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, […]
OBBBA’s Impact on Renewable Energy Incentives: What Homeowners and Investors Should Know
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 […]
Trump Accounts: What Families Should Know About the New Child Savings Option
What Families Should Know about the New Trump Account Earlier this month, President Trump signed the One Big Beautiful Bill Act (OBBBA) into law, which included a variety of new child-friendly tax provisions. Among them is a new child savings account called a “Trump Account”. While Trump Accounts may help some families on the margins, […]
Investment Commentary – July 28, 2025
Executive Summary We believe the tariff situation represents more of a consumption tax that will be more similar to a one-time price adjustment than stoking runaway inflation expectations. We also believe that housing is an important component of inflation metrics, where home prices have been recently deflating across the country, and mortgage rates remain elevated. […]
Economic Commentary – July 28, 2025
Occasionally, the amount of economic data made available in a short time can seem overwhelming. Such is the case this week, where the “main event” is the Federal Open Market Committee (FOMC) meeting on Wednesday, but inflation, employment, consumption, and housing data for Q2 and July all appropriately deserve equal attention. Thankfully, much of the important data will […]
Tactical Tax Planning Under the OBBBA: Maximize Temporary Deductions Before They Expire
Tactical Tax Planning: Navigating the OBBBA’s Key Provisions in the Near Term It’s critical to remember that while the OBBBA introduced a plethora of new tax changes, many of its most impactful provisions, particularly those offering significant deductions, are temporary. They are set to expire, predominantly by 2028 or 2029. This limited window underscores the […]
Investment Commentary – July 21, 2025
Executive Summary Various key trends the Investment Office is monitoring U.S. financials sector earnings season kicked off last week strong. The MSCI EAFE Large Cap value index has nearly 37% weight to financials, which creates concentration risk. This week we have Eurozone and U.S. preliminary PMIs, more S&P500 earnings releases including Google and Tesla. […]
Economic Commentary – July 21, 2025
The US economy continues to feel as if some corner has been turned, which is a pretty nifty trick to pull off without an appreciable slowing of economic growth. The week’s data will help to illuminate the degree to which that growth continues into the third quarter; data for June should provide some sense of the […]
Economic Commentary – July 14, 2025
July doesn’t feel much like the summer doldrums yet. Tariff threats are flying, bilateral deals are being hammered out (we hope, albeit with minimal details), and economist Kevin Hassett is the latest policymaker trying to engineer a Federal Reserve coup. One way to understand the economic policy disarray is to appreciate that wars in Ukraine […]
New OBBBA Income Tax Deductions: Do You Qualify as a High Earner?
Will You Qualify for New Income Tax Deductions? The OBBBA introduces several new above-the-line deductions, which directly reduce adjusted gross income. However, high earners will not be able to claim all of them. Read below to find out if you qualify: From 2025 to 2028, those aged 65 and over can take advantage of a […]
Investment Commentary – July 14, 2025
Executive Summary Last week, there was little difference in performance between large-caps and small-caps, while growth stocks held up modestly better than value. Investors have begun to follow airline earnings announcements as something of a bellwether of consumer strength. Delta Air Lines provided a supportive full-year 2025 earnings outlook—after withdrawing its guidance in the wake […]