Asset Allocation Reports

Asset Allocation Weekly – The Supply Side Worry on Inflation (September 24, 2021)

by the Asset Allocation Committee | PDF In the 1970s, the U.S. had a serious inflation problem.  By the end of the decade, it had become the most critical economic policy issue.  Although inflation can be a complicated topic, one way of simplifying it is to see it through the intersection of aggregate supply and… Read More »

Asset Allocation Weekly – Don’t Call It a Comeback! (September 17, 2021)

by the Asset Allocation Committee | PDF Last week, the federal government’s enhanced unemployment benefits of up to $300 per week expired nationwide. It has been speculated that the end of these benefits could lead to a surge of new entrants into the labor market. However, data from the Bureau of Labor Statistics (BLS) suggests… Read More »

Asset Allocation Weekly – Powell and Fed Independence (September 10, 2021)

by the Asset Allocation Committee | PDF Chair Powell’s term as leader of the FOMC comes to an end in early February 2022.  It appears likely, at this time, that he will be reappointed for another four-year term.  Decision markets currently put the odds of another term at 85%.  Given all the policy actions that… Read More »

Asset Allocation Weekly – Are Strong Profits Sustainable? (September 3, 2021)

by the Asset Allocation Committee | PDF (Note: due to the upcoming Labor Day holiday, there will not be an accompanying podcast episode this week.) With the first update of Q2 GDP, the Commerce Department released its corporate profits for the economy.  Using after-tax profits, which exclude inventory adjustment and depreciation, profits relative to GDP… Read More »

Asset Allocation Weekly – This Recovery is Different (August 27, 2021)

by the Asset Allocation Committee | PDF Since the Federal Reserve was granted independence in 1951 there have been 11 recessions.  Although each recession and recovery are somewhat unique, analysts tend to compare them for clues about future economic activity and policy actions.  In terms of monetary policy, Chair Powell has staked out a dovish… Read More »

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