .
Article Persistent trumps peak
April 14 2022

Inflation that moderates but stays elevated can be a problem.

December 7 2022
Fixed Income .
Article Mosaic of uncertainties merits caution
April 11 2022

Bonds wrestle with pricing Fed, war and inflation outcomes.  

April 8 2022
Equity .
Article The Fed WILL succeed
April 8 2022

The only question for investors: at what cost?

April 26 2022
Markets/Economy .
Article Is the equity head fake over?
April 7 2022

A host of negative factors could end the recent rally.

April 4 2022
Equity .
Article Why small-cap value now
April 5 2022

Today's challenges play into this asset class' strengths.

December 7 2022
Equity .
Article Call us 'cautious bulls'
April 5 2022

Year-end S&P forecasts for 2022 and 2023 lowered to 4,800 and 5,100.

April 1 2022
Markets/Economy .
Article Labor market not slowing down
April 1 2022

Fed on pace for half-point hike in May.

April 4 2022
Equity .
Article Never wise to fight ...
April 1 2022

Russia-Ukraine conflict taking its toll.

April 11 2022
Markets/Economy .
Podcast Undeniably hawkish
April 1 2022

R.J. Gallo, Susan Hill and Phil Orlando weigh in on the latest Fed action and inflation expectations. 

April 7 2022
Liquidity .
Article Balancing expectations
April 1 2022

The Treasury yield curve isn't matching the futures market’s view of rate hikes.

December 7 2022
Equity .
Article 'Don't play Hearts with someone who doesn't know the rules'
March 28 2022

Still cautiously favoring equities as unpredictable Putin plays under his own rules. 

March 25 2022
Equity .
Article All of the above?
March 25 2022

The U.S. must pursue a dual-track energy policy.

March 22 2022
International/Global .
Article The 'Beijing put'
March 22 2022

Greenspan supported U.S. markets. Now it's President Xi Jinping's turn in China.

March 21 2022
Inflation .
Article '70s redux
March 22 2022

It may feel similar, but the differences are many.

March 20 2022
Markets/Economy .
Article Stocks greet Fed's hawkish turn with bullish embrace
March 18 2022

But is the equity rally a head fake?

March 18 2022
Equity .
Article Do you think the madness will end when March is over?
March 18 2022

Like the NCAA tourney, uncertainty reigns in markets.

March 18 2022
Monetary Policy .
Article Fed takeaway: yields are heading higher
March 17 2022

Policymakers don't want to undo 40 years of restrained inflation expectations.

April 4 2022
Monetary Policy .
Article An aggressive Fed
March 16 2022

The Fed hiked rates and put inflation on notice with hawkish projections.

December 7 2022
Equity .
Article 'The usuals' aren't calling
March 11 2022

Hard to call a bottom when investor fear is missing.

December 7 2022
Equity .
Article Revising our framework to incorporate Ukraine war
March 10 2022

Scenarios vary but on a 12-month view, stocks should be higher from here.

March 7 2022
Equity .
Article Biotech down but far from out
March 8 2022

Health-care innovation continues to accelerate.

December 7 2022
Markets/Economy .
Article Geopolitical risks
March 7 2022

Ukraine, energy, inflation and Fed driving markets.

December 7 2022
Markets/Economy .
Article Labor market stays hot
March 4 2022

Second consecutive sharp gain puts Fed on track to hike.

December 7 2022
Equity .
Article The best offense ...
March 4 2022

Defensive stocks can offer refuge and potential rewards.

December 7 2022
Monetary Policy .
Article Rates' projected path looms large
March 1 2022

The FOMC 'dot plot' will be as important as an actual hike.

December 7 2022
Equity .
Article Peak (fill in the blank)
February 25 2022

Is the market putting in a bottom on peak everything?

December 7 2022
Equity .
Article Another 'F' falls
February 25 2022

Foreign crisis joins two other "Fs" affecting markets: fiscal policy and Fed.

December 8 2022
Monetary Policy .
Article Conflict may slow Fed's plans
February 24 2022

The crisis in Ukraine likely takes a 50 basis-point hike in March off the table. 

December 7 2022
International/Global .
Article What's next for international equities?
February 24 2022

The Ukraine situation likely accelerates recent sell-off.

December 7 2022
Fixed Income .
Article Bias remains up (slightly) on longer rates
February 24 2022

Invasion fallout does some of the Fed's work for it.

February 18 2022
Equity .
Article Stars aligning for Team Value
February 18 2022

Its offense (dividends) and defense (lower multiples) play well in current environment.

February 17 2022
Markets/Economy .
Article Gift cards power January retail sales
February 17 2022

Holiday sales were surprisingly robust

February 24 2022
Equity .
Article 'Good news,' 'Bad news' and 'Not news'
February 15 2022

A better back-half looms for equity investors. Getting there could be rocky.

February 15 2022
Markets/Economy .
Article Information is the new oil
February 15 2022

Shortages shed light on role of microchips in unlocking information's value.

February 11 2022
Equity .
Article Walking a tightrope
February 11 2022

Fed must juggle inflation versus recession risks.

February 8 2022
Markets/Economy .
Article January Barometer sinks
February 9 2022

Midterm election years are particularly challenging.

February 24 2022
Fixed Income .
Article What's a fixed-income investor to do?
February 8 2022

As rates rise, look for opportunities on the shorter end.

February 4 2022
Equity .
Article Energy doesn't care
February 4 2022

The sector continues to lead through broader market turmoil.

February 4 2022
Markets/Economy .
Article Surprisingly strong jobs report
February 4 2022

The labor market ignored omicron and winter weather in January.

February 24 2022
Monetary Policy .
Article Ready, set...
February 1 2022

Rate normalization is almost a go.

February 15 2022
Equity .
Article The path for growth investing hasn't changed
January 31 2022

Megatrends and secular shifts continue to create long-term opportunities.

February 2 2022
Fixed Income .
Podcast Munis and infrastructure
January 28 2022

Portfolio managers Ann Ferentino and Patrick Strollo discuss policy and the impact on municipal bonds with guest Dan Clifton of Strategas.

 

January 28 2022
Equity .
Article The golden rule
January 28 2022

If there's no recession in sight, stay bullish.

January 28 2022
Markets/Economy .
Article Inventory restocking boosts Q4 GDP
January 28 2022

The long wait is over.

April 7 2022
Monetary Policy .
Article A hawkish clarification
January 26 2022

The Fed didn't raise rates today, but Chair Powell let the markets know it's coming.

January 21 2022
Equity .
Article Omicron soft patch
January 21 2022

Inflation spiking while job growth and consumer spending have slowed.

February 8 2022
2022 Outlook .
Podcast Themes to watch, forecasts and potential surprises January 21 2022

Our outlook across asset classes.

January 21 2022
Equity .
Article Profit margins, an oasis in volatile markets
January 21 2022

Fortune favors companies that can pass on cost increases.

February 1 2022
2022 Outlook .
Article High yield has more to give
January 20 2022

Ratings upgrades and rebounding economy create favorable backdrop.

February 1 2022
Fixed Income .
Article 10 reasons inflation may stay elevated
January 18 2022

And if it does, the world becomes a more dangerous place for investors. 

January 14 2022
Equity .
Article The key risk
January 14 2022

It's all about inflation expectations.

July 25 2022
53198 .
White Paper 2022 Outlook: No time to hunker down January 13 2022

New year presents new opportunities across sectors.

January 12 2022
Markets/Economy .
Article Recovery from Covid-induced recession continues more slowly
January 12 2022

Three things to watch in 2022.

January 12 2022
Markets/Economy .
Article Batting .500
January 12 2022

Two early-year stock market indicators point in different directions.

January 25 2022
2022 Outlook .
Article The hits keep coming
January 11 2022

Stubborn inflation and hawkish Fed pivot add to bond market challenges.

January 7 2022
2022 Outlook .
Article 'It's going to be a volatile year'
January 7 2022

Fed tightening and evaporating fiscal stimulus should make for a bumpy road.

January 7 2022
Equity .
Article Another jobs disconnect
January 7 2022

Fed poised to hike rates in March

January 5 2022
2022 Outlook .
Article One country's pain is another's opportunity
January 5 2022

Three things to watch in 2022.

January 25 2022
2022 Outlook .
Article Base-case forecast: Solid, though more muted, gains ahead
January 4 2022

Better returns likely in value stocks but keep an eye out for 'The Four Fs.'

January 24 2022
2022 Outlook .
Article As the economy goes, so goes high yield
January 4 2022

Three things to watch in 2022.

February 8 2022
53198 .
Article Onward and upward
January 3 2022

Three things to watch in 2022.

January 11 2022
2022 Outlook .
Article Navigating crosscurrents of Fed policy, growth and spreads
January 3 2022

Three things to watch in 2022.

January 4 2022
2022 Outlook .
Article I'm going to need a bigger closet (dancing emoji)
December 27 2021

Three things to watch in 2022.

December 22 2021
Markets/Economy .
Article Good tidings for holiday spending
December 22 2021

Season is bright for retailers, despite headwinds.

December 17 2021
Equity .
Article Do you suppose Santa is wearing a mask?
December 17 2021

Omicron is weighing on psyches, but not so much markets ... yet.

January 3 2022
2022 Outlook .
Article Volatility on the horizon
December 16 2021

Three things to watch in 2022.

December 15 2021
Monetary Policy .
Article Acceleration
December 15 2021

The Fed increases the pace of taper and expectations for rate hikes.

January 3 2022
2022 Outlook .
Article Walking the tightrope
December 15 2021

Three things to watch in 2022.

December 10 2021
Equity .
Article The boy who cried 'variant'
December 10 2021

Omicron is a nonevent for the markets.

December 17 2021
Equity .
Article There's a reason it's called the 'Wall of Worry'
November 22 2021

Market risks stay skewed to upside but inflation and possible policy errors lurk.