Fourth Quarter 2019 – The End of a Decade

Key TakeAways: 2010s will likely be remembered as a decade of disruption and prosperity Over the past decade, the labor market has improved, home prices and consumer spending have recovered and household balance sheets have continued to grow We believe the 2020s begin...

Third Quarter 2019 – U.S. GDP: Still Standing

Key TakeAways: U.S. economy has been resilient despite challenging headlinesInvestors may have to readjust U.S. GDP growth expectationsAverage 12-month U.S. GDP growth has been slower post-2008 vs. prior two business cyclesSlow growth doesn’t mean ‘broken’ economic growth Apple recently released a new marketing...

Second Quarter 2019 – Market Tug of War

KEY TAKEAWAYS: Financial markets experiencing ‘tug of war’ over path of monetary policyMonetary policy influences many parts of the economy, including stock prices, mortgages and spendingOver the past 18 months, we believe we’ve seen competing monetary policy views play out in real timeThe...

First Quarter 2019 – The Market Pendulum Swings

The Franklin Institute, a science and technology museum in Philadelphia, exhibits a replica four-story Foucault’s Pendulum. This giant pendulum, set in motion every morning, swings methodically throughout the day. Over time, the rhythmic back and forth gradually slows and the pendulum eventually comes...