USMCA v. YMCA Song Among all the hot topics of the day, many highlights are being overwhelmed by updates on the war with Iran. Yet an incredibly important policy consideration is now beginning to garner more attention. The USMCA trade agreement must be renegotiated...

Turmoil Tests Markets and investors are being tested in many ways that have not occurred in the recent period prior to the start of the war. Many comparisons are being made to prior times of crises. One of the most frequently cited lessons from the past is the...

Investor Confusion Abounds As the saying goes, war is hell and the volatility it causes in markets is also hellish. The good news is that the equity markets have not declined as severely as was the case in historical events. The economy continues to hold despite a...

War Outfall Many are dismissive about the effects of this war on the economy to date. After the initial shock reaction, the equity market held up quite well. Defense contractors’ shares rallied as did the oil sector. In the meantime, the DHS budget languishes. The...

Syzygy in Budgets The reality of budgets often pits the practical in opposition to the aspirational objectives. The federal government continues to present this dilemma but now New York City and the new mayor are grappling with the facts comprising a large gap. First,...

Mamdani’s Housing Outlook The mayor has expressed a goal of adding to the affordable housing stock. He targets selling an additional $70 billion municipal bonds to add to the $30 billion already in the financial plan. It has not been specified what the security pledge...

What January Effect I am not certain there is a pronounced January effect this year. Having cited the phrase, most markets are relatively strong at the start of this year with some exceptions. The Tech sector was a bit wobbly towards the end of last year. Tech appears...

Foreshadowing January In the waning days of the current year we turn our focus to the next year. This coming year there will be a lot of activity in January and it is not just due to the “January Effect”. The forward calendar is not that large at around $11 billion....

Post Shutdown Blues It is not a fait accompli at this point in every way, but, the shutdown has now arrived at its inevitable end. The shutdown kept me thinking of a blues song. In cut time I was singing: We’ve got the old shutdown, those old shutdown blues. This is...