Asset Allocation Reports
Asset Allocation Weekly – The Citigroup Economic Surprise Index and Bond Yields (November 12, 2021)
by the Asset Allocation Committee | PDF As market strategists, we’re always on the lookout for reliable indicators of future financial market performance wherever we can find them. Some indicators are strongly correlated by themselves, with performance yardsticks like stock prices, dividend yields, or bond yields. Other indicators are indexes composed of multiple data points,… Read More »
Asset Allocation Weekly – Is Monetary Policy Affected by Financial Markets? (November 5, 2021)
by the Asset Allocation Committee | PDF In the 1980s, economic graduate students were taught that the “wealth effect” was minor at best. It is a behavioral theory that measures the impact of rising wealth on consumption. In theory, when a household’s assets increase in excess of its liabilities, there should be a tendency for… Read More »
Asset Allocation Weekly – The Debt Ceiling and the Platinum Coin (October 29, 2021)
by the Asset Allocation Committee | PDF The debt limit on authorized Treasury borrowing has created a periodic problem in recent years. When the limit had been reached in the past, it triggered a government shutdown. However, not all government shutdowns are simply due to reaching the debt ceiling. Sometimes a closure occurs because Congress… Read More »
Asset Allocation Weekly – The Inflation Adjustment for Social Security Benefits in 2022 (October 22, 2021)
by the Asset Allocation Committee | PDF Even for dedicated, successful investors who have built up a substantial nest egg, Social Security retirement and disability investments can be an important part of one’s financial security. For many Americans, Social Security benefits may be the only significant source of income in old age. On average, Social… Read More »
Asset Allocation Quarterly (Fourth Quarter 2021)
by the Asset Allocation Committee | PDF Although we expect the recovery’s rapid pace of growth to slow markedly, we believe the probability of a recession within our three-year forecast period is low. Supply shortages, labor issues, and their attendant impact on inflation are expected to abate over the next 12-18 months, leading to our… Read More »