Market Updates
May 19, 2025
Trade developments have reduced the odds of a recession. As economists scramble to revise their forecasts, we're keeping an eye on brand nationalism and the evolving outlook for small businesses.
May 12, 2025
We believe the adjustment to the new trade framework argues for portfolio diversification and a focus on quality assets. Meanwhile, performance in Asian markets depends on a range of factors and the U.S. tourist industry sees signs of a coming slowdown.
May 5, 2025
Change is constant. Companies and investors that can adapt to it should thrive as the reordering of global trade changes growth prospects in the U.S. and abroad.
April 28, 2025
While successful trade negotiations may offer a respite from a long stretch of bearish sentiment, we believe an extended deterioration in bilateral relations between the U.S. and China poses a longer-term headwind for U.S. businesses and consumers.
April 21, 2025
Despite tariff-related uncertainty, upward pressure on trade and fiscal U.S. deficits is expected to dissipate, while the health of the U.S. consumer and U.S. dollar remain steady. Tariffs are making it difficult for small businesses to plan, however.
April 14, 2025
Tariff policy has injected downside risks into what was shaping up to be continued favorable growth momentum. While future trade policy changes bear watching, areas of fundamental-driven opportunity may still exist.
April 7, 2025
U.S. equities have navigated a number of previous “once-in-a-century” events triggering doomsday commentary and epic market swoons. However, investors looking toward Europe for refuge amid uncertainty may want to think twice for a number of reasons.
March 31, 2025
Amid slower midcycle U.S. growth, market volatility and policy uncertainty, we see an argument for patience, discipline and portfolio diversification. In municipal bond markets, we believe tax exemptions will remain largely intact.
March 24, 2025
We believe tariffs are part of a larger effort to update trade and financial architecture in the face of a multipolar global economy. That effort is likely to put pressure on the federal budget deficit and require broader equity market performance to maintain the uptrend.
March 17, 2025
History suggests the third year of a bull market may be choppier than earlier phases, but that does not necessarily mean the end of the uptrend. We believe demand-growth fundamentals and inflation trends are more likely to tell the long-term story.
March 10, 2025
We believe it’s implausible that short-term selling by a subset of investors could drive long-term valuations. Internationally, Europe’s rebound could be good news for some U.S. sectors, while economic entanglements make the investment case for China a challenge.
March 3, 2025
We see high-level diversification across regions, sectors and market capitalizations as a key area of focus for investors. Keeping an eye on big-picture trends can help navigate short-term shifts like lower equity risk premium and tariff impacts.
