Research

Midyear Outlook 2025: Pragmatic Optimism, Measured Expectations

We started 2025 on a high note, although we acknowledged that “no market environment is ever permanent, and that change is always potentially around the corner.” Well change did come, and with it, volatility, perhaps in part because we assumed President Trump’s policies would simply mirror those of his prior term. The impact of policy…

Weekly Market Commentary | Keep Calm and Clip Coupons | July 13, 2026

Coming into 2026, we expected inflation to move closer to the Federal Reserve’s (Fed) 2% target, the Fed to cut rates by roughly 75 basis points (bps), and Treasury yields to drift lower.

Weekly Market Commentary | Is the Stock Market’s Rally a Sign of Excess? | June 29, 2026

Has Stock Market Exuberance Become Irrational? Printer Friendly Version A strong quarter across major indexes. The second quarter is winding down and what a quarter it has been with the S&P 500 up 12.6% quarter to date, while the Nasdaq-100 and Russell 2000 are both up over 20%. Despite some twists and turns, the path of…