Asset Allocation Reports
Asset Allocation Bi-Weekly – The Devil Is in the Details (August 8, 2022)
by the Asset Allocation Committee | PDF U.S. policymakers used deregulation and globalization to corral inflation from 1966 to 1982. Unfortunately, that policy was at odds with America’s superpower role, which required the U.S. to act as global importer of last resort. If the U.S. didn’t consume all the goods the world wanted to sell… Read More »
Asset Allocation Bi-Weekly – The Puzzle of the Labor Force (July 25, 2022)
by the Asset Allocation Committee | PDF In the June 27 report, we discussed the idea that the FOMC may focus on reducing job openings rather than raising the unemployment rate as a way to ease labor-market tightness. The consensus from the establishment survey portion of the June payroll report, which questions employers, was that… Read More »
Asset Allocation Quarterly (Third Quarter 2022)
by the Asset Allocation Committee | PDF Global growth is clearly slowing and the probability of a recession in the U.S. over the next year is significantly elevated. The Fed is continuing its aggressive attack on inflation through rapid increases in the fed funds rate and accelerating its balance sheet reduction. Economic data from overseas… Read More »
Asset Allocation Bi-Weekly – The ECB Dilemma (July 11, 2022)
by the Asset Allocation Committee | PDF When the Eurozone project began, investors assumed that the credit risk for individual countries would be shared equally among the group’s members. This notion unraveled after the collapse of Lehman Brothers set off a chain of events that triggered the European Sovereign Debt Crisis in 2010. As the… Read More »
Asset Allocation Bi-Weekly – The Selling of Austerity (June 27, 2022)
by the Asset Allocation Committee | PDF Politics is the art of the possible… — Otto Von Bismarck Although there have been attempts to treat it as a science (hence the study of political science), the necessary art of politics is to convince people to accept policies that may be contrary to their best interest. … Read More »