Asset Allocation Reports

Asset Allocation Weekly (August 7, 2020)

by Asset Allocation Committee | PDF Investors often fall into the habit of sloppy thinking about government spending and its relation to the economy.  For example, it’s easy to focus only on total government-sector expenditures.  According to the White House Office for Management and Budget, total government outlays in the U.S. averaged 32.3% of nominal… Read More »

Asset Allocation Weekly (July 31, 2020)

by Asset Allocation Committee | PDF The pandemic has clearly affected the economy.  The decline in economic activity in Q2 will be historic.  However, it is still unclear what effects will be temporary and what will be long-lasting.  A recent paper suggests that one permanent change may be a reduction in older workers.  COVID-19 has… Read More »

Asset Allocation Weekly (July 24, 2020)

by Asset Allocation Committee | PDF In the Federal Reserve’s 107-year history, it has used a number of different methods to manage monetary policy.  In its early years, it relied on the discount rate and reserve requirement adjustments as policy tools.  During WWII, it managed the yield curve to a specific interest rate to support… Read More »

Asset Allocation Quarterly (Third Quarter 2020)

by the Asset Allocation Committee | PDF We expect the current U.S. recession to be deep, yet brief, with a long period of recovery and the potential for expansion toward the latter portion of our forecast period. The Federal Reserve has stabilized the financial markets and ensured the continued functioning of the corporate debt market.… Read More »

Asset Allocation Weekly (July 17, 2020)

by Asset Allocation Committee | PDF One of the burning issues about the current path of policy is its inflationary impact.  In other words, will the massive increase in fiscal spending and the Fed’s balance sheet lead to higher price levels?  To discuss this issue, we return to the equation of exchange: M x V… Read More »

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