Commentary

The Beast of Burden of Inflation

The age of abundance has given way to an age of scarcity, while the pro-cyclical version of inflation may have given way to the counter-cyclical version.

Commentary

Supply Chain Breakdown: Its Causes and Effects

Supply chains typically aren’t something the average person needs to think about too much. When they’re working, these high-tech, globalized networks of parts suppliers, assemblers, shippers, and distributors allow companies to make and move goods around the world so quickly and cheaply that it’s tempting to take them for granted.

Commentary

Flavor of the Weak: Notable End to Some Key Winning Streaks

September closed with a whimper (from folks hoping the seven-month stretch of positive performance months for the S&P 500 would make it to eight). The month also held true to the history of September being the worst month for performance on average since the index’s inception in 1928.

Commentary

Inflation: Persistently Transitory

Looking ahead, new sources of inflation may continue to arise. Unless the mounting pressures push inflation to significantly higher levels that would provoke central banks into aggressive tightening, the impact on global stock markets may be a positive.

Commentary

Waiting for Rates to Rise? What You May Miss by Staying in Cash

There is a cost to waiting for interest rates to rise—you may be missing out on higher coupon rates and yields elsewhere. Rather than waiting on the sidelines for yields to rise, investors should consider short-term corporate bonds today—specifically those with fixed coupon rates.

Commentary

Market Volatility: Schwab’s Quick Take

U.S. stocks fell Tuesday on persistent concerns over the debt ceiling, along with a continued increase in Treasury yields. The S&P 500 closed down 2%, the Nasdaq fell 2.8%, and the Russell 2000 fell 2.3%.

Commentary

It's All Over for Japan (and That's Good)

The performance momentum could continue with the reopening of the nation’s capital reinvigorating economic growth, the strong upward trend in revisions to analysts’ earnings estimates for Japanese companies, lower relative valuations, and a historically bullish pre-election period.

Commentary

Songs of Experience: Reminiscences of a Strategist

It was 35 years ago this month that I began my career on Wall Street. In thinking about those three-and-a-half decades, I decided to shift tack with today’s report and ask readers to indulge me as I ruminate about what I’ve learned during these decades.

Commentary

Will Taxes Rise for the Wealthy?

House Democrats have proposed a higher top individual tax rate and changes to the capital gains tax. Both are a long way from becoming law.

Commentary

Is the Treasury Bond Market About to Wake Up?

The bond market has been in hibernation for months, and investors may have become complacent about risks.

Commentary

Will Rising Federal Debt Slow Economic Growth?

Over the past 70 years, rising government debt generally has been accompanied by weaker economic activity. But it’s not a simple relationship.

Commentary

Payback Time With a Potential Payoff

A gradual slowing of stimulus heralds a potential drop for the world’s stock markets, but the evidence suggests a possibility for a positive outcome.

Commentary

Municipal vs. Corporate Bonds: How to Choose

How do you choose between corporate and municipal bonds? Both have characteristics that can be useful in your portfolio, depending on your goals and circumstances, but they’re not right for every situation.

Commentary

Dollar Outlook: Can the Rally Continue?

Now that the dollar is near the year’s highs, can the rally continue? We believe it can in the near term, although our longer-term view is more nuanced. Here’s what we see ahead.

Commentary

SPACs: What Are They, and Are They a Risk to the Market?

Special purpose acquisition companies (SPACs)—also known as blank-check companies—have gained immense popularity among investors since the beginning of 2020, despite being around for decades.