In The News

The conflict in Ukraine has escalated quickly with Russia launching a full-scale invasion last night. Global equity markets are pushing lower today...

If you are a stock investor, the last few days of market declines may rattle your confidence.

Fears of impending recession took hold of market participants Wednesday as a key barometer of the health of the economy, the U.S. Treasury yield curve, inverted at a closely watched segment of the curve with the 10-year yield briefly falling below the yield on the 2-year note.

Well, folks, we finally got the correction that everyone said they were expecting and that most even said would be “healthy” for the market. From the high on January 26, stocks are now down by the 10%, which has traditionally defined a correction.

After several expeditious weeks of deliberation and negotiation, Congress officially passed the Tax Cuts and Jobs Act on Wednesday, December 20th to take effect the first day of 2018. The bill represents the most comprehensive and impactful piece of tax reform to be enacted since that of the Reagan Administration in 1986, and it has several key implications for individual taxpayers, investors, and corporations of all sizes. The following synopsis of the primary highlights of the tax bill are by no means exhaustive but are meant to inform you of the most significant takeaways to you as taxpayers and investors.

Those of you “of a certain age” may recognize the title as the final lyrics of The Who’s 1971 rock classic “Won’t Get Fooled Again.” I don’t know if Pete Townshend created or borrowed those lyrics, but what brings them to mind is President Trump’s nomination of Jerome Powell as the Fed’s Chair, to succeed Janet Yellen when her term expires in early 2018.

Last Tuesday night the un-politician was elected and the career politician gave a next-morning concession speech. Post BREXIT, and with regard to still-rising nationalistic movements in many developed countries, it seems clear that whatever status quo existed between the political ruling class and their constituents is almost substantially breaking down. Witness Jeb Bush/Marco Rubio/Ted Cruz and Donald Trump, and Hillary Clinton and Bernie Sanders. It seems, around the world, we’ve entered uncharted waters, and are leaving behind our maps and trusty compass. The thoughts outlined below will provide perspective on how we read the changing economic and fiscal landscape in the wake of the election. It’s not our place to comment on the emotional resonance of any political figure unless it begins to impact the forces that drive the markets.