Join us for our Midyear Market Outlook Symposium, where we’ll talk through recent market action and explore opportunities in asset classes, styles, factors, and themes going forward.
The market narrative appears to change on a dime these days. Stocks may have staged a comeback to recoup almost all their post-“Liberation Day” losses. But the bottom line on the fixed income market hasn’t changed all that much.
Cathie Wood’s funds made their biggest purchase of Taiwan Semiconductor Manufacturing Co. shares in nearly a year, underscoring a change in stance from being mostly sellers of the chipmaker since the third quarter of last year.
Trade pacts with America will not mean a return to the old normal.
The world’s largest asset manager is adding to bets on the artificial intelligence within its US model portfolios while trimming its overall equity risk because of tariff uncertainty.
Investors dumped US stocks Wednesday afternoon following a disappointing Treasury auction that sent bond yields surging past levels seen during April’s market rout.
Best-in-class OCIO providers understand the importance of a deep relationship and will invest considerable time cultivating one.
This year’s turbulent market environment underscores the value proposition of actively managed strategies. Active ETFs may offer diversification benefits, a responsiveness to changing market environments, and a depth of fundamental research above and beyond that of their passive peers.
With the latest Target earnings report coming in weaker than expected, advisors might want to reassess how they gain exposure to the company.
When CFRA’s Paige Meyer slapped a “sell” rating on UnitedHealth Group Inc. in February, she was the lone analyst out of 30 tracked by Bloomberg with a negative view of the company.
US equities are likely to drive the global rally in the coming months on an improving corporate earnings outlook and a weaker dollar, according to cross-asset strategists at Morgan Stanley.
As investors, we need to step back and examine the history of previous debt downgrades and their outcomes for the stock and bond markets. Let’s start with what Moody’s rating agency stated about its rating change.
Moody’s Ratings has followed S&P Global Ratings and Fitch Ratings in stripping the US of its top-notch credit score, lowering it one level to Aa1.
In an investment landscape dominated by market-cap-weighted benchmarks, the Barron’s 400 ETF (BFOR) offers a different path through GARP.
Stephen Hemsley never fully dropped the reins when he stepped down as UnitedHealth Group Inc.’s chief executive officer eight years ago. With the health giant in crisis, he’s taking back his old job – and confronting one of the toughest turnaround tasks any executive has ever faced.
President Donald Trump’s first overseas trip since returning to the White House is turning heads across the aerospace & defense and semiconductor industries.
President Trump’s tariff maneuvers sent financial markets on a rollercoaster. The shock from his aggressive trade policies triggered a surge in volatility, briefly pushing the VIX above 50 – an extremely rare event.
Head of U.S. Fixed Income Greg Wilensky and John Lloyd, Lead, Multi-Sector Credit Strategies, discuss Moody’s rating downgrade of the U.S. and what the implications may be for the Treasury market, the Federal Reserve (Fed), and fixed income investors.
Recent revisions to the IMF’s World Economic Outlook reflect a sobering message: the world economy is entering a more volatile and fragmented era.
US stocks delivered their second-best weekly gain of the year on Friday, as Big Tech fueled a rally that brought the S&P 500 Index closer to an all-time high set nearly three months ago.
Nvidia Corp. Chief Executive Officer Jensen Huang outlined plans to let customers deploy rivals’ chips in data centers built around its technology, a move that acknowledges the growth of in-house semiconductor development by major clients from Microsoft Corp. to Amazon.com Inc.
Long-dated Treasuries fell on Monday as investor attention turned to the US’ ballooning debt after Moody’s Ratings stripped the nation of its last top credit rating.
The recent rally began when Treasury Secretary Scott Bessent struck a more conciliatory tone with China, saying he expected a de-escalation shortly.
In a speech Thursday, Federal Reserve Chair Jerome Powell hinted that the central bank’s five-year framework review will focus on the particulars of its maximum employment and stable price goals, as well as efforts to communicate clearly with the public.
Stocks have rebounded since the White House delayed steep tariffs that were announced in early April, but trade policy remains a potential driver of volatility.
While April brought further welcome news on the inflation front, underlying consumer fundamentals painted a more concerning picture.
Major gauges of investment-grade corporate bonds were stung by the April bout of volatility that permeated the bond market.
A rushed exit from conservatorship could increase mortgage rates and worsen home affordability.
While equities are on their way to recovering January 1 levels, enhanced volatility lends itself to active ETF strategies this year.
Global funds are pouring money back into India, driving billion-dollar corporate financing deals and sending stocks prices to near a seven-month high, as investors bet that Asia’s third-largest economy can emerge as a winner in President Donald Trump’s trade war.
The share of outstanding US consumer debt that’s in delinquency rose in the first quarter to the highest in five years, reflecting an end to the pandemic-era pause on reporting delinquent student loan payments on credit reports.
The 90-day reduction on tariffs between the US and China is a positive development, but some questions remain.
So far in 2025, markets have had plenty to absorb: the Trump administration’s tariffs, Germany’s latest investment commitments, the implications of the DeepSeek moment, and escalating military conflicts (now including one on the India-Pakistan border).
We maintain a focus on resiliency as elevated yields within high quality fixed income continue to offer attractive opportunities.
Despite the announcement of new tariffs, long-term inflation expectations—as measured by the 5y5y inflation rate—have remained stable
On Monday, the U.S. and China announced they will temporarily suspend the high import tariffs they imposed on each other earlier this year.
Nominal retail sales in April were up 0.06% month-over-month (MoM) and up 5.16% year-over-year (YoY). However, after adjusting for inflation, real retail sales were down 0.16% MoM and up 2.76% YoY.
Builder confidence fell sharply in May as uncertainty stemming from elevated rates, tariffs, building costs, and the cloudy economic outlook dragged builder sentiment to its lowest level in 18 months.
The latest Philadelphia Fed manufacturing index showed weak activity this month. The index rose nearly 22 points but remained negative for a second straight month at -4.0. The latest reading was better than the forecast of -11.3.
Manufacturing activity contracted for a third consecutive month in New York State, according to the Empire State Manufacturing May survey. The diffusion index for General Business Conditions fell 1.1 points to -9.2. The latest reading was worse than the forecast of -8.2.
China has been a focal point of American trade policy for many years, but tensions were escalated early in the second Trump term.
Anyone betting on the end of the private credit boom has been on the back foot of late as the upstart $1.6 trillion asset class has notched up a string of wins. But the industry’s naysayers won’t be conceding defeat just yet.
The chain-smoking protagonist of Landman, the American television drama series about the Texas oil industry, puts it better than anyone else: “You want oil to live above 60, but below 90,” says the fictional Tommy Norris. “Seventy-eight dollars a barrel, that’s about perfect.”
While the U.S. and U.K. have different economic and regulatory landscapes, there are clear opportunities for the U.S. to improve retirement readiness by adopting some best practices from across the pond.
A wave of municipal-bond sales scheduled for this week will test a recent rebound in buyer demand after investors sold their holdings during April’s market rout.
The NFIB Small Business Optimism Index dropped for a fourth straight month, falling to 95.8 in April. Notably, the percent of small business owners who reported difficulty filling job openings fell to its lowest level since January 2021.
The early-April announcement of a broad new round of tariffs against virtually all U.S. trading partners—followed by a pause for many of them—has triggered a tidal shift in the global economy. Uncertainty created by tariff negotiations, as well as burgeoning federal debt levels and other ongoing concerns, has far-reaching economic implications, leading us to reassess our 2025 outlook.
The roller coaster continues! A stronger than expected first quarter earnings season and encouraging signs on the trade front—highlighted by the US-UK trade deal—helped lift the S&P 500 from its April 8 near-bear market lows, reversing nearly all post-Liberation Day (April 2) losses.
The Q1 2025 earnings season heads into its final peak week with mostly positive results from S&P 500 companies thus far. With 90% of companies from the index now reporting, 78% have beaten Wall Street’s expectations, slightly better than what we’ve seen historically.
For my entire decades-long career in capital markets, I’ve made the case that gold is not just a shiny relic of the past, but a serious, strategic asset for modern investors. After years of pounding the table, it feels pretty good to say that the world’s central banks—and now the U.S. banking system—are finally catching up.
With the latest Fed meeting leaving rate cuts in doubt, advisors might want to look to active managers to navigate the fixed income space.
Kevin Flanagan, head of fixed income at WisdomTree, joined a VettaFi panel to break down the most attractive fixed income strategies.
The dollar soared and Treasuries fell as the trade war between China and the US eased, stoking appetite for risk assets.
While coming in much stronger than expected, the latest employment data confirmed what we already suspected: the economy is slowing.
As the effects of US import tariffs begin to emerge, we shift our stance on equities to underweight.
In a rare moment of honesty, Federal Reserve Chairman Jerome Powell admitted he and his fellow central bankers don’t know what they’re doing as they wrapped up the May Federal Open Market Committee (FOMC) meeting.
Bonds and stocks falling together stirs painful memories of the 2022 inflation surge. This time, trade and tariff uncertainty is to blame, along with a dose of questioning the Fed’s independence.
Financial advisors will be working with millennials and Gen Z, either as new clients or as family members of existing ones.
At Wednesday’s press conference, Chair Jay Powell signaled a wait-and-see approach, as the Fed keeps a close eye on inflation pressures and the job market.
US equity investors will be watching closely as trade talks kick off between the Trump administration and China, with trillions of dollars hanging in the balance for American companies.
US stocks opened higher Friday as traders weighed comments from President Donald Trump suggesting that an 80% tariff on China seemed right, just as negotiations between the two countries are set to begin on Saturday.
Preparing for retirement involves more than finances and should include a focus on health, wellbeing and goals. Our Mike Dullaghan explains why it’s important to start preparing 10 years ahead of retirement.
Fed officials remain patient, likely awaiting hard evidence of a weaker U.S. labor market before considering rate cuts.
The Fed held the federal funds rate steady but noted that the risks of slowing economic growth and higher inflation have risen.
As investors wait for updates on trade deals during the pause in tariff implementation, the focus for many has turned to economic growth and the conflicting data surrounding it.
The Federal Reserve held rates steady today, while emphasizing that elevated uncertainty has clouded the path forward. If, when, and how much tariff policy will change in the months to come will play a large part in dictating the next move for the Fed.
Once again, the Federal Open Market Committee (FOMC) decided to keep rates unchanged at today’s meeting, leaving the Fed Funds trading range at 4.25%-4.50%, keeping the level for overnight money 100 basis points (bps) below last year’s peak reading.
S&P 500® earnings per share estimates have come down sharply. According to FactSet, calendar year 2025 is now expected to show $266 in operating EPS for the Index.
The current geopolitical climate has injected an extra dose of unpredictability into the economy.
US stocks climbed at the open Thursday as investors welcomed news of a trade agreement between the US and the UK — a widely anticipated development that some traders say could serve as a blueprint for broader global negotiations
Our Cash Indicator methodology acts as a plan in case of an emergency. Importantly, each of these systems work together.
After entering the year with a cautious outlook, managers have become more defensively postured as the U.S. tariff policy has increased uncertainty.
Over years, the US cemented its position as an exceptional source of earnings growth that fueled outsize equity returns. Many investors are now questioning whether the US will retain its advantages as President Trump’s trade policies add uncertainty to the outlook across industries.
The Federal Reserve concluded its third meeting of the year by keeping the federal funds rate (FFR) at 4.25-4.50%, as expected.
Private equity transaction volumes remain limited despite predictions for a boom in 2025. With interest rates remaining elevated and the economic backdrop increasingly uncertain, executing acquisitions and IPOs is proving a challenge, leading financial sponsors to hold portfolio companies for longer.
US stocks jumped at the open Wednesday as investors were encouraged by news that the US and China are set to start trade talks this weekend, even as traders awaited the Federal Reserve policy decision later in the day.
With investors experiencing heightened anxiety about their financial futures, your approach can make the difference between client retention and attrition. This comprehensive guide from our senior consultants explores actionable strategies for effective client communication during market volatility.
A look back at the impacts of tariff announcements last quarter, and what we might expect from tariff negotiations during the 90-day implementation delay in Q2.
The uncertainty around US tariff policy has significantly increased US equity volatility.
Results from some of the Magnificent 7 names last week reignited the AI trade. Both Meta and Microsoft reported after-the-bell on Wednesday, blowing past analyst estimates
If you’ve been inside a Walmart, Target or Home Depot in the past week, you may not realize that a trade war is underway between the U.S. and China, the world’s two largest economies. Store shelves are well stocked, and prices have largely held steady.
This week marks the first 100 days of President Trump’s second term in office—and what a rollercoaster it has been for the financial markets! While presidents often enjoy a ‘honeymoon period’ at the start of their tenure, Trump wasted no time ‘flooding the zone’ by pushing forward many of his key initiatives.
US markets struggled in the first half of April due to tariff-related worries. The second half saw rallies amid policy reversal.
Warren Buffett is retiring, but his investment advice is likely to carry weight for years to come.
The Institute for Supply Management (ISM) released its March Services Purchasing Managers' Index (PMI), with the headline composite index at 51.6—above the forecast of 50.2. This marks the tenth consecutive month of expansion for the index.
The April U.S. Services Purchasing Managers' Index (PMI) from S&P Global came in at 50.8, below the 51.4 forecast. The reading marks the 27th consecutive month of expansion and the slowest growth since November 2023.
Jim Tuchler, a Chicago-area retailer, and Federal Reserve Chair Jerome Powell have a lot in common these days.
April was a volatile and policy-sensitive month in the markets. Every week, my colleagues and I were joined by Professor Jeremy Siegel to discuss how macroeconomic data, Federal Reserve policy and the variety of tariff proposals from President Trump shaped sentiment and the investment landscape.
At the end of April, U.S.-listed ETFs gathered approximately $360 billion of new money.
Apple Inc. received at least two downgrades on Friday, following quarterly results that reinforced concerns over tariffs and its growth potential.
Outlooks
Midyear Market Outlook Symposium
Join us for our Midyear Market Outlook Symposium, where we’ll talk through recent market action and explore opportunities in asset classes, styles, factors, and themes going forward.
Engine of Active ETF Creation: Latest Flight of Fixed Income Offerings
The market narrative appears to change on a dime these days. Stocks may have staged a comeback to recoup almost all their post-“Liberation Day” losses. But the bottom line on the fixed income market hasn’t changed all that much.
Cathie Wood Buys Most TSMC Depositary Receipts in Nearly a Year
Cathie Wood’s funds made their biggest purchase of Taiwan Semiconductor Manufacturing Co. shares in nearly a year, underscoring a change in stance from being mostly sellers of the chipmaker since the third quarter of last year.
A New Dawn?
Trade pacts with America will not mean a return to the old normal.
BlackRock Adds to AI-Stocks Bet in $160 Billion Model Portfolios
The world’s largest asset manager is adding to bets on the artificial intelligence within its US model portfolios while trimming its overall equity risk because of tariff uncertainty.
Market Tests Investors’ Nerves as Stocks Sell Off After Auction
Investors dumped US stocks Wednesday afternoon following a disappointing Treasury auction that sent bond yields surging past levels seen during April’s market rout.
Don’t Overlook the Human Element of OCIO
Best-in-class OCIO providers understand the importance of a deep relationship and will invest considerable time cultivating one.
The Active SMIDcap ETF Consistently Outperforming YTD
This year’s turbulent market environment underscores the value proposition of actively managed strategies. Active ETFs may offer diversification benefits, a responsiveness to changing market environments, and a depth of fundamental research above and beyond that of their passive peers.
Target Earnings Troubles Call for a Diversified Approach
With the latest Target earnings report coming in weaker than expected, advisors might want to reassess how they gain exposure to the company.
UnitedHealth Plunge Stunned Wall Street. One Analyst Saw It Coming
When CFRA’s Paige Meyer slapped a “sell” rating on UnitedHealth Group Inc. in February, she was the lone analyst out of 30 tracked by Bloomberg with a negative view of the company.
US Stocks to Power Global Rally, Morgan Stanley Strategists Say
US equities are likely to drive the global rally in the coming months on an improving corporate earnings outlook and a weaker dollar, according to cross-asset strategists at Morgan Stanley.
Moody’s Debt Downgrade – Does It Matter?
As investors, we need to step back and examine the history of previous debt downgrades and their outcomes for the stock and bond markets. Let’s start with what Moody’s rating agency stated about its rating change.
Moody’s Market Jolt Will Leave Its Mark
Moody’s Ratings has followed S&P Global Ratings and Fitch Ratings in stripping the US of its top-notch credit score, lowering it one level to Aa1.
A Balanced Approach to U.S. Equity Through GARP
In an investment landscape dominated by market-cap-weighted benchmarks, the Barron’s 400 ETF (BFOR) offers a different path through GARP.
The Man Who Built UnitedHealth Into an Industry Giant Now Has to Turn It Around
Stephen Hemsley never fully dropped the reins when he stepped down as UnitedHealth Group Inc.’s chief executive officer eight years ago. With the health giant in crisis, he’s taking back his old job – and confronting one of the toughest turnaround tasks any executive has ever faced.
Trump’s Gulf Visit Ignites Record Military Sales and AI Infrastructure Boom
President Donald Trump’s first overseas trip since returning to the White House is turning heads across the aerospace & defense and semiconductor industries.
Market Turnaround Raises Question: Where Do We Go From Here?
President Trump’s tariff maneuvers sent financial markets on a rollercoaster. The shock from his aggressive trade policies triggered a surge in volatility, briefly pushing the VIX above 50 – an extremely rare event.
Assessing the Implications of Moody’s U.S. Credit Rating Downgrade
Head of U.S. Fixed Income Greg Wilensky and John Lloyd, Lead, Multi-Sector Credit Strategies, discuss Moody’s rating downgrade of the U.S. and what the implications may be for the Treasury market, the Federal Reserve (Fed), and fixed income investors.
Navigating the World of Tariffs: More Uncertainty, Slower Growth, & Investment Opportunities
Recent revisions to the IMF’s World Economic Outlook reflect a sobering message: the world economy is entering a more volatile and fragmented era.
S&P 500 Notches Weekly Gain on Big Tech Strength, Trade Optimism
US stocks delivered their second-best weekly gain of the year on Friday, as Big Tech fueled a rally that brought the S&P 500 Index closer to an all-time high set nearly three months ago.
Nvidia Opens AI Ecosystem to Rival Chipmakers to Aid Global Push
Nvidia Corp. Chief Executive Officer Jensen Huang outlined plans to let customers deploy rivals’ chips in data centers built around its technology, a move that acknowledges the growth of in-house semiconductor development by major clients from Microsoft Corp. to Amazon.com Inc.
Treasuries, Dollar Fall as Moody’s Sharpens Focus on US Debt
Long-dated Treasuries fell on Monday as investor attention turned to the US’ ballooning debt after Moody’s Ratings stripped the nation of its last top credit rating.
Is It a New Bull Market?
The recent rally began when Treasury Secretary Scott Bessent struck a more conciliatory tone with China, saying he expected a de-escalation shortly.
The Fed Should Correct for Overconfidence in Its Review
In a speech Thursday, Federal Reserve Chair Jerome Powell hinted that the central bank’s five-year framework review will focus on the particulars of its maximum employment and stable price goals, as well as efforts to communicate clearly with the public.
Schwab Market Perspective: The Tariff Effect
Stocks have rebounded since the White House delayed steep tariffs that were announced in early April, but trade policy remains a potential driver of volatility.
Weekly Economic Snapshot: Inflation Relief Meets Consumer Woes
While April brought further welcome news on the inflation front, underlying consumer fundamentals painted a more concerning picture.
Tap Into IG Corporate Debt Perks With IIGD
Major gauges of investment-grade corporate bonds were stung by the April bout of volatility that permeated the bond market.
The Future of the GSEs: Do No Harm
A rushed exit from conservatorship could increase mortgage rates and worsen home affordability.
As U.S. Stocks Recover YTD Losses, Look to Active Strategies
While equities are on their way to recovering January 1 levels, enhanced volatility lends itself to active ETF strategies this year.
India Is Hot Trade Again as Funds Chase Trump-Era Winners
Global funds are pouring money back into India, driving billion-dollar corporate financing deals and sending stocks prices to near a seven-month high, as investors bet that Asia’s third-largest economy can emerge as a winner in President Donald Trump’s trade war.
Student Loans Drive US Delinquency Rate to Highest Since 2020
The share of outstanding US consumer debt that’s in delinquency rose in the first quarter to the highest in five years, reflecting an end to the pandemic-era pause on reporting delinquent student loan payments on credit reports.
How Does the US-China Trade Truce Impact our Market and Economic Views?
The 90-day reduction on tariffs between the US and China is a positive development, but some questions remain.
India’s Power Play
So far in 2025, markets have had plenty to absorb: the Trump administration’s tariffs, Germany’s latest investment commitments, the implications of the DeepSeek moment, and escalating military conflicts (now including one on the India-Pakistan border).
Income Fund Update: Focus on Stability Amid Turbulence
We maintain a focus on resiliency as elevated yields within high quality fixed income continue to offer attractive opportunities.
Inflation Expectations Hold Firm Amid Tariff Noise
Despite the announcement of new tariffs, long-term inflation expectations—as measured by the 5y5y inflation rate—have remained stable
BIG NUMBER | 30%: A Tariff Turnaround
On Monday, the U.S. and China announced they will temporarily suspend the high import tariffs they imposed on each other earlier this year.
The Big Four Recession Indicators: Real Retail Sales Fall 0.2% in April
Nominal retail sales in April were up 0.06% month-over-month (MoM) and up 5.16% year-over-year (YoY). However, after adjusting for inflation, real retail sales were down 0.16% MoM and up 2.76% YoY.
NAHB Housing Market Index: Growing Uncertainty Drags Down Builder Confidence
Builder confidence fell sharply in May as uncertainty stemming from elevated rates, tariffs, building costs, and the cloudy economic outlook dragged builder sentiment to its lowest level in 18 months.
Philadelphia Fed Manufacturing Index: Activity Remained Weak in May
The latest Philadelphia Fed manufacturing index showed weak activity this month. The index rose nearly 22 points but remained negative for a second straight month at -4.0. The latest reading was better than the forecast of -11.3.
Empire State Manufacturing Survey: Activity Continued to Decline Modestly in May
Manufacturing activity contracted for a third consecutive month in New York State, according to the Empire State Manufacturing May survey. The diffusion index for General Business Conditions fell 1.1 points to -9.2. The latest reading was worse than the forecast of -8.2.
Goods Trade: Delayed Aggravation
China has been a focal point of American trade policy for many years, but tensions were escalated early in the second Trump term.
Private Credit’s Latest Golden Moment Is Hiding the Cracks
Anyone betting on the end of the private credit boom has been on the back foot of late as the upstart $1.6 trillion asset class has notched up a string of wins. But the industry’s naysayers won’t be conceding defeat just yet.
US Oil Output Has Peaked. But Don’t Expect a Rapid Decline.
The chain-smoking protagonist of Landman, the American television drama series about the Texas oil industry, puts it better than anyone else: “You want oil to live above 60, but below 90,” says the fictional Tommy Norris. “Seventy-eight dollars a barrel, that’s about perfect.”
Cross-Atlantic Retirement Readiness: What the U.S. Can Learn from the U.K.
While the U.S. and U.K. have different economic and regulatory landscapes, there are clear opportunities for the U.S. to improve retirement readiness by adopting some best practices from across the pond.
Busy Week for Muni Debt Sales Tests Investors Wading Into Market
A wave of municipal-bond sales scheduled for this week will test a recent rebound in buyer demand after investors sold their holdings during April’s market rout.
NFIB Small Business Survey: Uncertainty Continues to Drag Down Optimism
The NFIB Small Business Optimism Index dropped for a fourth straight month, falling to 95.8 in April. Notably, the percent of small business owners who reported difficulty filling job openings fell to its lowest level since January 2021.
Active Fixed Income Perspectives Q2 2025: Risks to Realities
The early-April announcement of a broad new round of tariffs against virtually all U.S. trading partners—followed by a pause for many of them—has triggered a tidal shift in the global economy. Uncertainty created by tariff negotiations, as well as burgeoning federal debt levels and other ongoing concerns, has far-reaching economic implications, leading us to reassess our 2025 outlook.
Three Takeaways From Earnings Season
The roller coaster continues! A stronger than expected first quarter earnings season and encouraging signs on the trade front—highlighted by the US-UK trade deal—helped lift the S&P 500 from its April 8 near-bear market lows, reversing nearly all post-Liberation Day (April 2) losses.
A Better-than-Expected Q1 Earnings Season Wraps up with the Retailers
The Q1 2025 earnings season heads into its final peak week with mostly positive results from S&P 500 companies thus far. With 90% of companies from the index now reporting, 78% have beaten Wall Street’s expectations, slightly better than what we’ve seen historically.
Basel III Makes It Official: Gold Is Money Again
For my entire decades-long career in capital markets, I’ve made the case that gold is not just a shiny relic of the past, but a serious, strategic asset for modern investors. After years of pounding the table, it feels pretty good to say that the world’s central banks—and now the U.S. banking system—are finally catching up.
Rate Uncertainty Creates Advantages for Active Fixed Income
With the latest Fed meeting leaving rate cuts in doubt, advisors might want to look to active managers to navigate the fixed income space.
WisdomTree’s Kevin Flanagan on How to Navigate Fixed Income
Kevin Flanagan, head of fixed income at WisdomTree, joined a VettaFi panel to break down the most attractive fixed income strategies.
Dollar Surges, Treasuries Fall as US-China Trade Tensions Ease
The dollar soared and Treasuries fell as the trade war between China and the US eased, stoking appetite for risk assets.
Employment Data Confirms Economy is Slowing
While coming in much stronger than expected, the latest employment data confirmed what we already suspected: the economy is slowing.
Barometer: Equities Set for Further Falls as Tariffs Bite
As the effects of US import tariffs begin to emerge, we shift our stance on equities to underweight.
Fed Chair Powell Tells the Truth: "We Don't Know!"
In a rare moment of honesty, Federal Reserve Chairman Jerome Powell admitted he and his fellow central bankers don’t know what they’re doing as they wrapped up the May Federal Open Market Committee (FOMC) meeting.
You Can Run, But You Can’t Hedge
Bonds and stocks falling together stirs painful memories of the 2022 inflation surge. This time, trade and tariff uncertainty is to blame, along with a dose of questioning the Fed’s independence.
The Advisor’s Guide to Communicating With Gen Z & Millennial Clients
Financial advisors will be working with millennials and Gen Z, either as new clients or as family members of existing ones.
Increased Risks to Both Sides of the Dual Mandate
At Wednesday’s press conference, Chair Jay Powell signaled a wait-and-see approach, as the Fed keeps a close eye on inflation pressures and the job market.
Traders’ Guide to US Stocks Most Affected in China Trade Talks
US equity investors will be watching closely as trade talks kick off between the Trump administration and China, with trillions of dollars hanging in the balance for American companies.
US Stocks Rise at Open as Investors Look Ahead to China Talks
US stocks opened higher Friday as traders weighed comments from President Donald Trump suggesting that an 80% tariff on China seemed right, just as negotiations between the two countries are set to begin on Saturday.
The Home Stretch: Seven Essential Steps For Pre-retirees
Preparing for retirement involves more than finances and should include a focus on health, wellbeing and goals. Our Mike Dullaghan explains why it’s important to start preparing 10 years ahead of retirement.
The Fed Is in a ‘Good Place’: But for How Long?
Fed officials remain patient, likely awaiting hard evidence of a weaker U.S. labor market before considering rate cuts.
Fed Holds Rates Steady but Warns of Rising Risks
The Fed held the federal funds rate steady but noted that the risks of slowing economic growth and higher inflation have risen.
Mixed Signals on the Path Ahead for U.S. Economy
As investors wait for updates on trade deals during the pause in tariff implementation, the focus for many has turned to economic growth and the conflicting data surrounding it.
Awaiting Further Clarity
The Federal Reserve held rates steady today, while emphasizing that elevated uncertainty has clouded the path forward. If, when, and how much tariff policy will change in the months to come will play a large part in dictating the next move for the Fed.
Fed Watch: Still Waiting
Once again, the Federal Open Market Committee (FOMC) decided to keep rates unchanged at today’s meeting, leaving the Fed Funds trading range at 4.25%-4.50%, keeping the level for overnight money 100 basis points (bps) below last year’s peak reading.
Dividend Hikes Offer Optimism Amid Tariff Turmoil
S&P 500® earnings per share estimates have come down sharply. According to FactSet, calendar year 2025 is now expected to show $266 in operating EPS for the Index.
The 2-Faced Economy: Strong Data Amid Shaky Sentiment
The current geopolitical climate has injected an extra dose of unpredictability into the economy.
US Stocks Advance as Trump Touts Trade Agreement With UK
US stocks climbed at the open Thursday as investors welcomed news of a trade agreement between the US and the UK — a widely anticipated development that some traders say could serve as a blueprint for broader global negotiations
The May 25 Dashboard: Our Three Layers of Risk Management
Our Cash Indicator methodology acts as a plan in case of an emergency. Importantly, each of these systems work together.
Tariff Risks Reshape Manager Positioning
After entering the year with a cautious outlook, managers have become more defensively postured as the U.S. tariff policy has increased uncertainty.
Is US Exceptionalism Over for Equity Investors?
Over years, the US cemented its position as an exceptional source of earnings growth that fueled outsize equity returns. Many investors are now questioning whether the US will retain its advantages as President Trump’s trade policies add uncertainty to the outlook across industries.
Fed’s Interest Rate Decision: May 7, 2025
The Federal Reserve concluded its third meeting of the year by keeping the federal funds rate (FFR) at 4.25-4.50%, as expected.
Gridlock
Private equity transaction volumes remain limited despite predictions for a boom in 2025. With interest rates remaining elevated and the economic backdrop increasingly uncertain, executing acquisitions and IPOs is proving a challenge, leading financial sponsors to hold portfolio companies for longer.
US Stocks Rise on China Trade Talk Hopes Ahead of Fed Decision
US stocks jumped at the open Wednesday as investors were encouraged by news that the US and China are set to start trade talks this weekend, even as traders awaited the Federal Reserve policy decision later in the day.
Client Communication Strategies During Market Volatility
With investors experiencing heightened anxiety about their financial futures, your approach can make the difference between client retention and attrition. This comprehensive guide from our senior consultants explores actionable strategies for effective client communication during market volatility.
Tariffs: Q1 Impacts and Q2 Negotiations
A look back at the impacts of tariff announcements last quarter, and what we might expect from tariff negotiations during the 90-day implementation delay in Q2.
Pyrrhic Victory: Sacrificing Pretax Returns at the Altar of Realized Losses
The uncertainty around US tariff policy has significantly increased US equity volatility.
Big Tech Breathes Life into Q1 Earnings
Results from some of the Magnificent 7 names last week reignited the AI trade. Both Meta and Microsoft reported after-the-bell on Wednesday, blowing past analyst estimates
U.S. Ports Face Massive Slowdowns as Trump Tariffs Bite Hard
If you’ve been inside a Walmart, Target or Home Depot in the past week, you may not realize that a trade war is underway between the U.S. and China, the world’s two largest economies. Store shelves are well stocked, and prices have largely held steady.
Looking Beyond President Trump’s First 100 Days in Office
This week marks the first 100 days of President Trump’s second term in office—and what a rollercoaster it has been for the financial markets! While presidents often enjoy a ‘honeymoon period’ at the start of their tenure, Trump wasted no time ‘flooding the zone’ by pushing forward many of his key initiatives.
Staying Resilient in Uncertain Markets
US markets struggled in the first half of April due to tariff-related worries. The second half saw rallies amid policy reversal.
Buffett's Legacy Includes Support of Index Investing
Warren Buffett is retiring, but his investment advice is likely to carry weight for years to come.
ISM Services PMI Expanded for Tenth Straight Month in April
The Institute for Supply Management (ISM) released its March Services Purchasing Managers' Index (PMI), with the headline composite index at 51.6—above the forecast of 50.2. This marks the tenth consecutive month of expansion for the index.
S&P Global Services PMI: Slowest Growth in 17 Months
The April U.S. Services Purchasing Managers' Index (PMI) from S&P Global came in at 50.8, below the 51.4 forecast. The reading marks the 27th consecutive month of expansion and the slowest growth since November 2023.
Trade Chaos is Part of the Plan for Trump, Nightmare for Powell
Jim Tuchler, a Chicago-area retailer, and Federal Reserve Chair Jerome Powell have a lot in common these days.
Top Lessons from Professor Siegel This April
April was a volatile and policy-sensitive month in the markets. Every week, my colleagues and I were joined by Professor Jeremy Siegel to discuss how macroeconomic data, Federal Reserve policy and the variety of tariff proposals from President Trump shaped sentiment and the investment landscape.
ETFs on Pace (Again) to Break a Record
At the end of April, U.S.-listed ETFs gathered approximately $360 billion of new money.
Apple Hit With Two Downgrades as Tariff and Growth Worries Grow
Apple Inc. received at least two downgrades on Friday, following quarterly results that reinforced concerns over tariffs and its growth potential.