Q3 Chasing the Market

July 23, 2019

The Fed “dot plot” was created in 2011 when interest rates were near zero as a tool to provide forward guidance to investors. Each dot on the plot represents a Fed official’s forecast for future rate targets while the median of these dots is often referenced as the Fed’s projection for future fed funds rate…

Q2 Bounce Back

April 16, 2019

Nothing can clear economic policy uncertainty like an equity market sell-off. In many ways, the market’s severe weakness during the final quarter of 2018 was likely a primary driver of the market’s dramatic rally to start 2019, forcing policy makers to rethink messages and expectations. In an interview last October, Federal Reserve Chairman Jerome Powell…

Q1 Cash is King

January 11, 2019

Cash rarely tops any list of best performers, but against a backdrop of rising interest rates and collapsing stock prices, cash was king in 2018. Market Turmoil Heading into the final quarter, the S&P 500 (up +10.6% YTD) was poised to deliver its tenth consecutive calendar-year increase (including eight double-digit annual advances). However, the positive…

Q4 U.$. Dominance

October 24, 2018

The Trade-weighted U.S. dollar index was established to measure the value of the U.S. dollar relative to other currencies. For U.S. investors investing outside the United States, the index represents a critical macro driver of short-term results as currency moves can either contribute to (weakening U.S. dollar) or detract from (strengthening U.S. dollar) the investment…

Q3 Tariff Threat

August 9, 2018

Please enjoy market commentary each quarter from Chief Portfolio Strategist James W. Underwood, CFA.

Q4 All Time High

December 4, 2017

Please enjoy market commentary each quarter from Chief Portfolio Strategist James W. Underwood, CFA.

Q3 Conflict Resolution

August 1, 2017

Investors trying to navigate the markets are likely scratching their heads trying to reconcile conflicting messages being sent across the investment landscape. U.S. economic growth remains positive but anemic, as the expectation of accelerating growth following the U.S. Presidential Election continues to disappoint. According to the Bureau of Economic Analysis, the final GDP growth tally…