Economic Expertise

Don't Fall for the Q3 Head-Fake

September 26, 2023

We have plenty of data reports to go, but, so far, the third quarter is shaping up to be a strong one for the US economy. The Atlanta Fed’s GDP Now model is tracking a Real GDP growth rate of 4.9% for Q3,...

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Higher Rates & a Shutdown on the Menu

September 19, 2023

The University of Colorado Buffaloes are undefeated and suck up a lot of oxygen in the college football world. After just three games as the new head coach, Deion Sanders was interviewed by 60 Minutes. For now,...

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Bonds Hold the Key to the Direction of Stocks in the Near Term

September 12, 2023

Stocks fell last week (S&P 500 -1.3%) as the S&P 500 and NASDAQ fell below their 50-day moving averages. The market’s mood was primarily defensive with investors focused on the renewed back up in interest rates, dollar strength,...

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Fiscal Madness

September 6, 2023

Back in the 1980s, President Reagan took enormous political heat (Sam Donaldson comes to mind) for being fiscally irresponsible. His offense? Presiding over a budget deficit that peaked at 5.9% of GDP in Fiscal Year 1983. But at least Reagan had...

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A recession is coming… A RECESSION IS COMING…

August 29, 2023

Since the beginning of 2022, the media has regularly warned a recession is coming. As we suggested previously, if a recession did occur, it would be the most well forecasted recession ever on record. Something else has indeed happened....

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Schwab Market Perspective: On the Line

August 22, 2023

Will the economy roll into a formal recession, or is a recovery underway? It's a close call.   We've believed all year that the economy has been undergoing a series of "rolling recessions" affecting various industries and sectors....

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P/E's Have Peaked - Now It's Up to Earnings

August 15, 2023

Stocks fell again last week (S&P 500 -0.3%) with big tech hit hardest. Inflation remains the primary concern despite a good CPI report on Wednesday – PPI report on Friday was less good....

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Second Quarter Earnings Season Better than Expected

August 8, 2023

2Q Earnings Season 84% Complete With the majority of earnings season complete, the overall picture is one of better-than-expected earnings and sales. Earnings growth for the quarter is expected to decline -...

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Fed Raised Rates Again

July 27, 2023

Anyone hoping for excitement from today’s Fed statement was severely disappointed. As expected, the federal funds rate was lifted 25 basis points (bps) from a range of 5.25 to 5.50%. With the exception of the rate hike and slight wording changes...

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Still Growing

July 25, 2023

No one should be popping champagne when they see Thursday’s GDP report. The good news is that it won’t be negative. The bad news is that even if it hits our estimate of 2.1% this is a far cry from the robust growth of the economic expansions in...

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Better Inflation News, But...

July 18, 2023

U.S. equities were higher last week (S&P 500 +2.4%) more than erasing the prior week’s declines. The small-cap R2000 increased 3.6%. The main focus for the week was the June CPI report,...

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Market Gains this Year Entirely Drive by Multiple Expansion

July 11, 2023

Expectations for 2024 S&P 500 operating earnings have fallen from $253 at the start of the year to $246 today. While this is only a modest decline, it means that the S&P 500’s entire +14.6% price gain year-to-...

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The High Wire Act Continues

June 27, 2023

U.S. equities fell last week (S&P 500 -1.4%) as the S&P 500 broke a five-week streak and the NASDAQ an eight-week streak of gains. Higher-for-longer Fed policy remains a key piece of the bearish narrative....

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Is the Recession Threat Dead?

June 21, 2023

Lately, it’s been easy to see the optimism. As of the Friday close, the S&P 500 is up 15% so far this year (not including dividends) and up 23% (again, without dividends) versus the lowest bear-...

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The Fed is All Mixed Up

June 15, 2023

If the Federal Reserve were paying close attention to the money supply, it would know that monetary policy is now tight. Through April, the narrow M1 measure of money has fallen for thirteen straight months....

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Market Returns and Full Employment

June 13, 2023

Historically, the movement in stock prices has had a stronger relationship with inflation and long-term interest rates than it has with the unemployment rate. Still, we are left with a simple question – can a new and durable economic cycle and...

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The Beat (Narrower and Narrower) Goes On!

May 31, 2023

U.S. equities were mixed last week, with the S&P 500 slightly higher (+0.3%) though NASDAQ posted its second straight week up at least 2.5%, largely driven by AI optimism. Analysts have continued to warn of narrow breadth....

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Risk / Reward Not Favorable

May 23, 2023

Stocks were higher last week (S&P 500 +1.6%), lead once again by the tech-heavy NASDAQ (+3.0%). YTD NASDAQ is +20.9%, S&P 500 +9.7% and DJIA +0.8%. The S&P 500 broke above 4200 for the first time since last August....

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Answers to Strategas Research's Frequently Asked Client Questions

May 16, 2023

What follows are some simple answers to the questions Strategas research is receiving most frequently from their clients these days. We are happy to hop on a call to discuss them in greater detail should you have further questions about our...

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Weekend Reading - Bank Problems Aren't Over, But It's Not 2008

May 15, 2023

Yes, we have banking problems. No, this is not 2008. It’s much more like the 1970s Savings & Loan problems. In other words, we do not have credit problems today, we have duration (asset-liability) problems....

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2023 Has Been Full of Surprises but Fundamentals Should Prevail

May 9, 2023

I came across an interesting article that discusses the disjointed market we have seen thus far in 2023. We believe fundamentals will drive this market as we progress through the year and believe our portfolios are positioned to reduce volatility...

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All Eyes on the Fed this Week

May 2, 2023

For nine of the last fifteen years, few people thought about the Fed. Sure, we discussed QT and QE, but the Federal Reserve held interest rates at zero year after year. In 2017 and 2018, they lifted rates, and it was all anyone talked about....

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New Division Announcement | Fortem Insurance

May 1, 2023

We would like to announce exciting news. For several years, our clients have been asking to have us deliver additional added services to continue with the Ultimate Client Experience they are accustomed to....

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Q1 2023 Earnings Update

April 25, 2023

1Q Earnings Marginally Ahead Of Initial Estimates After the second week of earnings reports, growth rates continue to improve marginally compared to initial estimates and now are expected to decline -4.7%, a slight improvement from last week’s -...

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“Shareholder's Equity” Declines to All-Time Low Profits Growth/Margins Now a Liability

April 18, 2023

In an effort to be dispassionate about our market forecast, we have categorized 16 basic building blocks of market strength as either assets or liabilities on a regular basis since 2002....

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The U.S. Economy Does Not Appear to Be in Recession Now but Seems to Be Heading That Way...

April 11, 2023

Some cracks are appearing in the U.S. economy. Initial jobless claims with revisions were 228,000 last week. The ISM mfg & svc indices both fell notably in March. The Fed’s H.8 release showed bank loans declining at the end of March....

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Are We in the Eye of a Hurricane?

April 4, 2023

U.S. equities were higher for the third week in a row (S&P 500 +3.5%). Headlines were sparse, with lower volatility around banks. Flows to money market accounts eased from the prior two weeks....

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The Fed Waffles

March 29, 2023

The Federal Reserve raised short-term interest rates by another quarter point on Wednesday. That, by itself, was clear, with the Fed now targeting a range for short-term rates between 4.75% and 5.00%....

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Regional Banks are on Shaky Ground. Are the Big Banks Next?

March 27, 2023

Has the Bank Crisis Really Been Solved? After conversing with our Chief Economist Don Rissmiller yesterday about the status of the banking system, the question came up about whether the risk of deposit flight still remains....

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The Banking Crisis

March 15, 2023

Source: Bob Doll Crossmark Investments   Sincerely, Fortem Financial(760)  ...

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SIVB Bank Update

March 14, 2023

As we are sure you have seen, the FDIC stepped in to take over Silicon Valley Bank (SIVB) over the weekend. First and foremost, we want to assure that your assets at Charles Schwab are safe and secure. To begin,...

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Inflation Fighting, Recession Uncertainty, and Now, Credit Crunch Concerns

March 14, 2023

Equities had their worst week since September (S&P 500 -4.6%). All sectors were down with banks the biggest decliners due to the SIVB financial failure. Treasuries rallied across the curve, with two-year yields recording their largest two-...

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The Choppiness Continues

March 8, 2023

U.S. equities were higher last week (S&P 500 +1.9%) after three weeks of declines. Markets continued to reprice upward Fed rate expectations. Best sectors were materials (+4.0%), communication services (+3.3%) and industrials (+3.3%);...

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1st Annual Coachella Valley Giving Day

March 2, 2023

Dear Clients,   Today is the 1st Annual Coachella Valley Giving Day. CV Giving Day brings the region together as one community, raising money and awareness for local nonprofits in the Coachella Valley. Fortem Financial is a long-...

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Seven Things I Didn't Know At the Start of the Year

February 28, 2023

"There are two types of economists," said famed economist John Kenneth Galbraith, "those who don't know, and those who don't know they don't know." This, along with movie producer William Goldman's assertion that "nobody knows anything" are two...

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2% Inflation? Very Unlikely

February 22, 2023

U.S. equities were mixed last week (S&P 500 -0.2%) with some early week strength surrendered in multiple risk-off sessions impacted by economic data and hawkish Fed commentary. Fed peak rate expectations moved higher on a stronger than expected...

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Office Hours in Observance of Presidents' Day

February 17, 2023

  In observance of Presidents' Day, the New York Stock Exchange and bond markets are closed on Monday, February 20, 2023. Our office will be closing at 1:00PM PST on Friday, February 17, 2023, and will reopen on Tuesday, February 21, 2023,...

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Some Caution is Warranted

February 13, 2023

U.S. equities closed lower last week as the S&P 500 (-1.1%) fell for the first time in three weeks and Nasdaq (-2.4%) in six weeks. WTI crude was up 8.6%, the best week since early October....

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Staying Cautious but It's Getting Tougher

February 7, 2023

We first became cautious on future market returns last March and have remained so ever since. Despite some countertrend rallies after the market peaked at 4,797 on January 3, 2022, we continue to believe that the inversion of the yield curve,...

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Fed Raises Interest Rates Again. Slowing, Not Stopping.

February 2, 2023

The Fed downshifted to a smaller rate hike to start 2023, but the job is far from done. As expected, the Fed raised rates by 25 basis points (bp) today, slowing from the 50bp hike in December, and the 75bp hikes at the four meetings before that....

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Inflation and Earnings Estimates Continue to Decline

January 31, 2023

U.S. equities finished higher last week (S&P 500 +2.5%), closing above the 4000 level for the first time since early December. The path of least resistance remains higher even though earnings season continued to undershoot expectations....

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Last Year's Worst Stocks Performing the Best So Far this Year

January 27, 2023

Source: Bob Doll Crossmark Global Investments   Sincerely, Fortem Financial(760)     Latest News   Market Recovery Hinges on Quick Drop in Inflation Rate Stocks and bonds have been buoyed by expectations...

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Markets Are Up for the Year But Will It Continue?

January 18, 2023

Stocks closed higher last week (S&P 500 +2.7%) at their highest level in a month. The main macro tailwinds include the decline in inflation (CPI) and improved consumer sentiment. Best sectors were consumer discretionary (+5.8%) and technology...

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IRS Gives Drenched Californians an Extra Month to File Tax Returns

January 16, 2023

The Internal Revenue Service offered a lifeboat of sorts Tuesday to California residents and businesses floundering in the atmospheric river: More time to pay their income taxes. The agency announced that taxpayers in any county covered by a...

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The Market is Treating Friday's Employment Report Like It's Goldilocks

January 10, 2023

Not long after Friday’s Employment Report multiple analysts and commentators were calling it a “goldilocks” report, by which they meant it showed that the economy was neither “too hot” nor “too cold,” but instead,...

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The Road Ahead for 2023

January 4, 2023

Is a U.S. recession or economic recovery in store for 2023?   Risk: With inflation peaking at 9.1% in June, a recession is now the No. 1 economic concern going into 2023. When businesses make less money due to lower consumer spending (triggered...

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Still Unprecedented

December 28, 2022

What a difference a year makes! One year ago the Federal Reserve was forecasting that real GDP would grow a strong 4.0% in 2022, that PCE prices would be up a relatively moderate 2.6%,...

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No gift giving to scammers this Holiday Season

December 23, 2022

Be Aware This Holiday Season. Many of us spend the holidays relaxing and sharing in goodwill with friends and family. But some bad actors use the holidays to take advantage of people’s generous spirits....

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Bob Doll's 10 Predictions for 2022 Revisited

December 21, 2022

We have been following one of our favorite portfolio managers for more than 20 years. Bob Doll was the chief investment officer and lead portfolio manager for Merrill Lynch asset management when we started in the business back in 1998....

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An Investor's Letter to Santa Clause - The Substance of Things Hoped For

December 20, 2022

Dear Santa, We were largely good investors this year, remembering always and everywhere one of the cardinal rules of investing – “Don’t fight the Fed” either when it is easing or most especially when it’s tightening....

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Interest Rates Are Going Higher Than Expected

December 16, 2022

The Fed downshifted to smaller rate hikes but isn’t close to done. In contrast to the 75 basis point rate hikes at each of the last four meetings, the Federal Reserve raised short-term rates by only 50 bps YESTERDAY, as expected. However,...

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Energy Reliability & Security to Remain a Major Investment Theme in 2023

December 13, 2022

In January 2020 President Biden entered office and declared he was going to change the energy policy in America at a record pace. We were going green baby and Biden was the man to take us there in record time....

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Annual Gifting

December 9, 2022

Below we have outlined a list of reminders as you consider your options for Annual Gifting.   Don't Forget to Give to Charity As the end of the year and the holiday season approach,...

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Economic Update

December 6, 2022

The U.S. economy does not appear to be in a recession right now. But risks continue to skew to the downside, in our opinion. We believe there’s a 75% chance of a U.S. recession in the next 2 years. The employment situation continues to show a...

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November 29, 2022

Among the sad legacies of the prolonged use of quantitative easing to wash away the sins of the world is the difficulty among investors, businessmen, and labor alike to think of business cycles as anything other than “V-shaped” affairs....

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Fourth Quarter Rally Continues

November 22, 2022

U.S. equities fell last week (S&P 500 -0.6%) after the prior week’s strong gains. The equity decline was a function of hawkish Fed speak and further yield curve inversion. Best sectors were consumer staples (+1.7%) and healthcare (+1.0%);...

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A Rally in Stocks and Bonds - Is it Sustainable?

November 15, 2022

U.S. equities were higher last week (S&P 500 +5.9%) more than erasing the prior week’s declines. A major factor in the upside was an outsized Thursday rally in the wake of a softer-than-expected report for October CPI....

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Earnings Growth Continues To Roll Over

November 9, 2022

With earnings season more than 80% complete, EPS growth is expected to be 4.3% which is just below expectations at the beginning of the reporting season. On sector basis the data was mixed with 7 of the 11 sectors exceeding initial growth estimates...

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Reprieve In Bonds Allow Stocks To Rise

November 2, 2022

Equities were higher for the second straight week (S&P 500 +4.0%). Despite multiple megacap earnings disappointments, the market remained resilient. The market is embracing the idea that the Fed could soon begin to slow the pace of tightening....

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Q3 Earnings Reports Coming in Better than Feared

October 25, 2022

Stocks rose last week (S&P 500 +4.7%) after falling to a 2.5 year low the week before. The increase was attributable to technical and sentiment reasons, but also Q3 earnings reports coming in less bad than feared....

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AS Q.E. moves to Q.T., Markets Resume Control

October 18, 2022

The nearly 14 years of financial repression that allowed politicians to escape the economic consequences of their actions without fear of retribution from the frontier justice of free markets appears to be ending. The ever-...

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The Roller Coaster Ride In Both Directions Continues

October 12, 2022

Equities closed higher (S&P 500 +1.6%) in a roller-coaster week, snapping a three-week losing streak. Stocks bounced early in the week on oversold conditions and negative sentiment. There was also a renewed pickup in policy pivot hopes....

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Central Banks Seem Determined To Slay Inflation (and Likely Cause a Recession)

October 4, 2022

Stocks and bonds both declined for the third consecutive quarter, the longest streak in almost 50 years. The S&P 500 fell 5.3%, ten-year Treasury yields rose 85bps and two-year yields rose 130bps resulting in the most inverted yield curve in...

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Weekend Reading

October 3, 2022

Stocks And Bonds On Pace For 3rd Consecutive Negative Quarter Of the 187 quarters since 1976, there has never been a period that has seen negative quarterly returns for both stocks and bonds three quarters in a row....

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We are in a Bear Market and have invested appropriately for our clients

September 28, 2022

We had been bullish on stocks all the way back to March 2009, when mark-to market accounting was fixed and the Financial Panic started to recede. At that time the S&P 500 traded as low as 666....

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September 20, 2022

Midterm election years have historically been the most volatile year for stocks in the four-year presidential cycle. The average intra-year decline for the S&P 500 in a midterm election year is 19 percent, much higher than the 12-...

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September 15, 2022

Numbers do not lie, and the inflation numbers for August were released this morning. Today’s Inflation (CPI) numbers show Inflation in August went up from the previous month. The market is selling off today because the bond market is adjusting to...

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Crosscurrents in Both Directions Continue to Lead to Sideways Chop

September 15, 2022

U.S. equities rallied this week (S&P 500 +3.7%) to break three-straight weekly declines. The gains were driven by factors including oversold conditions, some more traction in the peak-inflation narrative, and firmer labor market data....

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Corporate Earnings still look strong in 2023

September 7, 2022

2023 Earnings Decline Paused For Now After falling roughly $9 during the 2Q reporting season, the 2023 earnings estimate has stabilized at approximately $243.50, with 2023 earnings growth expected to be about 8%. However,...

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Biden's Student Loan Forgiveness Contributes to Market Selloff

August 31, 2022

The Dow Jones Industrial Average fell more than 1,000 points last Friday, caused apparently by Fed Chairman Jerome Powell’s attempt to use a brief speech to channel the ghost of Paul Volcker. Obviously, this was part of the market’s worries,...

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Volatile Churn and Choppiness to Persist

August 30, 2022

Equities were sharply lower last week with the S&P -4.0%, its worst week in ten. Friday’s Fed Chair Powell’s Jackson Hole speech was the catalyst for the significant Friday decline as he signaled that the Fed is willing to risk recession to...

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Weekend Reading: Investors Have Been Conditioned to Think in V-Shaped Terms

August 29, 2022

Consistent with the frenetic pace of modern life, a technology-inspired need to achieve instant gratification, and virtually endless amounts of free money, it is difficult for all of us as investors to have the patience to allow economic...

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Is The Rally Running Out Of Steam?

August 23, 2022

Equities declined last week (S&P 500 -1.2%) with the bulk of the decline coming toward the end of the week. The decline came after four straight weeks of gain. Downside occurred due to Fed commentary indicating determination to fight inflation...

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Second Quarter Earnings Stronger Than Expected But 2023 EPS Estimates Falling

August 16, 2022

Second Quarter Earnings Better Than Expected In Aggregate… With over 90% of companies reporting earnings for the second quarter, aggregate EPS growth of 9.7% for the S&P 500 is well above the original estimates of 5.6%....

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Surprise Jobs Report muddies the waters for the Fed

August 9, 2022

Stocks were mixed last week (S&P 500 +0.4%). The most notable event for the week was the hot jobs report on Friday as the Fed continued to push back talk of a Fed pivot post the turn of the year. Best sectors were technology (+2.0%),...

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Q2 Earnings better than expected

August 2, 2022

Stocks rallied again last week (S&P 500 +4.3%) for the third week in the past four helped by continued better than feared earnings (especially big technology companies), declines in bond yields, and valuation improvement....

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We are technically in a recession...

July 29, 2022

What do you do when you are technically in a recession and inflation is running out of control??? Raise taxes and increase spending on climate change of course! The Gross Domestic Product (GDP) came out at -...

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July 25, 2022

Naturally, during times of market stress, every week seems pivotal. Still, the next five days will be chock-a-block with earnings, economic releases, and economic events that are likely to set the tone for the market and a fair amount of political...

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Yield Curve firmly inverted….Now what??

July 19, 2022

The Treasury yield curve flattened significantly over the course of the week as short-term yields rose and long-term yields dropped while inflation continued to run hotter than expected....

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July 13, 2022

CPI again surged +0.7% m/m (!) and 5.9% y/y. Shelter rose +0.6% m/m. Both core and headline CPI m/m surprised to the upside again this month, indicating inflation has broadened. Bottom line: U.S. inflation is still too high,...

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Dividend Payers Continue to Outperform

July 13, 2022

In January 2022 we rebalanced our portfolios to reduce exposure to companies that had extended multiples and were paying little or no dividends. These equities are considered long-duration equities because they will grow into their stock pricing...

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Q2 Earnings Season Starts this week….What to expect

July 12, 2022

Watching For 2023 Downward Guidance During 2Q Reporting Season The second quarter earnings season is set to begin this week and while earnings are expected to be up about 6%, the 2Q story is about energy holding up the aggregate data....

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Weekend Reading

July 11, 2022

Talk of a Recession is increasing and the yield curve is inverted again. These are usually sure signs that a recession is on the horizon. As with many things these days, the definition of a Recession is ever changing. In the past,...

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Economy Still Slowing and Odds Increase that we are already in a Recession

July 5, 2022

There is continued evidence of a cyclical slowdown. China has already taken a large hit due to local policy decisions. Europe is dealing with the impact of the Russia/Ukraine conflict. The U.S....

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A Difficult First Half For All Investors…We are likely already in Recession

July 5, 2022

Investors are proceeding into the second half of 2022 with caution after the worst first six months to a year in decades. Risk-off sentiment was seen in most areas of the market, fueled by soaring inflation and the Fed's aggressive monetary policy...

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Update on Inflation and Money Supply

June 29, 2022

We've told people to watch the M2 measure of money in order to understand whether inflation will cool down or heat up. The Fed only releases this data on a monthly basis. They used to release it weekly,...

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Slowing Economy for Sure - Will It Be a Soft Landing or a Recession?

June 28, 2022

Stocks advanced sharply last week (S&P 500 +6.5%), largely reversing the decline of the prior week. The rally stemmed from a technically oversold condition and some evidence that inflation might be peaking....

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Fed’s Bullard says U.S. economy should continue to grow in coming quarters

June 22, 2022

Fear that U.S. has to experience a severe recession to get inflation under control is the ‘wrong lesson’ of history, the St. Louis Fed president says St. Louis Fed President James Bullard spoke in Barcelona. The U.S....

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Bad U.S. Energy Policy Leading Inflation Higher

June 22, 2022

US Energy Policy Failure It has been four months since Russia’s invasion of Ukraine. The White House’s failure to recognize that the Russian attack signified a need to focus on energy security over climate change has kept the price of energy...

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June 16, 2022

The FOMC raised the fed funds rate +75bp today, taking an aggressive step given the recent inflation & inflation expectations data. The Fed wants a restrictive policy by the end of the year (ie,...

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All Eyes on the Federal Reserve Today

June 16, 2022

All eyes will be on the results of the Federal Reserve meeting today when it announces how much it's going to raise short-term rates, its new projections for the economy and short-term rates for the next few years,...

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June 14, 2022

As they say, there are two types of economists – those who don’t know and those who don’t know, they don’t know. We’re making educated guesses just like everyone else. But here are some impressions we think are worth considering after...

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No hurricane yet, but still too much money floating around

June 9, 2022

JP Morgan CEO Jamie Dimon caused a stir lately when he talked about a "hurricane" hitting the US economy. We think he may eventually be right, but is way too early. The employment report for May confirmed that the US economy continues to...

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A Welcome Pause that Refreshes

June 1, 2022

Stocks were sharply higher (S&P 500 +6.6%), breaking the multi-week downward trend. As we covered in recent weeks, stocks rallied on a large oversold condition and extremely negative sentiment....

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Earnings Concerns Keep Market Heavy, but a Rally Likely Soon

May 24, 2022

U.S. equities fell (-3.0% for the S&P 500) for the seventh straight week. The DJIA fell for the eighth week in a row, the longest losing streak since 1923. The S&P 500 briefly dipped into 20+% decline territory,...

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Q1 Earnings update…Time For An Oversold Stock And Bond Rally?

May 18, 2022

U.S. equities were lower last week (S&P 500 -2.4%) for the sixth straight week (the longest stretch in over ten years). During the midweek selloff, the S&P 500 hit the lowest point since March 2021 and the NASDAQ since November 2020....

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Fed Struggles to Thread the Needle

May 10, 2022

Equities fell last week with the S&P 500 down 0.2%, masking a huge rally on Wednesday and a big decline on Thursday. This was the fifth straight week of equity market decline. Equities fell due to headwinds from a continued back-up in yields (10-...

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May 9, 2022

The vast majority of Strategas’s published research reports can trace their origins to questions from clients we receive when they are on the road. What follows are some simple answers to the questions they are currently getting most frequently....

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Fed raised Rates .50bps as expected

May 5, 2022

"Transitory" is out, "expeditious" is in. As most investors expected, the Fed raised short-term interest rates by half a percentage point (50 basis points) earlier today, leaving the range for the federal funds rate at 0.75 – 1.00%....

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Fed Meeting this week should bring us a .50bp rate hike that is already priced into the market

May 3, 2022

Equities were sharply lower last week (S&P 500 -3.3%) as stocks made their lowest close of the year. The week was capped off by a big Friday selloff. Some suggest risks are skewed toward a near-term rally given factors,...

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