Weekly Market Commentary 11/30/2018
“Sticks and stones may break my bones, but ….” Given the fusillade of words being bandied about recently, we wonder if the phrasing of that old adage should be rearranged. For sure, words spoken by key figures in the halls of power had a meaningful impact on the markets this week. The loudest, and most impactful, came from Fed Chair Jerome Powell on Wednesday. In an attention-getting speech at the New York Economic Club, Powell asserted that interest rates are just below neutral, i.e. the level that neither stimulates nor retards growth. His comments ignited a powerful rally in the stock market, as it conveyed the impression that the Fed was closer to the endgame in raising rates than had been perceived. Recall that in early October Powell gave just the opposite impression, noting in a speech that rates were still a long way from neutral.
- DATE: November 30, 2018
- TYPE: PDF
Weekly Market Commentary 11/23/2018
In a holiday-shortened week, investors were mercifully spared at least 1-½ days of market volatility and falling prices that have decimated portfolios over the past month...
Weekly Market Commentary 11/16/2018
The latest batch of economic reports provides a good example of why it's important to look beyond the headline numbers. On the surface it would seem that inflation...
Weekly Market Commentary 11/9/2018
Investors welcomed back gridlock with open arms. Thanks to a powerful post-election rally that built on the gains leading up to the election, the Dow Jones Industrial...