Wealth Planning Commentary – August 25, 2025
Coping Financially After the Loss of a Spouse Losing a spouse is one of life’s most difficult experiences, and it can leave behind not only emotional pain but also a host of financial responsibilities. Amid grief, the idea of sorting through documents, accounts, and decisions can feel overwhelming. Having a plan in place before that […]
Investment Commentary – August 25, 2025
Executive Summary Rising corporate earnings and expectations of lower policy rates are positive for risk-asset markets. Many asset-market valuations are not appealing, but risk-on is likely to persist until earnings are challenged by a weakening economy, or long-term government bond yields potentially break out to the upside (price down/yield up) due to unanchored inflation expectations, increasing […]
Economic Commentary – August 25, 2025
The White House’s intense focus on the monthly labor market revisions by the Bureau of Labor Statistics (BLS) has muddied the debate over the true health of US employment and its near-term direction. Even without the revisions, there would be serious questions as to the policy implications of the nonfarm payroll numbers. For example, is the […]
Economic Commentary – August 18, 2025
An invite to the annual Federal Reserve Jackson Hole Symposium — officially, “The Federal Reserve Bank of Kansas City’s Economic Policy Symposium in Jackson Hole, Wyoming”— has been highly prized almost from the event’s founding in 1982. There are few gatherings of central bankers, government officials, academics, and financial industry leaders that can compare with the quality of […]
Investment Commentary – August 18, 2025
Executive Summary The 2025 Jackson Hole Economic Policy Symposium will focus on “Labor Markets in Transition: Demographics, Productivity, and Macroeconomic Policy.” The symposium is scheduled for August 21-23. It’s an annual event hosted by the Federal Reserve Bank of Kansas City in Jackson Hole, Wyoming, bringing together central bankers, policymakers, economists, and academics to discuss important economic issues and […]
Wealth Planning Commentary – August 18, 2025
Did You Recently Inherit An IRA? The 10-Year Rule May Apply The SECURE Act reshaped how IRAs inherited after 2020 are distributed, and the so-called “10-Year Rule” now stands at the center of estate and retirement planning. Understanding these rules is essential, as they affect both the original account owner and those who inherit retirement […]
Wealth Planning Commentary – August 11, 2025
How Government Economic Data Impacts Your Plan The Bureau of Labor Statistics (BLS) has been in the headlines recently following the dismissal of its director over allegations of inaccurate employment reporting. The agency’s work is central to the economy, most notably through its monthly reports on employment growth and inflation. The accuracy of BLS data […]
Investment Commentary – August 11, 2025
Equities The S&P 500 returned +2.4% as markets focused on strong corporate earnings results and looked past the disappointing economic data from the previous week. Markets looked past several data points which may ordinarily have given it pause: a weak ISM Services print, rising yields due to weak auction demand for 10-year and 30-year treasuries, […]
Economic Commentary – August 11, 2025
Inflation returns to center stage this week with the release of the July Consumer Price Index (CPI) and Producer Price Index (PPI). These numbers have significance for all the usual reasons, but now will be viewed in the context of a July employment report weak enough to have shifted the thinking to an “almost-certain” September […]
Economic Commentary – August 4, 2025
The flood of economic data last week measured up to all expectations — and probably exceeded more than a few. Collectively, the data painted a picture that most people had already sketched out, one of slowing economic growth, some upward pressure on prices, and a Federal Reserve facing murky uncertainties. Even if the Federal Open Market […]
Investment Commentary – August 4, 2025
Executive Summary Last week, U.S. stocks were down and bonds up (price up / yield down). The S&P 500 outperformed the MSCI Emerging Markets and MSCI EAFE indices. As for fixed income, the 10 yr. Treasury yield fell 17 bp on the week to 4.21%. The best performing parts of the bond market were treasuries, […]
Wealth Planning Commentary – August 4, 2025
What’s Happening to Renewable Energy Incentives? The One Big Beautiful Bill Act (OBBBA) is a sweeping piece of legislation, covering a wide range of tax and incentive changes. One area generating a great deal of attention is the significant shift in federal support for renewable energy. With OBBBA, there’s a clear pivot away from the […]