Executive Summary The recent 26 percent overspend on durable goods constitutes one of the greatest imbalances in economic history. An overspend on goods is corrected by a subsequent underspend; but an underspend on services is not…
Executive Summary Foreign And Domestic Politics Won't Stop The Fed Investors woke up to the Ukraine risk this week. It is not yet resolved. Stay defensive. Market reactions to Ukraine suggest investors will favor defensive…
Chart 1 Today, we are downgrading the overall Consumer Discretionary index to underweight by reducing our allocation in two key industry groups: Retailing and Consumer Durables & Apparel. We remain constructive on Consumer…
Executive Summary The Pandemic-Led Surge In E-Commerce Spending Is Reverting Back To Trend Rising interest rates and a cooling in pandemic-related tech spending will cap the upside for technology shares over the remainder of…
Feature In our latest Sector Chart Pack, we initiated a new overweight position in the S&P Consumer Staples index. Staples outperformed the S&P 500 by 4% YTD. Staples stocks are a “deep”…
Executive Summary Macroeconomic Backdrop Favors Defensive Consumer Staples Markets now expect five-to-six rate hikes in 2022 The rate of change in rates as opposed to their level has triggered the fast and furious…