Yes. In general, the configuration of Congress relative to the White House has a meaningful impact on spending patterns, which has longer-term implications. The Trump tax cuts in 2018 had a meaningful impact on corporate profits for example. The way it’s looking today, a Biden
At 8:52am on Friday Oct 21, S&P e-mini futures were down about 1% and the US Dollar was very strong versus most currencies. Many have wondered for months what it would take for the FOMC to understand the strong US Dollar was a problem. Maybe
We think that Powell will do his best this week to regain credibility of the FOMC as an inflation fighter having fallen so far behind the curve earlier this year and last. Several FOMC members went out of their way since the minutes hit (Aug
The tragedy of war is difficult from a human toll perspective. I recall having tears in my eyes trying to give investment advice in the days and weeks following September 11, 2001. The lessons of past tragedies remind us to keep focus on your longer-term
It’s clear to us that despite best efforts and recognition climate change is a major issue for the world, the hurdles are high in terms of the developing world need for cheap energy (read coal). From our perspective, the logical transitionary energy source investment should
Probably not much is the answer. You should rarely adjust your long-term goals for short-term noise. However, to the extent that the NDP force the Liberals to move more to the left on tax increases (new revenues), it could matter for some that are overweight
The VIX curve has flattened notably in the past few weeks. When the VIX curve flattens, it means that investors are paying up for protection in nearby months. Why? The policy mistake in Afghanistan in recent weeks has weighed on Biden’s approval. At the same
Oil markets were devastated by COVID in 2020, but it is really Environment Social Governance (ESG) investing trends that has had a bigger (longer-term) impact. Most understand that the future of energy creation will be in renewables. I am not sure transatlantic flights will every
The natural rate of growth for an economy is a combination of how many workers there are (population) and how productive they are working (output per unit of labour costs). Simply put, how many widgets do we produce and how many workers do we have
Antitrust issues have been a market factor since the 1887. A company gets too big and it can hurt consumers. There is a basic history lesson here. In recent years, big tech MSFT, GOOGL, FB and others have been subject of Congressional crosshairs. Jeff Bezos