One Big Beautiful Bill: Legislative Update on Proposed Tax Changes Affecting Wealthy Families
Legislative Update: Proposed Tax Changes in House Bill The latest version of the House’s proposed legislation, previously known as the “One Big, Beautiful Bill,” remains intact, mainly following negotiations during the past week. Highlighted below are key provisions that may impact and are subject to changes: Individual Tax Cuts If the bill is passed in […]
Investment Commentary – May 19, 2025
Executive Summary The 30-year Treasury bond yield rose above 5.00% on an intra-day basis 5/19.25 – which is close to 2023’s cyclical high, triggered, in part, by a weak Treasury bond auction, which signaled the supply of Treasuries due to increasing budget deficits was weighing on the market. The bond market may be starting to […]
Understanding the Difference Between Soft and Hard Economic Data
We finally received the details on the scope of the Trump Administration Tariffs, and it’s beyond market consensus. Risk markets currently do not like the announcement, with stock futures currently down and the NASDAQ leading markets lower. Copper and oil are also falling in post-market trading, suggesting concerns about dimmer growth prospects. The Asia open seems more muted than the headlines would potentially justify.
Economic Commentary – May 19, 2025
Moody’s lowering of the US sovereign credit rating to Aa1 from Aaa was not entirely surprising; S&P cut its rating of the US as a borrower from its highest rating of AAA to AA+ many years ago, as did Fitch’s in 2023. (Note: there are ratings of instruments and ratings of borrowers, and both can […]
Light News and Events Could Mean Consolidation This Week? – May 19, 2025
Good morning, Following a week where stocks rallied as if everything trade-related has been resolved (S&P +5.27% / week), we enter this week with a little rain on that parade. Moody’s downgraded U.S. Treasuries on deficit concerns – S&P Futures are off about -1%. Moody’s is the last of the major rating agencies to downgrade, […]