Liquidity

Some say private credit hasn’t been tested. We disagree…and stress can sharpen the senses.

Proposed regulatory changes involving the Supplementary Leverage Ratio may have benefits for both large banks and the Treasury market.

We began the year optimistic that an environment of slowing growth, disinflation and easier monetary policy would be favorable for fixed income markets. Now at midyear, we maintain that view, while acknowledging that policy uncertainty and geopolitical risks may likely result in continued volatility.

It has been over six months since the FOMC has made a change to the Fed Funds rate. While the debate continues as to when the next cut will be, market consensus (per Bloomberg calculations) is currently for a 25 basis point cut in September.

An economy cannot subsist on services alone.

The US economy is important, but it’s not the only one in a global approach.

In recent months, markets have whipsawed amid changes in trade policy, geopolitical shocks, concerns about fiscal sustainability, challenges to central bank independence, technological advancements, and earnings surprises in both directions. Despite this, stocks and bonds in much of the world are close to where they began the year.

When the Fed increased the M2 money supply by over 40% during the COVID crisis, our instinct was that the implications would extend far beyond a temporary boost to the U.S. stock market and higher inflation. That intuition is proving accurate. We’re now seeing the long-term ripple effects play out in real time across multiple asset classes and global markets.

For good reasons, many investors have a love-hate relationship with commodity investments. Operationally, the annoying K-1 form complicates tax filing, although thankfully the industry has started to launch “no K-1” funds.

The marathon Senate budget vote took center stage early and stocks slipped from yesterday's all-time highs. Job openings, Powell, and manufacturing data are top of mind.

As direct lending matures and other private credit areas expand, active investors can apply relative value strategies across sectors – and even entire markets – to pursue enhanced outcomes.

For sophisticated investors, this technical shift marks a subtle but powerful pivot in monetary mechanics. It could create demand for Treasuries, improve market liquidity, and push yields lower at a time when the economy is slowing.

Market breadth can help gauge strength or weakness. Methods include tracking the number of stocks trading above or below moving averages or making new highs or lows.

Growth is expected to decelerate, but not come crashing down.

In a recent newsletter, we explored the explosive growth of ETFs and the implications for portfolio construction. In this follow-up blog post, Lauren and I wanted to take that conversation a step further—diving deeper into how advisors can navigate the ever-expanding ETF universe while staying true to their investment philosophy.

Chief Economist Eugenio J. Alemán discusses current economic conditions.

The United States’ tariff announcement on April 2, 2025, created significant market volatility, as the tariffs were perceived as higher, broader, and more punitive than expected, and the implementation sooner.

The Fed’s credibility rests not on never being wrong, but on being adaptive and forward-looking. Inflation has cooled, wage growth has moderated, and economic momentum is slowing. Now is the time for the Fed to focus not on headline fears, but on real-time data.

We continue to suggest an "up in quality" fixed income bias for the short run, but investors can still consider some of the riskier parts of the fixed income market in moderation.

Until recently, commercial real estate appeared poised for a long-awaited rebound. However, 2025 has revealed a new reality: Uncertainty has become structural.

It’s often said there are only two certainties in life: death and taxes. However, the tax landscape may become somewhat murkier, as the recently passed U.S. House budget bill may potentially lead to some non-U.S. investors paying more taxes than previously anticipated.

As the advisory landscape continues to evolve, one theme is increasingly clear: advisors need more flexibility to meet the diverse and growing expectations of their clients.

Chuck Carnevale provides an update on Medical Properties Trust (MPW), a hospital real estate investment trust (REIT) he has held for several years.

Until that US government debt-crisis moment arrives, which we will get through, things will muddle along.

Index futures inched upward premarket as the headline May PCE data landed in line with expectations, though the core data and annual figures were up slightly.

Money Metals Midweek Memo host Mike Maharrey isn’t buying the recent bearish turn in gold forecasts from Wall Street.

Today’s investment landscape, shaped by persistently above-target inflation, structurally higher debt and deficits, and reduced global dollar recycling into US financial markets, has contributed to elevated market volatility alongside historically high policy uncertainty.

The newest generation of college graduates will switch jobs more than a dozen times over the course of their careers. They will juggle side gigs, launch businesses, and step in and out of traditional roles.

Money doesn’t buy happiness. But financial security means you can devote your time and energy to things you actually want to be doing.

The Fed left rates unchanged and signaled it’s still in wait-and-see mode, even as inflation risks and policy uncertainty persist.

As tax policy discussions continue on Capitol Hill, the Senate Finance Committee recently released its version of the tax bill that would avoid the expiration of the Tax Cuts and Jobs Act (TCJA).

ETFs have surged in popularity thanks to their transparency, low costs and tax efficiency. But behind the scenes, a unique dual-market system powers their liquidity and accessibility.

Former Federal Reserve Vice Chair Richard Clarida explains where yields may be headed, as well as positioning considerations for the long-run by charting the relationship between r* and term premium.

Surprisingly, oil prices are receding after U.S. strikes on Iranian nuclear facilities over the weekend.

Investors attempting to manage volatility in their portfolio often employ defensive equity strategies to define their optimal market exposure and risk profile. Such strategies are designed to help limit losses on the downside, while also allowing investors to participate in the market’s gains.

It wasn’t too long ago that you could confidently proclaim that most of the Street was ebullient, maybe even wildly so, with respect to the greenback’s prospects.

The Senate is getting close to the finish line on its version of the "One Big Beautiful" tax-and-spending bill.

Target-date fund glide paths can be important tools for retirement planning. Advisors should focus on assumptions, transparency, and outcomes to ensure they align with participants' needs.

The maturity and prevalence of indexing on the equity markets have undeniably blurred the lines between active and passive management. Investors should be concerned because what appears to be a rules-based, transparent, low-cost strategy may involve hidden active choices that influence returns, risk and transaction costs.

In this video, Chuck Carnevale, co-founder of FAST Graphs, aka Mr. Valuation, discusses the principles of value investing and how understanding a company’s intrinsic value is key to making sound investment decisions.

The old Wall Street quip about economists having “predicted nine of the last five recessions” has never felt more painfully relevant.

It’s said nothing in life is certain save death and taxes. There is also certainly an increase in investors’ appetites for nontraditional instruments like hedge funds as their wealth grows.

While both valuation and technical factors suggest to us that the dollar may continue to weaken in the near-term, we would caution investors against reading too much concerning the US’ long-term economic stability into further dollar weakness.

Raymond James Ltd enters into agreement with FNZ to accelerate its digital transformation

How do direct indexing ideas fit into a fixed income portfolio? These two powerful strategies make one compelling combination with potential tax and risk management opportunities.

Inflation's trend has been favorable this year, but a growing conflict in Iran—combined with already-imposed tariffs—might put upward pressure in prices later this year.

Newsflow and misperceptions can obscure the drivers of profit growth—especially during a volatile year like 2025.

Doug Drabik discusses fixed income market conditions and offers insight for bond investors.

Foreign demand for U.S. Treasuries remains intact.

The recent decline in the dollar relative to other currencies is well within historical norms. Notably, previous declines were much larger without the “fear-mongering” from the “experts of doom.”