Financial Insights

Rough Waters Demand a Steady Hand

It has been a rough couple of months for growth stocks and higher-risk assets. Meanwhile, the S&P has roared forward 42%. And then, the Fed pivots on bond tapering. What to make of the recent market volatility? Read on....
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Specter of Inflation Forces the Fed to Act

ACM Advisor Alan Greenspan Inflation outlook, “raising wages to encourage a return to the labor force…could eventually result in higher Inflation…”...
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Roaring Ahead, While the Fed Lags Behind

Economic growth is very strong, profits significantly outperformed optimistic expectations and hiring is robust yet most Fed officials still seem to prefer maintaining the current highly accommodative policy stance....
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The Real Test Is Still to Come: Inflation and Wages in a Reawakening Economy

Job growth has picked up sharply and should remain fairly strong even before schools resume in September. But rising labor costs and their effects on inflation will test the Federal Reserve’s view that the surge in inflation will be just transitory....
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Are You Chasing Yield in Fixed Income?

Interest rates and risk premiums (credit spreads*) are both very low. This has caused some investors to chase yield via more aggressive fixed income opportunities without appreciating the incremental risk associated with those decisions....
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Could the Recovery Be Too Strong?

Many people fear that the Fed’s injection of trillions in liquidity will cause inflation to surge.  We do not see rising inflation as a serious risk this year, so any concerns about inflation are premature. But it could become a problem depending on fiscal and monetary policy actions this year and next....
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Is the Fed Move a Game Changer?

Federal Reserve Chairman Jay Powell announced a shift to an “inflation averaging” rule last week at the virtual Jackson Hole monetary policy conference and many investors are wondering whether this should alter portfolio strategy....
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Not Your Father’s Fixed Income World. Now What?

Fed actions, as well as investors’ demand for safety have resulted in interest rates declining significantly to previously unthinkable levels. But do not worry, we have a plan....
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Celebrating the Grand (Re)Opening?

Investors saw it coming – as they often do. The reopening is underway. But all is not well. The average stock in the S&P 500 is down 17% year to date....
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