Yield Curve
Our US Equity strategists remain constructive on the S&P 500. They identify the bond market as the principal risk to valuations in today's positive stock/bond correlation regime. Equities can tolerate higher yields when these reflect stronger growth, but…
Our Portfolio Allocation Summary for July 2026.
Kevin Warsh announced an ambitious reform agenda for the Federal Reserve. We discuss the potential impact and the current outlook for interest rates.
Our Portfolio Allocation Summary for June 2026.
The April FOMC minutes clarified the hawkish shift that marked the meeting. The Fed held at its last meeting, but there were four dissents. While Governor Miran favored a 25 bps cut, regional presidents Hammack, Kashkari, and Logan supported a hold but voted…
Our Portfolio Allocation Summary for May 2026.
The rates market is moving back into a low vol regime, but with yields at a higher level. This argues for maximizing carry across the Treasury curve.
Our Portfolio Allocation Summary for April 2026.
Our Portfolio Allocation Summary for March 2026.
Our Portfolio Allocation Summary for February 2026.