Quarterly Market Commentary - 2020 Q4

The recent experiences from 9/11, 2008 and 2020 should clearly remind us all that the future is unknowable.  Regardless of how smart, thoughtful and experienced one may be, predicting the future is...


FOMC, December 16, 2020, Press Release - What Has Changed?

Summary Economic activity and employment continued to recover but remain well below their levels at the beginning of the year. (No Change) Weaker demand and earlier decline in oil prices have been...


FOMC, November 5, 2020, Press Release - What Has Changed?

Summary Economic activity and employment have picked up but remain well below their levels at the beginning of the year. (No Change) Weaker demand and significantly lower oil prices are holding down...


FOMC, October 29, 2020, Press Release - What Has Changed?

Summary In the current environment of risks clearly tilted to the downside, the Governing Council will carefully assess the incoming information, including the dynamics of the pandemic, prospects for...


Quarterly Market Commentary - 2020 Q3

We had a V-shaped bounce after a sudden and steep fall, but the V-shaped bounce has not yet returned the U.S. or global economy back to pre-COVID-19 “normal” economic activities. We are also...


FOMC, September 16, 2020, Press Release - What Has Changed?

Summary Economic activity and employment have picked up but remain well below their levels at the beginning of the year. (No Change) Weaker demand and significantly lower oil prices are holding down...


ECB Press Release September 10, 2020 - What Has Changed?

No Change The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50%...


FOMC, July 29, 2020, Press Release - What Has Changed?

Summary Economic activity and employment have picked up somewhat but remain well below their levels at the beginning of the year. (Change) Weaker demand and significantly lower oil prices are...


ECB Press Release July 16, 2020 - What Has Changed?

Summary The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50%...


Quarterly Market Commentary - 2020 Q2

The Un-Normal Many refer to the current conditions as the “new” normal.  I think of this as the “un”-normal. There is nothing normal about what is transpiring.  We have a novel...