While the Fed’s dots dovishly surprised, the FOMC’s output and inflation projections were on the hawkish side. Adding the committee’s core PCE price inflation estimate for 2021 to their real GDP forecast results in a…
Highlights The Biden administration’s early actions suggest it will be hawkish on China as expected – and the giant Microsoft hack merely confirms the difficulty of reducing strategic tensions. US-China talks are set to…
Highlights Duration: Only 2 of the 5 items on our Checklist For Increasing Portfolio Duration have been checked. We will heed this message and stick with below-benchmark portfolio duration for the time being. We will have an…
Overweight We remain on the sidelines with regard to the broad S&P technology sector, but we continue to recommend a barbell portfolio approach preferring defensive software and services stocks to aggressive hardware and…
Dear client, Next week instead of our regular Strategy Report we will be sending you a Special Report from BCA’s Equity Analyzer service on Inflation and Factor investing penned by my colleague Lucas Laskey, Senior Quantitative…
Since late summer we have published a number of reports arguing for a rotation out of expensive tech titan stocks and into beaten down late-cyclicals. Taking a closer look at the Nasdaq 100/S&P energy ratio is instructive…
The global semiconductor industry has been experiencing a record amount of IPOs and M&A deals in recent months. A flurry of IPOs and M&As in any industry often serves as a sign of a top in share prices (Chart 1). Chat 1Will…
The Fed remains a key player enabling the transition from Washington to fiscally loose Buenos Aires consensus as we outlined in this Monday’s Weekly Report. As fiscal valves open and debt piles rise, the bond market will…
Neutral Today, we are removing our downgrade alert from the S&P semiconductors index on the back of an improving macro backdrop. First and foremost, the semi sales cycle is tied to global rates that tend to lead by…