January 2019

Macro Overview A resilient U.S. economy drove equity markets to the best January in 30 years, propelling stock indices to new year gains which had not been seen since January 1989. Job and wage growth skirted the government shutdown as the number of employed increased in January along with rising wages. The unemployment rate ticked […]

The Federal Reserve’s Hotel California Moment

The Federal Reserve is having its Hotel California moment. The Fed began quantitative easing in 2008 with a balance sheet of $800 billion, growing to $4.5 trillion. Even with quantitative tightening, the balance sheet will not be reduced back to normal levels below $1 trillion. The Fed has paused on raising rates due to a slower economy in […]