Asset Allocation Reports
Asset Allocation Bi-Weekly – The Importance of the Policy Mix (March 13, 2023)
by the Asset Allocation Committee | PDF Based on the strong U.S. economic data so far this year, investors have again become worried that the Federal Reserve will continue to hike interest rates aggressively and keep them high for a prolonged period. We agree that is a significant risk, and the rate hikes to date… Read More »
Asset Allocation Bi-Weekly – Federal Reserve Policymakers in 2023: Hawks or Doves? (February 27, 2023)
by the Asset Allocation Committee | PDF The Federal Reserve surprised markets when it raised its benchmark fed funds interest rate by a total of 450 bps in 2022, the most rapid increase in over 40 years. Weighed down by technology stocks, equities had their first annual decline in over a decade. The weak stock… Read More »
Asset Allocation Bi-Weekly – Reflections on Inflation (February 13, 2023)
by the Asset Allocation Committee | PDF [Note: There will be no accompanying podcast with this report.] Several advisors and their clients have been asking questions about inflation, which suggests there is a degree of uncertainty surrounding the issue. This uncertainty is understandable as inflation is a very complicated subject and, unfortunately, economic theory has… Read More »
Asset Allocation Bi-Weekly – Secular Trends In Bond Yields (January 30, 2023)
by the Asset Allocation Committee | PDF [Note: The podcast that accompanies this report will be posted later this week.] Secular trends in markets are trends that have an extended life. Their length can be different across various markets, but they are usually measured in years and sometimes decades. It is not uncommon for shorter-term… Read More »
Asset Allocation Quarterly (First Quarter 2023)
by the Asset Allocation Committee | PDF Our three-year forecast contains a dynamic economic environment comprising both a normal recession and ensuing recovery. Upon signs of economic fragility, we expect the Fed to suspend its current assertive drive to quell inflation, with the likelihood that policymakers will cease their balance sheet reduction but will not… Read More »