April Macro Slide Deck
The economic recovery fueled by excess liquidity and driven forward by increased vaccinations has begun to accelerate, judging from the most recent manufacturing and payroll data.
Read MoreThe economic recovery fueled by excess liquidity and driven forward by increased vaccinations has begun to accelerate, judging from the most recent manufacturing and payroll data.
Read MoreAs a reminder, in Answering key Fed and market questions in mid-March we highlighted the likely impact on 2021 S&P operating EPS estimate if the corporate tax rate rises…
Read MoreThere are some interesting influences and frustrations from the recent quarter end activity. The popular narrative is the economy is set to boom, but the areas that would typically…
Read MoreThe major market indices may be at or near all-time highs, but under the surface the “rotation sensation” of rolling 5-10% corrections has been playing out. Beginning with the…
Read MoreCorrections are only considered "natural, normal, and healthy" until you are in one. This is no different and like first half of 2004 and 2010...
Read MoreWe wanted to update the Russell 1000 Growth vs. Value call from early this month...
Read MoreWe discuss an out of consensus view suggesting a near-term peak in the 10-year U.S. Treasury Yield, and what that means for Financials (Banks)...
Read MoreThis is not a complicated call — the rise in the 10-year has likely seen an intermediate-term rate of change peak, and since that rise has driven the Financials…
Read MoreSomehow investors were surprised yesterday when the Fed indicated they were more upbeat about the economy as seen in the “Dot Plot” (Figure 1), but were not altering policy…
Read MoreThe Fed continues to give us their game plan and again the market is surprised they STILL are not kidding. There is no sign of the Fed changing policy…
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