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Equity
September 22 2023
Monetary Policy .
Article

6 minute read

Goldilocks and the Federal Reserve
September 22 2023

Fed plans to keep interest rates higher for longer.

September 20 2023
Monetary Policy .
Article

2 minute read

Proceeding carefully
September 20 2023

The Fed opts against raising rates, but doesn't rule out another hike this year.

September 20 2023
Markets/Economy .
Article

2 minute read

About that auto strike
September 20 2023

At the end of the day, it'll be a gift for competitors.

September 19 2023
Equity .
Article

4 minute read

Investors have seen this story before...
September 19 2023

With Growth a crowded and expensive trade, might Value offer better value?

September 15 2023
Markets/Economy .
Article

6 minute read

Back to school
September 15 2023

School spending slows while inflation rises.

September 19 2023
Equity .
Article

8 minute read

A simple bag of potato chips
September 15 2023

Moderating core inflation doesn't ease consumer concerns about everyday prices.

September 8 2023
Markets/Economy .
Article

8 minute read

Future still foggy
September 8 2023

Data point in different directions.

September 8 2023
Equity .
Article

7 minute read

I wouldn't want to count the consumer out prematurely
September 8 2023

Lots of reasons to expect all-important spending to hold up.

September 1 2023
Equity .
Article

7 minute read

What's the downside?
September 1 2023

Unloved sectors may be setting up nicely.

August 31 2023
Markets/Economy .
Article

4 minute read

Bad news is good news
September 1 2023

Softer job growth could prevent the Fed from hiking again.

August 31 2023
Equity .
Article

2 minute read

Consider the alternatives
August 31 2023

Contrarian approaches may offer a missing piece to investor portfolios.

August 31 2023
Equity .
Article

8 minute read

Will AI, millennials and productivity save the day?
August 25 2023

Let's hope so because massive and growing deficits are spooking markets.

August 25 2023
Monetary Policy .
Article

5 minute read

Higher for longer
August 25 2023

Powell uses Jackson Hole keynote to reiterate Fed’s vigilance to lower inflation.

August 21 2023
International/Global .
Article

2 minute read

Korea: overlooked and underappreciated
August 22 2023

The rapidly developing peninsular country has 3 factors going for it.

August 21 2023
Equity .
Article

8 minute read

The consumer reigns supreme ...
August 18 2023

And has a lot of firepower left.

September 7 2023
Equity .
Article

9 minute read

Every cloud has a silver lining
August 17 2023

Buyable entry point emerging for stocks.

August 15 2023
Markets/Economy .
Article

4 minute read

Could the IPO hangover finally be over?
August 16 2023

The conditions suppressing the IPO market since 2021 appear to be subsiding.

August 11 2023
Equity .
Article

4 minute read

How much do 'long and variable lags' matter?
August 14 2023

The evidence so far suggests not a lot. 

August 11 2023
Equity .
Podcast

40 minute listen

In defense of dividends

August 11 2023

The past, present and future of dividend investing.

August 9 2023
Equity .
Article

4 minute read

EVs are not an environmental panacea
August 9 2023

Electric vehicles face bumps in the road to reach their lofty goals.

August 8 2023
International/Global .
Article

4 minute read

The case for China
August 8 2023

For equity investors, peak pessimism presents potential opportunities.

August 29 2023
Markets/Economy .
Article

6 minute read

Labor market stagflation?
August 4 2023

Payroll growth slows, but wages stay hot.        

August 29 2023
Markets/Economy .
Article

7 minute read

AI revolution: Artificial general intelligence is exciting
August 3 2023

Its potential, for good and for bad, is just starting to be appreciated.  

July 28 2023
Markets/Economy .
Article

6 minute read

Robust capex drives solid GDP
July 28 2023

Fed may remain vigilant.

July 28 2023
Equity .
Article

8 minute read

Nobody wears heels in Warren PA!
July 28 2023

Might this rally be due for some consolidation?

July 26 2023
Monetary Policy .
Article

2 minute read

Middle ground
July 26 2023

With the impact of its tightening still not apparent, the Fed opted for another modest rate hike. 

August 17 2023
Equity .
Article

7 minute read

'Rocky landing' landing
July 25 2023

Upgrading year-end S&P target to 5,000 as rocky landing scenario nears end.

July 25 2023
Equity .
Video

2 minute watch

Halfway there
July 25 2023

 The U.S. is likely already feeling the predicted “rocky landing.”

July 21 2023
Equity .
Article

7 minute read

Conflicting signals
July 21 2023

Recession odds have fallen.

July 26 2023
Equity .
Article

7 minute read

Summertime...
July 21 2023

Might a summer storm lie ahead for investors? 

July 17 2023
Markets/Economy .
Article

6 minute read

Social Security: A crisis of procrastination
July 14 2023

Waiting for the program to go bust isn’t an option.

July 14 2023
Equity .
Article

7 minute read

Candyland
July 14 2023

It’s Christmas in July for equities. Will the Fed be a Scrooge?

July 13 2023
Equity .
Video

2 minute watch

Eyes peeled
July 13 2023

Investors should watch corporate earnings.

July 12 2023
International/Global .
Article

5 minute read

Japan's on a roll. Is it for real this time?
July 12 2023

Why we think Japan could finally outperform after three lost decades.

July 7 2023
Markets/Economy .
Article

4 minute read

Payroll picture mixed
July 7 2023

But strong enough for the Fed to hike yet again.

July 7 2023
Equity .
Video

2 minute watch

Still standing
July 7 2023

The consumer is between tough headwinds and promising tailwinds.

July 12 2023
Equity .
Article

7 minute read

Looking back, looking ahead
July 7 2023

The first half was a consensus killer; will the second half be one too?

June 28 2023
Equity .
Article

2 minute read

The dividend story remains the same
July 5 2023

Higher-for-longer rates can be beneficial for dividend strategies.

June 30 2023
Markets/Economy .
Article

6 minute read

Reversion to the mean?
June 30 2023

Will tech stocks cool after torrid first-half surge?

July 11 2023
Equity .
Article

8 minute read

10 reasons the market's glass could be half full, not half empty
June 28 2023

As ‘Rocky Landing’ enters final phases, equity market remains upwardly biased.

June 28 2023
Markets/Economy .
Article

5 minute read

Devil's advocate
June 23 2023

Could energy buck conventional wisdom?

June 16 2023
Equity .
Article

5 minute read

1.3 trillion reasons to spend
June 21 2023

The consumer has a lot more firepower than many appreciate.

June 16 2023
Markets/Economy .
Article

5 minute read

Hawkish pause
June 16 2023

Dichotomy between nominal and core inflation declines keeps Fed engaged.

June 28 2023
Equity .
Article

9 minute read

Is it a bubble?
June 16 2023

If it is, bubbles can last a long time.

June 14 2023
Markets/Economy .
Article

2 minute read

Preparing for the next step
June 14 2023

The Fed skipped a rate hike but suggested more could come. 

June 28 2023
Markets/Economy .
Article

6 minute read

'High wall with a big gate'
June 12 2023

The current U.S. immigration system is an inadequate solution to population decline.

June 9 2023
Equity .
Article

7 minute read

Siren song?
June 9 2023

The pain trade is up. The late '90s' parallels are eerie.

June 2 2023
Markets/Economy .
Article

7 minute read

Tale of two labor markets
June 2 2023

A hot headline increase of 339,000 jobs in May but colder details put Fed in wait-and-see mode.

June 2 2023
Equity .
Article

8 minute read

99th percentile
June 2 2023

A very narrow market trading at extremes makes for discomfort.

May 26 2023
Markets/Economy .
Article

4 minute read

Problems at the office
May 31 2023

The office credit market is in trouble, but the broad CRE sector appears healthy.

May 30 2023
International/Global .
Video

1 minute watch

Opportunities in innovation
May 30 2023

Emerging markets may show long-term opportunity for investors.

May 30 2023
Equity .
Article

8 minute read

Funemployment and sacrifice
May 26 2023

A strong consumer and robust labor market aren't so fun for the Fed.

May 24 2023
International/Global .
Video

1 minute watch

Surprising the upside
May 23 2023

Europe may have the momentum, valuation and growth to continue to outperform.

May 23 2023
Markets/Economy .
Article

6 minute read

On the one hand...
May 23 2023

Inconsistent economic reports cloud the path of U.S. growth.

May 19 2023
Active Management .
Article

4 minute read

Look beyond the headline
May 19 2023

The bump in April retail sales belies a deceleration of consumer spending.

July 5 2023
Equity .
Article

7 minute read

'The World According to GARP'
May 19 2023

Might stocks offering 'growth at reasonable prices' provide refuge?

May 19 2023
International/Global .
Video

1 minute watch

On the line
May 18 2023

Is the dollar's reserve currency status in danger?

May 25 2023
Equity .
Article

8 minute read

Please Sir! Can we just get on with the ‘Big R’ Recession?


May 16 2023

Investors grow impatient waiting for the big downturn that may never fully come.

May 12 2023
Markets/Economy .
Article

6 minute read

The pause that refreshes
May 12 2023

The Fed may be done hiking, but its subsequent pause could last awhile.

May 12 2023
Equity .
Article

8 minute read

The key is to figure out what regime we're in
May 12 2023

That could determine if above- or below-average historical returns are likely.

May 5 2023
Markets/Economy .
Article

7 minute read

'Sizzling' labor market report less impressive than it seems
May 5 2023

Barring the emergence of more bullish data, we expect the Fed to pause rate hikes this year.

May 4 2023
Equity .
Article

6 minute read

'Not worried, but ...'
May 4 2023

Looming risks make it hard to assess where markets go next.

April 28 2023
Markets/Economy .
Article

6 minute read

Worst of all worlds
April 28 2023

GDP growth slows, but inflation remains elevated

May 16 2023
Markets/Economy .
Article

5 minute read

Bulls running out of air; bears running out of time
April 28 2023

With volatile markets ahead, stocks enter a period of limbo.

May 10 2023
Equity .
Article

8 minute read

Crosscurrents
April 28 2023

With so many mixed messages, no wonder investors are confused.

April 28 2023
Markets/Economy .
Podcast

43 minute listen

Putting the inflation genie into its lamp


April 26 2023

Stubborn inflation, strong consumption data and a robust labor market are clouding the economy’s path.

April 28 2023
Markets/Economy .
Article

4 minute read

Debt-ceiling drama
April 21 2023

Is the debate much ado about nothing or a slow-moving train wreck?

July 5 2023
Equity .
Article

8 minute read

Slowflation
April 21 2023

Slower growth and stubborn inflation argue for patience and selectivity.

April 28 2023
Markets/Economy .
Article

7 minute read

High-water mark
April 14 2023

We see GDP growth slowing over the balance of 2023.

April 28 2023
Equity .
Article

7 minute read

Liquidity is shrinking
April 14 2023

Perils lurk but so does the potential for upside surprises.

April 28 2023
Markets/Economy .
Article

7 minute read

Inflection point?
April 7 2023

Fed rate hikes finally may be starting to bite.

April 28 2023
Equity .
Article

8 minute read

'That's stupid and I'm not doing that ...'
April 6 2023

Mounting clues that the economy has reached a turning point.

July 5 2023
Equity .
Article

7 minute read

The beginning of the end, or the end of the beginning?
April 6 2023

Maintaining cautiously constructive stance amid confusing outlook.

April 28 2023
Markets/Economy .
Article

5 minute read

Do fundamentals still matter?
March 31 2023

Should investors buy the dips or sell the rips as we approach earnings season?

July 5 2023
Markets/Economy .
Article

7 minute read

'How long can this keep going on?'
March 31 2023

For as long as the economy is stronger for longer.

April 28 2023
Equity .
Article

6 minute read

A rock and a hard place
March 24 2023

Will the Federal Reserve pivot from its fight against inflation?

May 30 2023
Equity .
Article

7 minute read

'We stay in our lane'
March 24 2023

Not all regional banks are caught up in the turmoil. 

April 28 2023
Monetary Policy .
Article

3 minute read

Balancing act
March 22 2023

Fed Chair Powell made the case for another quarter-point hike amid the banking turmoil.

April 28 2023
Equity .
Video

1 minute watch

Rate regime recovery
March 21 2023

Growth stocks typically do well in low-rate, low-growth environments.

April 28 2023
Equity .
Article

8 minute read

Only when the tide goes out ...
March 20 2023

Rapid rate increases exposing issues that were hidden when rates were low.

April 28 2023
Markets/Economy .
Article

6 minute read

Reversal of fortunes
March 17 2023

Silicon Valley Bank's 'Perfect Storm' unlikely to deter Fed.

July 5 2023
Equity .
Article

6 minute read

It's back to the middle syllable of e-CON-omy
March 13 2023

Weakening confidence should give Fed the slowdown it wanted.

April 28 2023
Equity .
Article

7 minute read

Drumbeat
March 10 2023

The beats (hawkish Fed, strong jobs, surprise bank failure) keep coming.

April 28 2023
Equity .
Video

1 minute watch

Survival of the fittest
March 10 2023

In the IPO market, only the best business models survive.

April 28 2023
Markets/Economy .
Article

2 minute read

Robust jobs report puts air under wings of Fed hawks
March 10 2023

The still hot labor market all but ensures the Federal Reserve stays aggressive.

May 30 2023
Equity .
Article

12 minute read

10 things that are 'different this time'
March 10 2023

Standard models and frameworks are less useful in rocky landings.

April 28 2023
Markets/Economy .
Article

3 minute read

Can small-cap value keep it going?
March 8 2023

The recent pullback after a strong start to ’23 may be just a breather.

April 28 2023
Equity .
Video

2 minute watch

Slow and steady wins the race
March 3 2023

The words of the day are “caution” and “patience.”

April 28 2023
Equity .
Article

7 minute read

Mr. and Mrs. Federated Hermes
March 3 2023

As Linda discusses inflationary '70s, a guest wonders if the Mister is with her.

April 28 2023
Markets/Economy .
Article

7 minute read

Dr. Jekyll and Mr. Market
March 3 2023

U.S. equity and fixed-income markets are pointing in different directions.

April 28 2023
Markets/Economy .
Article

6 minute read

No end in sight
February 24 2023

The tragic Russia/Ukraine war could keep energy prices and inflation elevated.

July 5 2023
Equity .
Article

7 minute read

Fifteen thousand dollars for a divorce? LOL!
February 24 2023

As long as Americans keep spending, higher for longer may rule the day.

April 28 2023
Equity .
Video

1 minute watch

Looking ahead
February 24 2023

A varied macro-economic environment calls for a defensive strategy.

May 30 2023
Equity .
Article

7 minute read

Ukraine a year later: The war and markets still enduring a rocky landing
February 23 2023

The only good news is both seem much closer to a better future.

April 28 2023
International/Global .
Article

5 minute read

Why the EM run has legs
February 22 2023

It starts with China. Other forces also are at work.

April 28 2023
Equity .
Article

5 minute read

Retail sales rebound strongly in January
February 17 2023

Combined with persistent inflation, Fed likely to remain vigilant.

April 28 2023
Equity .
Article

7 minute read

They called 'peak inflation' 3 times in the '70s. Just saying.
February 17 2023

Inflation, consumer strength move bonds closer to the Fed. Stocks still keeping some distance.

April 28 2023
Inflation .
Video

2 minute watch

Elevation sickness
February 17 2023

The Fed may pause this year, but a pivot is unlikely.

April 28 2023
Equity .
Article

8 minute read

'Your Uber driver gave you a kiss goodbye!'
February 10 2023

Audiences pondered this market, and Linda's chauffeur, in her travels this week.

April 28 2023
International/Global .
Article

3 minute read

Staying the course
February 9 2023

Signs suggest Europe’s economy might avoid a serious downturn.

April 28 2023
Markets/Economy .
Article

6 minute read

A barbell year
February 9 2023

Fundamentals suggest stocks could correct in the coming months before rallying into year-end.

April 28 2023
Equity .
Article

5 minute read

'Goldilocks' is a bit generous
February 7 2023

We're probably not yet at a "just right" stage for stocks, especially of the growth variety.

April 28 2023
Markets/Economy .
Article

7 minute read

Blowout jobs report
February 6 2023

The surge of hires in January likely keeps the Fed in hawk mode.

July 5 2023
Equity .
Article

7 minute read

Mixed messages
February 3 2023

Bulls looking past the crosscurrents … for now.

April 28 2023
Markets/Economy .
Article

6 minute read

Inventory surge boosts fourth-quarter GDP
January 27 2023

Decent headline gross domestic product growth belies weakness in several core components.

April 28 2023
Equity .
Article

8 minute read

There's no clear path
January 27 2023

Can the equity rally survive deteriorating fundamentals, a tight-as-a-drum job market and inverted yield curve?

January 20 2023
2023 Outlook .
Podcast Themes, forecasts and pockets of value


January 20 2023

Persistent inflation and the Fed’s efforts to fight it will lead to a mild recession, but investors can find opportunities across equity, fixed income and cash.

April 28 2023
Equity .
Article

8 minute read

This is a marathon
January 20 2023

In volatile markets, stock picking and picking your spots may offer investors the best options for returns.

January 17 2023
Markets/Economy .
Article Best case scenario
January 17 2023

Inflation cooling but labor market remains healthy.

July 5 2023
2023 Outlook .
Article

7 minute read

What happened? What's going to happen?
January 12 2023

2022 was tough. 2023 will have its challenges but be perched for opportunities.

April 28 2023
Markets/Economy .
Article

5 minute read

Stock market seasonals flashing green
January 11 2023

Two market indicators suggest equities could enjoy a better year. 

April 28 2023
2023 Outlook .
Article

7 minute read

The other side of zero
January 11 2023

Modestly more constructive on stocks as rocky landing approaches final phase.

January 11 2023
2023 Outlook .
Article Opportunities in the aftermath
January 11 2023

Three things to watch in 2023.

April 28 2023
Equity .
Article

8 minute read

1.4 trillion dollars is a lot!
January 6 2023

A flush consumer could make for a slow-cession instead of a recession.

January 6 2023
Equity .
Podcast Small but mighty


January 6 2023

Opportunities can be found in small-cap markets.

April 28 2023
Markets/Economy .
Article

6 minute read

Goldilocks jobs report
January 6 2023

But the ISM services decline was a bigger story.

January 20 2023
2023 Outlook .
Article Spring is coming (but may be late)
January 5 2023

Three things to watch in 2023.

August 16 2023
2023 Outlook .
Article

8 minute read

Might 3% become the new 2%?
December 29 2022

Looks like 3 decades of disinflation are coming to an end.

December 22 2022
2023 Outlook .
Article A gloomy winter
December 29 2022

Three things to watch in 2023.

July 5 2023
2023 Outlook .
Article

4 minute read

Caught between a rock and a hard place
December 19 2022

An earnings and Fed Catch-22 could keep S&P range-bound for coming months.

December 15 2022
Markets/Economy .
Article Holiday spending slows
December 15 2022

Consumers are showing restraint amid still-high inflation.

December 15 2022
Monetary Policy .
Article Disconnect
December 14 2022

The Fed pushes back against market expectations.

April 28 2023
2023 Outlook .
Article

2 minute read

Nothing lasts forever
December 13 2022

Three things to watch in 2023.

December 8 2022
Equity .
Article No more glorious place than Phoenix this time of year
December 8 2022

A quick visit lifted spirits. Will Santa do the same for the markets?

April 28 2023
Markets/Economy .
Podcast

45 minute listen

Is recession around the corner?
December 7 2022

Silvia Dall’Angelo, Donald Ellenberger and Steve Chiavarone discuss global inflation and whether the markets have already priced in a recession. 

July 5 2023
Monetary Policy .
Article

7 minute read

Fed is getting what it wants for the holidays
December 6 2022

The U.S. economy is slowing across the board.

December 2 2022
Markets/Economy .
Article Lingering labor market strength
December 2 2022

The Fed can't like the strong job growth and surge in wages in November.

December 2 2022
Equity .
Article If you think that's Jerome playing Santa Claus ...
December 2 2022

You have to ask: is he here to hurt or help?

July 5 2023
Equity .
Article

10 minute read

'To V or not to V is NOT the question'
November 29 2022

2023 outlook to us looks like more of the same as "rocky landing" proceeds.

November 25 2022
Markets/Economy .
Article We need a little Thanksgiving
November 23 2022

But it's a lot more expensive this year.

December 13 2022
Equity .
Article Can you buy Junior too many presents?
November 23 2022

Not until the stimulus stockpile is gone. But what then?

November 21 2022
Equity .
Article Time to think small?
November 22 2022

Perhaps. But the focus should be on quality.

November 18 2022
Markets/Economy .
Article Winter is coming
November 18 2022

Mix shift in retail spending points to slower economic growth.

November 23 2022
Equity .
Article Not to be a grinch
November 18 2022

Many reasons for a rally but don't expect it to last.

November 21 2022
Markets/Economy .
Article Red ripple
November 11 2022

Republicans fail to achieve expected midterm election gains.

November 11 2022
Equity .
Video Keep defense on the field
November 11 2022

Play it safe with cash until further clarity.

July 5 2023
Equity .
Article

8 minute read

The extremes lost Tuesday night
November 11 2022

Maybe everyone, including markets, could use a little boring.

November 9 2022
Equity .
Video Heating up
November 8 2022

Energy sector stays hot.

November 29 2022
International/Global .
Article Is China investable?
November 7 2022

Yes, but recent actions have raised the risk.

November 7 2022
Markets/Economy .
Article October jobs report a mixed bag
November 7 2022

Solid week of employment data keeps Fed aggressive.

July 5 2023
Equity .
Article

7 minute read

Last year's transitory is this year's pivot
November 4 2022

And it doesn't look like the Fed is planning one anytime soon.

November 4 2022
Equity .
Video Looking across the pond
November 4 2022

Allow time before setting sail with international opportunities.

May 30 2023
Equity .
Article Even rocky landings can have big bounces
November 1 2022

Remaining defensive as 2023 consensus on earnings and Fed remains too optimistic.

October 31 2022
Markets/Economy .
Article Calm before the storm
October 31 2022

Positive Q3 GDP growth provides a respite.

November 17 2022
Equity .
Video Prepare for landing
October 28 2022

Investors may seek cover in value stocks.

October 28 2022
Equity .
Article Overstand, not understand
October 28 2022

Consider the big picture when assessing markets ... and life.

October 21 2022
Markets/Economy .
Article Bird of prey
October 21 2022

Hawkish Fed prompts us to lower our GDP growth estimates.

October 21 2022
Equity .
Video Wants versus needs
October 21 2022

Consumer staples come out on top.

July 5 2023
Equity .
Article

7 minute read

Markets like gridlock
October 21 2022

And they may get it as midterms seem to be trending the GOP's way.

October 18 2022
Equity .
Video Watch the wildcards
October 18 2022

Monetary policy may impact midterm rally.

October 17 2022
Markets/Economy .
Article Hope is not a process
October 17 2022

Investors bracing for a challenging third-quarter earnings season.

November 7 2022
Equity .
Video Last man standing
October 14 2022

Dividends hold up against volatility.

July 5 2023
Equity .
Article

7 minute read

Time heals all wounds
October 14 2022

This market has been in a bad place for some time.

May 30 2023
Equity .
Article Straight Fs
October 11 2022

Everything we thought might go wrong at start of the year, has.

July 5 2023
Markets/Economy .
Article

3 minute read

Ghosts and shadows
October 7 2022

Whether or not this bear market survives October, investors will face an unnerving environment.

October 7 2022
Equity .
Article Ten dollars for a dozen eggs
October 7 2022

The sun's not the only thing that's hot in Hawaii these days.

October 4 2022
Monetary Policy .
Video Growth slowdown
October 4 2022

Numerous factors affect our outlook. 

October 3 2022
Equity .
Article Will the economy drive midterm elections?
October 3 2022

Or will social policy issues keep it close?

September 30 2022
Markets/Economy .
Video Recession on the radar
September 30 2022

More warnings appear. 

October 3 2022
Equity .
Article Trouble in paradise
September 30 2022

Disasters all over have markets on edge.

September 27 2022
Equity .
Video Bundle up
September 27 2022

Investors may feel winter chill in Europe.

DISCLOSURES

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