Disruptive Factors There are many factors unfolding that have disruptive elements associated with them. The recent CPI turned out to be not one of them. The monthly increase in the CPI was 0.4% and the y.o.y. result was 4.9% NSA. So, we had a tick down in the y.o.y....

The fixed income markets continue to be functioning very well despite all the many present challenges. Many are perceiving angst about what is to unfold. Rates and the Fed are the primary preoccupations. But other topics are also in the forefront, including dealing...

Lessons Learned We have been through many crises over the years and no two are exactly the same. SVB and Signature banks have fact patterns that are quite different. Neither case had a lot to do with the health of the economy. Perhaps, the slowing of real estate...

Renewed Focus There have been times last year when municipals were hardly mentioned in the financial press. The action in equities overwhelmed commentary about other asset classes at that time. There has been a sharp change. Now municipals and all of fixed income are...

Most Important Factors for 2023 Market activity was greatly influenced by macro factors last year and will continue into this year. We all are inclined to take up the art of soothsaying this time of year. We feel a certain kind of pressure to review the recently...

Damage Assessment & Recovery In preparing for this article, I was certainly thinking about the impacts from Hurricane Ian, but I was also pondering the recent market activity. This title clearly applies to both. First is the consideration of Ian’s devastation on...

Just when we were feeling a bit better about the prospects for the future, we were hit by the inflation reading above expectations. The release has solidified the consensus that the Fed is not done and that we will have at least another 75 basis points tightening. Why...