Michael

Market Commentary: Monthly Job Growth Exceeds Expectations, New Stimulus Bill Advances
The economy created 379,000 jobs last month, and U.S. manufacturing reached a post-COVID high. Meanwhile, the stimulus bill made it through the Senate to the House this week. Our update looks at the progress.

Students of financial markets may have noted a historically unusual event last week. On Thursday, the yield on 10-year U.S. Treasury notes briefly matched the dividend yield for the Standard & Poor’s (S&P) 500 Index. This type of convergence is uncommon. In normal times, the yield on 10-year Treasuries tends to be higher than the dividend […]

Market Commentary: Inflation Remains Low, Strong S&P 500 Earnings Continue
Americans took their stimulus checks to the store, as retail and food service sales rose. Effective vaccine distribution also encouraged activity, and the S&P remains strong. Is the long economic winter starting to thaw? Maybe so

Market Commentary: Despite Initial Worry, Inflation Remains Well Controlled
Inflation is under control for the moment, but everyone’s keeping an eye on it. Meanwhile, unemployment claims inched down and the S&P 500 is poised to show the first quarter of earnings growth since 2019. Recovery seems to be coming, just taking the long way around.

It’s not a black diamond ski run yet, but the yield curve for U.S. Treasuries is steeper than it has been in a while.