Long – Term Treasuries Are Misbehaving
Last week, stock prices were up and bond prices were down (yields up). The MSCI Emerging Markets and MSCI EAFE indices outperformed the S&P 500. The best-performing sectors in the S&P 500 were energy, utilities, and consumer staples. Across U.S. Russell style and market-cap indices, mid-cap growth performed best, but the value factor led more broadly.
As for fixed income, the 10-year Treasury yield was up to 4.69% over the week, and the 2s/10s Treasury yield spread steepened to +52 bps. High-yield bond spreads were nearly flat at 265 bps and still remain well below the 2025 high of 453 bps.
Choosing a Corporate Trustee: Why Separation of Duties Can Protect Your Family
One of the more important decisions when setting up a trust is deciding who will actually administer it. Sometimes a family member is well suited to the role, but if not, there are reasons to consider a corporate trustee instead: no relative able or willing to take it on, complex assets that call for professional management, concern about future incapacity, or a blended family where a neutral party can help reduce friction. A corporate trustee is simply an institution, not an individual, that takes on the legal responsibility of managing a trust’s assets and carrying out its terms.
Jackson Hole Under the Spotlight: Can the Fed Restore Confidence?
The speech by the Chairman of the Federal Reserve on the last full day of the Jackson Hole Economic Policy Symposium is always a highly anticipated event. This year it arguably carries more immediate significance than usual, as Chairman Warsh’s words will be delivered in the shadow of both his previous FOMC press conference and the recent actions of Secretary Scott Bessent— neither of which was particularly well received by global bond markets. 30-year Treasury yields often serve as a vote on the credibility of both Warsh and Bessent and will be closely watched throughout the week.
Softening Data, Strong AI Demand: A Market Searching For Direction
Last week, stock prices were up and bond prices were down (yields up). The MSCI Emerging Markets and MSCI EAFE indices outperformed the S&P 500. The best-performing sectors in the S&P 500 were energy, utilities, and consumer staples. Across U.S. Russell style and market-cap indices, mid-cap growth performed best, but the value factor led more broadly.
As for fixed income, the 10-year Treasury yield was up to 4.69% over the week, and the 2s/10s Treasury yield spread steepened to +52 bps. High-yield bond spreads were nearly flat at 265 bps and still remain well below the 2025 high of 453 bps.
Is Your Equity Comp Getting a Fair Look?
More and more workers are benefiting from equity compensation, and it’s not just limited to the C-suite and senior executives. Mid-level employees often accumulate meaningful positions in their company’s stock. Many of these employees rarely receive guidance on what to do with this compensation, including potential concentration risks and tax implications. Those with options often […]
Strong Economy, Sour Mood: Why Consumers Aren’t Feeling the Boom
Consumer inflation decelerated slightly in July, new jobless claims are running well below the levels of 2025, third quarter US economic growth is estimated at approximately 3.5% and average hourly earnings are growing 3.2%. Additionally, the S&P 500 hit a new market high last Thursday, August 13. One would think that all is good but . . . the consumer says otherwise. The day after that new S&P high, the preliminary Michigan Survey of Consumer Sentiment for August fell almost 8%, returning to the lower levels of consumer confidence that became evident in the spring of 2025.
AI Trillion $ Spending Splits the Market: Winners and Losers
Markets remained resilient as strong earnings and improving global economic data supported equities despite higher Treasury yields, ongoing AI sector volatility, and persistent inflation and Fed policy concerns.
An Estate Planning Blueprint by Life Stage: Is Yours Out of Date?
Life moves quickly, but estate plans often stand still. Treating estate planning as a one-off event – a heavy binder locked in a safe – is a common mistake. An effective plan is a living blueprint that should evolve alongside every stage of life. For example, what protects a young adult starting out is different […]
Week of August 09, 2026 – Weekly Economic Commentary
The “K-shaped economy” is back in the news, mostly as a result of the attempts by government officials to deny it exists. Some economists are sympathetic to the frustration over the use of the phrase, which popped onto the scene early in the pandemic shutdown. Originally, it was intended to describe an economic recovery pattern […]
Fundamentals Drive Markets in the Absence of Fed Action
Markets remained resilient as strong earnings and improving global economic data supported equities despite higher Treasury yields, ongoing AI sector volatility, and persistent inflation and Fed policy concerns.
Passing Down the Family Home Without Passing Down a Fight
A vacation home may outlive the mortgage, the renovations, and often the parents who bought it. Whether it’s a waterfront property, a cabin in the mountains, or an apartment in charming city, a second home can accumulate decades of family history long before anyone thinks about what happens to it next. So when estate planning […]
Week of August 02, 2026 – Weekly Economic Commentary
The Bureau of Economic Analysis (BEA) released considerable, albeit preliminary, data on the US economy in the second quarter and much of the story got lost in the glare of Kevin Warsh’s problematic second press conference as Chairman of the Federal Reserve. The first estimate of US Q2 GDP growth was 1.5%, somewhat below expectations […]