Review and
Outlook
September 2018
“The economic picture continues to diverge at home and abroad. Domestically, the primary consumer confidence reading surged to 133.4, the highest level in 18 years. This is an exceptionally strong number that supports an expectation of sustained spending in a demand-driven US economy…”
Learn MoreAugust 2018
“A sea of red ink at the Federal level is exacerbating US Treasury yield curve fears. As we move into the second half of 2018, the level of outstanding marketable US Treasury debt has climbed to a record level of $15.566 trillion, more than $1 trillion greater than the Treasury had outstanding as recently as the end of 2017…”
Learn MoreJuly 2018
“Favorable US economic conditions were once again unsettled in June by a resurgence of long-simmering trade tensions and the growing risk of a full-blown trade war. After steel and aluminum tariffs went into effect on June 1st, President Trump announced $50 billion in additional Chinese
tariffs. . . “
June 2018
“Economic indicators were largely encouraging during May. A worrying buildup in inventory and slowdown in personal consumption noted in our last monthly was tempered in the second GDP revision. While headline growth dropped a tenth of a point, the data revealed solid downward revisions in inventories and upward adjustment in final sales. Business fixed investment also strengthened. .”
Learn MoreEconomic and
Market Commentary
06.30.2018
Duration Decision-Making:
Opportunities and Considerations
“Despite 10Yr Treasuries already more than doubling off their 2016 lows, many foresee continued upward pressure over time should the expansion remain intact. . . “
Learn More06.15.2018
California: Credit Reflections
as a New Era Approaches
“As California Governor Jerry Brown winds down his last term, we look back at where the State stood prior to his most recent election in 2010. Since that time, California has turned a $25 billion deficit at the depths of the Great Recession . . . “
Learn More04.30.2018
Munis, Rates & Equity Volatility
“The first quarter of 2018 ended a period of unusual tranquility in the capital markets. History tells us that volatility, while unsettling, is the norm, not an aberration. . . “
Learn More04.15.2018
Optimizing Short-Term Investment Assets
“When building high net worth client portfolios, a great deal of attention is paid to asset allocation and manager selection. These decisions are often supported by risk-return frameworks aimed at maximizing portfolio efficiency. . . “
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Perspectives
Q2 2018
Reading Markets and Emotions
“While investment markets, unlike novels, have no natural beginning or end, we feel clear parallels can be drawn, most notably the importance of focusing on the broader narrative rather than whatever short-term story is currently in vogue. . . “
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