Asset Allocation Reports

Asset Allocation Bi-Weekly – The Problem of Financial Conditions (May 31, 2022)

by the Asset Allocation Committee | PDF Among the financial pundit class, there has been a growing call to weaken financial conditions.  What are financial conditions?  They include credit spreads, the level of interest rates, the level of equities, the level of market volatility, the dollar’s exchange rate, etc.  Weaker financial conditions mean that borrowing… Read More »

Asset Allocation Bi-Weekly – The FOMC Speaks (May 16, 2022)

by the Asset Allocation Committee | PDF On May 4th, the FOMC announced its policy changes.  The Fed moved its fed funds target by 50 bps, the fastest increase in 22 years; the last hike of this amount was in May 2000.  In the press conference, Chair Powell scotched the notion of a greater than… Read More »

Asset Allocation Bi-Weekly – The Tale of Two Surveys (May 2, 2022)

by the Asset Allocation Committee | PDF The Conference Board Survey of Consumer Confidence and the University of Michigan Survey of Consumer Sentiment are two closely followed reports about the American consumer. Domestic consumption makes up about two-thirds of the U.S. economy, so insights into consumer attitudes may predict changes in the business cycle. The… Read More »

Asset Allocation Quarterly (Second Quarter 2022)

by the Asset Allocation Committee | PDF In its efforts to combat inflation, the U.S. Federal Reserve has adopted a much more hawkish monetary policy stance through a combination of raising the fed funds rate and reducing its balance sheet. Global central banks, in contrast, have varying policy responses ranging from extensively accommodative to increasingly… Read More »

Asset Allocation Bi-Weekly – The Bank of Japan Cocks the Trigger (April 18, 2022)

by the Asset Allocation Committee | PDF In Hollywood movies, the classic device to convey a menacing threat is to have the tough-guy cop pull back the hammer on his revolver and cock the trigger.  It’s not enough that the cop just points his gun at the criminal.  Once you hear that “click,” you know… Read More »

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