This morning’s GDP report noted contraction for the second quarter in a row. We can debate inventory builds and trade imbalances and the math underlying the calculation of real GDP,... read more →
The bond market already has hiked rates to 3%. The Fed is playing catch up but will get there in the coming 3 months. What they do from there will... read more →
It is hard to believe it has already been more than a year since Congress Wealth Management (“Congress”) acquired Pinnacle Advisor Solutions. We have been working diligently over the past... read more →
Volatility fatigue led to extreme weak investor sentiment which has now finally translated in defensive portfolio positioning. Actions speak louder than words. Fund managers surveyed have now taken up their... read more →
There’s no sugarcoating it – it’s been a very rough week for all of the peak inflationists who’ve been arguing that the worst is behind us. First the Consumer Price... read more →
The demise of meme stocks, day trading, and Robinhood (HOOD) Excess money supply growth led to excess inflation which led to a rise in bond yields. That’s the secondary source... read more →
The pain inflicted on high quality, long duration bonds Between March 2020 and December 2021, the US produced about $8 trillion in stimulus to economically battle the pandemic. Roughly half... read more →
New WebsiteWhat does behind the curve look like? The Federal Reserve is about to tighten monetary policy, i.e., raise rates, while high yield spreads are above their historical mean. They... read more →
Higher prices have led to tighter financial conditions. Mortgage rates up a lot, gasoline prices up a lot, UST yields higher, credit spreads wider. For the past five months, both the bond... read more →
As the latest sign that the economy is slowing down, the once red-hot housing market is starting to sputter. Based on data released this morning, only 5.41 million existing homes... read more →
