Economic Commentary – October 20, 2025
The release of the Federal Reserve’s Summary of Commentary on Current Economic Conditions —aka “The Beige Book”—received considerable attention last week. The Beige Book is always a useful document for economists and thought-leaders willing to go beyond the headlines and the mostly backward-looking economic statistics. Now, of course, the flow of backward-looking data from the […]
Investment Commentary – October 20, 2025
Equities The S&P 500 returned 1.1% for the week amid continued optimism around AI, a strong start to the earnings season, from large banks, and increasing hopes for further rate cuts from the Fed. Markets looked past trade tensions with China and emerging credit issues at regional banks as Fed Chair Powell signaled that the […]
Medicare Open Enrollment 2026: Rising Premiums, Reduced Benefits, and What to Do
Medicare Open Enrollment: Rising Costs and New Restrictions Medicare open enrollment for 2026 runs through December 7, and several important changes are on the horizon. Many participants will likely face higher premiums, reduced benefits, and more restrictive provider networks. The baseline Part B premium is expected to rise from $185 to $206 a month, representing […]
Markets Keep Climbing the Wall of Worry – This Week Without Water — October 20, 2025
Good morning, The resilience of a bull market is tested by throwing worries at it and watching how it reacts. Two weeks ago — the China tariff scare. Last week — fears of regional bank insolvencies. Each time, the market hit a brief air pocket, endured a few hours of turbulence, then found smoother air […]