Commentary library

2024

December 16, 2024 | Economic Update | The combination of resilient GDP growth, an uptick in inflation and uncertainties over likely public policy changes including tariffs and immigration, have triggered downward revisions to forecasts for US central bank rate cuts in 2025. read more

November 12, 2024 | Economic Update | Aside from some unexpected weakness in last month’s job report, the US economy continues to expand at an above-trend rate, gradually closing in on the economic soft-landing Federal Reserve officials have sought. read more

September 24, 2024 | Statement of Investment Policy | The Federal Reserve’s decision last week to lower its reference rate by 50 basis points, choosing to unleash its long-awaited credit easing cycle more aggressively than many economists had anticipated, represents a major recalibration of monetary policy, away from a rigid focus on inflation to a broader effort to assure a recent weakening of the labor market does not spiral out of control leading to a hard landing. read more

August 16, 2024 | Economic Update | Economic data shows the US economy continues to slowly decelerate as the restrictive Federal Reserve monetary policy of the past two years gradually gains traction. read more

July 18, 2024 | Economic Update | Incoming economic data shows that in the wake of the gradually slowing US economy inflation eased substantially last month, extending the recent downward drift in consumer price increases, setting the stage for the Federal Reserve to begin easing credit conditions by the end of this summer. read more

June 18, 2024 | Statement of Investment Policy | Recently released economic data shows that overall, the US economy has remained resilient in the face of the Federal Reserve’s highly restrictive monetary policy, continuing to expand at a solid rate, but showing some signs of deceleration from last year’s torrid pace. read more

May 13, 2024 | Economic Update | Economic indicators through mid-May remained surprisingly strong, delaying rate cuts. Recently released data raises the possibility that if there are additional signs of cooling, the central bank may move sooner than September to reduce its reference rate. read more

April 8, 2024 | Statement of Investment Policy | While incoming data last month provided confirmation the US economy can continue to expand without fanning inflation, it also suggests Federal Reserve interest rate cuts may be delayed. read more

March 11, 2024 | Economic Update | By most measures, the performance of the American economy has been exceptionally strong when contrasted with that of China and Europe which continue to struggle in this post pandemic era read more

February 6, 2024 | Economic Update | US economy is resilient and inflation has declined read more

2023

December 27, 2023 | Statement of Investment Policy | Declining inflation offers greater assurance the US can avoid recession Read more

December 11, 2023 | Economic Update | Consumer spending, inflation, and the job market have shown notable cooling in recent weeks Read more

November 6, 2023 | Economic Update | Strong employment gains and a burst of consumer spending drive economic growth Read more

September 25, 2023 | Statement of Investment Policy | Economic data tells largely positive story Read more

September 5, 2023 | Economic Update | US economy remains resilient Read more

August 1, 2023 | Statement of Investment Policy | Economy gaining momentum Read more

June 20, 2023 | Economic Update | Consensus outlook unchanged Read more

May 8, 2023 | Statement of Investment Policy | Overall US economic growth slows Read more

March 27, 2023 | Economic Update | Uncertain economic growth Read more

February 6, 2023 | Statement of Investment Policy | Inflation pressures moderating Read more

January 17, 2023 | Economic Update | Progress in battle to cool inflation Read more

Commentary library

2024

2023

2022