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Policy and Regulatory Commentary
Funding the World’s Largest Government
In a town known for keeping important business until the last minute, the fiscal year (FY) 2022 budget process has been especially slow. Normally, the White House releases the president’s budget outline in early February of each year.
Policy and Regulatory Commentary
The Federal Gas Tax: Unpopular At Any Rate
“Across America, the pandemic is in retreat. … and more people are traveling this Memorial Day,” heralded a White House statement at the outset of the holiday weekend. “[A]s Americans are hitting the road, they are paying less in real terms for gas than they have on average over the last 15 years.”
Policy and Regulatory Commentary
Washington’s Long, Partisan Summer
Memorial Day is the unofficial beginning of summer. In Washington, D.C. this year, the holiday will kick off a particularly long, ugly, and partisan few months.
Market Outlooks
Tech stocks’ short-term struggles may lead to long-term buying opportunities
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Technology stocks have been under pressure this year — thus far, the tech sector has been the second-worst-performing sector in the S&P 500 Index in 2021.1 However, while I don’t expect tech stocks to lead the market in performance very soon, I think there are some compelling reasons for investors with a long time horizon to treat any significant tech sell-offs as buying opportunities.
Policy and Regulatory Commentary
With More Stimulus on the Horizon, Fed Expects a Strong Recovery in 2021
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The Federal Reserve in March raised its forecasts for GDP growth, inflation and employment, based on the $1.9 trillion in new stimulus signed into law and an accelerated vaccine rollout.
Market Outlooks
Weekly Market Compass: Four truths about inflation and the Fed
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Last week, investors shuddered as data showed a big rise in prices in the US and a greater-than-expected rise in prices in the eurozone. Stocks sold off, US Treasury yields climbed higher, and market pundits obsessed over inflation. I feel it’s important at this juncture to remind investors of a few truths surrounding inflation and the Federal Reserve.
Macroeconomic & Geopolitical
Redistricting and Retirements Will Send Shockwaves Through Washington
A few weeks ago, we discussed how several upcoming special elections will soon impact the margin of power Democrats currently hold in the U.S. House of Representatives.
Policy and Regulatory Commentary
The Third Rail of Politics: Tax Increases
This past February marked the 108th anniversary of our modern income tax system. (We’ll forgive you if, like us, you missed the milestone.)
Market Outlooks
Weekly Market Compass: Sometimes good economic news isn’t good for stocks. Here’s why we’re seeing such a moment right now.
This piece is approved to use with clients.
Well, last week was a real “meh” moment for markets as US stocks shrugged off the news of strong earnings. Certain high-profile companies reported strong results, and 86% of S&P 500 Index companies have beaten market expectations so far, with 60% of the index’s companies reporting.