Trimming trees and budgets This time of year, we turn to experiencing good cheer and for some of us trimming trees. Yet, the holiday spirit is not enough to mask the underlying seriousness of cutting the federal budget according to principles espoused by the DOGE...

Scary Times This time of year, is fraught with scary events, the least of which is the annual Trick or Treat festivities. This year is particularly scary no matter what side of the political spectrum you happen to favor. The policy choices that will be selected in the...

Autumnal Changes Leaves start to cascade down at this time of year and indictments are being delivered in similar fashion. No one may predict exactly how the scenario will play out in the indictment of the mayor in New York City. Everyone is entitled to their day in...

If anyone needed a reminder, this morning’s reaction to the news on inflation and what that reading will mean for the outlook for future Fed action turns out to be more critical and immediate than the debate last night. Inflation remains stubborn and presents a...

Cautious Confidence We are dealing with the two events that are just weeks away in the election and the Fed meeting. A glimpse of what is to come in terms of acting on rates was provided by Chair Powell today in his Jackson Hole delivery. Barring any unforeseen...

Risk On Continues The first half for municipals was quite impressive. Volume surged by 30% and is on a pace to have elevated issuance for most of the remainder of the year. The wild card is certainly how disruptive to the pace the election will turn out to be. Even...