The Urban-to-Suburban Exodus May Be the Biggest in 50 Years
This “exodus,” as some are already calling it, may end up being among the biggest in U.S. history, or at least the biggest since the 1950s and 60s. A record 27.4 percent of homebuyers sought to move out of their metro areas in the second quarter, according to Redfin data.
Stall Speed Economy
In this letter I find myself recommending policies that not that long ago would have been extraordinarily distasteful to me. Yet, unless we pursue them, our economy will truly be turned upside down. I fully recognize these things have a cost. But the cost of inaction is much higher.
Rational Exuberance? Explaining Global Equity Market Gains
Global stock markets seem to be defying the reality of recessions this year. Despite recent volatility, we think market gains for the year are more rational than perceived, given the powerful impact of stimulus and low rates on stock valuations.
Got Gold? Bottom-Barrel Rates to Last for Years to Come
At least through 2023: That’s how long the Federal Reserve expects near-zero interest rates to last as it seeks to support an economy that’s seen more than 60 million jobless claims since mid-March. Gold has thrived in this low-rate environment, hitting an all-time high of $2,070 an ounce in early August...
Brexit Saga Meets Trade Roadblocks
The United Kingdom officially left the European Union in January of this year, but issues remain in the Brexit saga, namely trade relations. David Zahn, our Head of European Fixed Income, weighs in on the odds no deal will be reached by year-end—and the market implications.
Four Myths About Investing Outside U.S. Markets
With U.S. shares reaching lofty valuations and fundamentals firming up in many other countries, financial advisors would be wise to consider increasing a client’s non-U.S. holdings. So why do many advisors hesitate making this allocation?
Updated: U.S. Household Incomes - A 50+ Year Perspective
This month, the Census Bureau released its annual report on household income data for 2019. Last year the median (middle) average household income rose to $68,703. Let's take a closer look at the quintile averages, which dates from 1967, along with the statistics for the top 5%.
Lessons From China
What are the lessons that can be learned from observing the Chinese economy and U.S.–China relations? Sinology explores the takeaways from five topics including China’s approach to controlling COVID-19, its economic recovery and Washington’s misguided approach towards China.
Interest Rates and Their Impact On Stock Values
Many investors are attempting to justify higher stock “valuations” because interest rates are at historical lows. I would agree that lower interest rates could affect “market valuations” based on the simple law of supply and demand. The concept is simple, when fixed income offers lower returns it logically stimulates more demand for equities where higher returns can be found.