Economic Commentary – May 12, 2025
The economic news starts to get interesting on Tuesday, and will continue from there, kicked off by the Consumer Price Numbers for April. It will be a long wait for perhaps the most substantive information on the impact of tariffs — the second quarter earnings reports, which will start in July— but hard data for the […]
Investment Commentary – May 12, 2025
Executive Summary Last week, the markets closed on a cautious note, with both stocks and bonds fluctuating amid anticipation of renewed trade negotiations between the world’s two largest economies. Investors showed restraint, avoiding riskier positioning amid speculation that, while the upcoming discussions between Chinese and American officials might mark a diplomatic thaw, a meaningful agreement […]
House Tax Bill Highlights: Key TCJA Provisions and Wealth Planning Implications
Preliminary Insights into House Tax Bill This weekend, the House of Representatives Ways and Means Committee released an initial draft of its proposed tax legislation. The primary focus of this draft is to address the provisions of the Tax Cuts and Jobs Act (TCJA) that expire at the end of this year. This proposal is […]
Economic Commentary – May 5, 2025
A recent meeting with a Pentagon officer yielded a phrase that he surely would be amused to see deployed to economic thinking: “Fog and Friction.” The conventional application of the term is to the battlefield, and refers to the difficulty of gathering relevant intelligence (fog) to build a strategy, accompanied by the challenge of tactical execution […]
Investment Commentary – May 5, 2025
Equities The S&P 500 returned +2.9% to complete a stunning rebound and recover all losses since “Liberation Day” (April 2). News of increased diplomacy with China on trade, and a jobs report that showed a labor market that is cooling but resilient, calmed markets. While the GDP report showed that the economy contracted in the […]
TCJA Extension and Congressional Tax Updates: What High-Net-Worth Taxpayers Should Know
Congressional Budget and Tax Update The proposed federal budget and its potential implications are currently a focal point in Washington. Ongoing discussions in Congress center on the future of the Tax Cuts and Jobs Act (TCJA), which is set to expire next year unless Congress acts to extend it. Republican lawmakers are considering whether to […]
Creating Peace of Mind: Wealth Planning Strategies for Continued Market Turbulence
Creating Peace of Mind During Volatility The markets feel relatively calm compared to early April, and it is easy to become complacent. However, it remains more likely than not that we will experience continued turbulence this year, which may cause ongoing concern. One key objective of wealth planning is to help provide peace of mind, […]
Investment Commentary – April 28, 2025
Executive Summary The “soft” negative survey data has yet to show up in the “hard” economic data. The U.S. Market preliminary manufacturing PMI came in above estimates at 50.7. The services side came in below estimates but still an expansionary 51.4. U.S. equities outperformed European stocks last week but are still underperforming by 17% YTD. […]
Economic Commentary – April 28, 2025
This is a good week to let the data — there will be a lot of it— do the driving. And it is likely to be something of a joy ride, the trick being to buckle up and keep an eye on the month being reported. A majority of the data will continue to be […]
Annuities for High-Net-Worth Investors: Seeking Stability Amid Market Uncertainty
Seeking Stability with Annuities Amid this year’s market volatility, certain high-net-worth individuals and families who have historically been comfortable with risk are shifting their behavior. Some are now expressing increased interest in annuities to manage uncertainty and protect future income. In 2024, total annuity sales were $432.4 billion, up 12% from the prior year. Overall […]
Investment Commentary – April 21, 2025
Executive Summary Last week was another round of “headline roulette” where Trump claimed a trade deal with the EU was imminent (though he provided no details or timeline); Trump was more specific about a U.S.-Ukraine minerals accord, saying a deal would be signed in a week; Trump addressed Powell on social media, saying his removal […]
Economic Commentary – April 21, 2025
Timing is everything, so the saying goes. Economists would paraphrase this by saying “time frame is everything;” play around with the time frame enough and one can perhaps prove just about anything, in co-conspiracy with the ability of statistics to do the same. As world economies march towards May, serious questions about the relevant time […]