Asset Allocation Reports
Asset Allocation Bi-Weekly – Our Take on the Initial Trump Tariffs (February 18, 2025)
by the Asset Allocation Committee | PDF While investors broadly understood that the new Trump administration would impose import tariffs as a key part of its economic policy, concrete details weren’t available until the initial tariff announcements on February 1. Even though some of those tariffs were quickly “paused,” the announcements gave us our first… Read More »
Asset Allocation Bi-Weekly – American Exceptionalism and the Markets (February 3, 2025)
by the Asset Allocation Committee | PDF We suspect many investors today think the “American Exceptionalism” they studied in high school or college no longer applies to the United States, given the challenges it faces from the rise of China, the country’s own enormous debt load, or its sharp political divisions. However, as we survey… Read More »
Asset Allocation Bi-Weekly – #133 “American Exceptionalism and the Markets” (Posted 1/21/25)
Listen »Asset Allocation Quarterly (First Quarter 2025)
by the Asset Allocation Committee | PDF We expect resilient economic growth in the short term, with slowing occurring toward the later end of the forecast period. Our three-year forecast does not anticipate a recession. Inflation rates will be volatile and are likely to remain above the Fed’s target rate. We anticipate the Fed will… Read More »
Asset Allocation Bi-Weekly – Magnificent 7 to the Rescue! (January 21, 2025)
by the Asset Allocation Committee | PDF The traditional role of Treasurys as a safe-haven asset has eroded. For example, Treasury prices fell in the last quarter of 2024 despite escalating geopolitical tensions in the Middle East, concerns about global economic growth, and heightened political uncertainty in developed nations. This weakening in the demand for… Read More »
Asset Allocation Bi-Weekly – Household Cash Levels and the S&P 500 (December 9, 2024)
by the Asset Allocation Committee | PDF Retail money market levels remain elevated. This chart shows the weekly Friday close for the S&P 500 along with the level of retail money market funds. In general, cash being held can either remain held, be used to purchase goods and services, or be used to buy financial… Read More »