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Our Investment Views
Emilie Ma
Investment Strategy Video: Inflation's Flame ...

George Hosfield, CFA, discusses Ferguson Wellman's quarterly strategy titled, "Inflation's Flame Flickers," which addresses the narrow market leadership, the impact of higher interest rates on inflation and how assets are priced at this stage of the economic cycle.

Investment Strategy Video: Inflation's Flame Flickers
Our Investment Views
Guest User
Investment Strategy Video: Stalemate

George Hosfield, CFA, discusses the firm's quarterly strategy titled "Stalemate," which highlights the Fed's ongoing battle to tame inflation along with our views on the health of the banking industry and capital market expectations for the balance of the year.

Investment Strategy Video: Stalemate
Our Investment Views
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Third Quarter 2022 Investment Strategy Video: ...

Director and Chief Investment Officer George Hosfield, CFA, discusses the Fed raising interest rates, peaking inflation and our view on equities and volatility across all asset classes in our Investment Strategy titled, “Balancing Act.”

Third Quarter 2022 Investment Strategy Video: Balancing Act
Annual Report
Mary Faulkner
2021 Annual Report

2021 Annual Report

2021 Annual Report
Wealth Management
Guest User
First Quarter 2022 Wealth Management Insights ...

Mary Lago, CFP®, CTFA, discusses the theme for the first quarter of 2022, “Valuing the Resources of Time and Money.”

First Quarter 2022 Wealth Management Insights Video: Valuing the Resources of Time and Money

Federal Reserve

All Eyes on Employment

All Eyes on Employment

Last weekend, I caught up with a childhood friend working as a graphic designer. While discussing our respective careers and industries, he mentioned the difficulty his colleagues were having in finding jobs in their field, an experience that seemed to contradict the positive U.S. employment statistics reported earlier in the year. This week, both he and investors anxiously awaited the release of several related reports, hoping to gain a better understanding of the current state of the labor market and its recent shifts.

Data vs. Drama: The Real Economic Story

Data vs. Drama: The Real Economic Story

After a 20% rebound from its April 7 lows, the S&P 500 is positive for the year, marking one of the most significant short-term comebacks in market history. The market rallied on Monday following weekend news about tariff negotiations with China. In a complete reversal from the earlier “Liberation Day” tariff announcement, the punitive 145% tariff rate on Chinese goods was reduced to 30%, with a 90-day pause implemented. In response, China lowered its retaliatory tariff rate on U.S. goods from 125% to 10%.

Independence Day

Independence Day

Independence Day may evoke visions of fireworks and parades or perhaps memories of the 1996 summer blockbuster movie where aliens hovered over The White House. While no actual fireworks or aliens were involved, this past Tuesday was probably the most pressing “Independence Day” for our country’s central bank as Federal Reserve Chair Jerome Powell’s political independence was put to the test.

Investment Strategy Second Quarter 2025

Investment Strategy Second Quarter 2025

While market volatility has been highly-elevated in recent weeks with the almost daily change in the proposed tariff landscape, in this quarter’s investment strategy video we endeavor to provide a measured perspective on what lies ahead and how navigate the psychology of investing.

Falling Snow, Rising Inflation

Falling Snow, Rising Inflation

This week, Portland residents braved the cold to venture outside and watch snow blanket the city. In contrast, January's inflation data was seemingly the opposite, rising higher month-over-month and year-over-year. While the snowfall might have been a pleasant surprise for some Oregonians, this inflation data was anything but for most investors and consumers.

Reason or Excuse?

Reason or Excuse?

On Wednesday, in a widely expected move, the Federal Reserve cut the policy interest rate by 0.25% to a new range of 4.25% - 4.50%. This brings cumulative interest rate cuts to 1% for calendar year 2024.

The Election and Interest Rates

The Election and Interest Rates

In a typical week, a .25 point interest rate cut by the Federal Reserve would likely be the top economic story in the United States. This was not a typical week.

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Market Letter Fourth Quarter 2024

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Market Letter Fourth Quarter 2024

We present the fourth quarter 2024 Market Letter publication titled, “Awaiting the Score,” in which Chief Investment Officer George Hosfield, CFA, outlines the positive impact of receding inflation, renewed profit growth and the Fed’s monetary policy on investors. Krystal Daibes Higgins, CFA, discusses the skepticism and evolving debate around the ROI of artificial intelligence (AI). Lastly, Brad Houle, CFA, asks the question, “How Far, How Fast?” when it comes to the Fed’s rate cuts.

Home Sweet Home Economics: Decoding the Fed's Impact on Housing

Home Sweet Home Economics: Decoding the Fed's Impact on Housing

Recently, a realtor friend of mine shared that transaction volume was notably low due to high interest rates, resulting in a sluggish market. However, with last week’s Federal Reserve’s rates cut, he and likely others in the realty industry are hoping the housing market will be reenergized. While not everyone can buy or sell a house, home ownership is a prominent consideration when creating wealth. And while I’m not in the market to sell my house, I was curious about what is now occurring in the housing market.

Big Week for the Number 50

Big Week for the Number 50

For sports enthusiasts and market participants alike, this week was all about the number 50. For fans of America’s favorite pastime, Dodgers star Shohei Ohtani became the first player in the history of professional baseball to record 50 home runs and 50 stolen bases in a single season. Ohtani achieved this historic accomplishment with a bang, going 6 for 6 with three home runs and 10 RBIs … in a single game.

Jobs > Inflation

Jobs > Inflation

In what is commonly known as their dual mandate, the Federal Reserve is charged by Congress to effectively promote both maximum employment and stable prices in the U.S. economy.

Labor (To)day

Labor (To)day

Labor Day marks the end of summer and is dedicated to honoring the American labor movement. The first Labor Day celebration occurred on September 5, 1882, in New York City and was organized by the Central Labor Union.

What to Expect When You're Expecting (a Rate Cut)

What to Expect When You're Expecting (a Rate Cut)

“What to Expect When You’re Expecting” is a book for many first-time parents. My wife and I are preparing for our third child’s arrival in October, a process that has been a mix of excitement and logistical planning. While this is not our first rodeo, the passage of time has certainly brought a fresh set of challenges.

Faster Growth, Slower Inflation

Faster Growth, Slower Inflation

In the last few days, the powerful rotation from growth stocks to value stocks, highlighted in our colleague Alex Harding’s article last week, continued.

Hawks vs. Stocks

Hawks vs. Stocks

It was an action-packed week headlined by Wednesday’s economic “doubleheader.” The Federal Reserve’s June meeting took place the same day as the release of the Consumer Price Index (CPI) inflation report.

Vibecession

Vibecession

The summer season is fast approaching, and this typically brings feelings of excitement and relaxation; a time of year that many people spend months looking forward to. However, these positive feelings may not translate to all facets of life.

Talkin' 'Bout My Generation

Talkin' 'Bout My Generation

The world of investing is welcoming a new generation: Gen Z. A recent study by the FINRA Foundation and the CFA Institute found that a whopping 56% of Gen Z are already invested, with many starting younger than any generation before them. This tech-savvy group is also turning to social media for investment information, making their approach quite different from those of us who entered the market during or after the Great Financial Crisis (GFC).

Patience Pays

Patience Pays

While market participants were keenly focused on fresh inflation data this week, the Dow Jones Industrial Average crossed another milestone, passing 40,000 for the first time. Whenever the stock market reaches a new territory, we always want to revisit what the world was like when our firm was founded in 1975. When Ferguson Wellman opened its doors, the Dow traded at a price of 616.

Two Steps Forward, One Step Back

Two Steps Forward, One Step Back

The first three weeks of the second quarter have been tough for both equity and bond investors. After a great start to the year, there hasn't been any place for investors to hide in April. The chart below highlights that the three major equity classes, as well as bonds, have all posted negative returns, with Small Caps now down close to 4% for the year. 

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Is 3% the New 2%?

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Is 3% the New 2%?

The Consumer Price Index (CPI) is a measure of goods and services prices across the economy, and a popular gauge of inflation. The headline CPI rose 3.5% in March from a year earlier, which was higher than economists had forecast and an increase from February’s 3.2% reading. The Core CPI, which excludes the volatile food and energy components, also rose more than expected, with medical care and auto insurance boosting the non-housing service prices.