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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
Guest User
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

GDP

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%.

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.

Tariffs and Volatility: Turn Down the Volume

Tariffs and Volatility: Turn Down the Volume

This week, we sent this communication to all Ferguson Wellman and West Bearing clients in response to heightened market volatility. We felt that this message was also appropriate to reiterate for our weekly blog.

Déjà Vu and the Debt Ceiling

Déjà Vu and the Debt Ceiling

Yogi Berra might have been one of the most accomplished baseball players in history, but his greatest legacy may have been his contribution to classic sayings, otherwise known as “Yogi-isms.” His famous quote about déjà vu was supposedly uttered after watching Mickey Mantle and Roger Maris hit back-to-back home runs in 1961. However, one could easily hear it being uttered today when observing the politicians in Washington D.C. grapple with the federal debt ceiling that is due to be lifted or suspended again this year.

New Year, Same Fluctuating Economy

New Year, Same Fluctuating Economy

Lately, clients have been asking us one question: how are longer-term bond yields moving higher when the Federal Reserve is cutting interest rates?

Trick or Treat

Trick or Treat

Chocolate-loving parents may be in for a sour surprise as they rummage through their children’s Halloween candy this year. With cocoa prices double the levels seen last year, food companies are getting creative, reducing the size of chocolate bars and adding more non-chocolate treats to their Halloween candy bags for sale. Trick-or-treaters weren’t the only ones to experience an eventful week, as an action-packed capital markets provided investors with their own bag of surprises to unpack.

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.

Fiscal Irresponsibility

Fiscal Irresponsibility

We frequently receive questions from clients regarding the sustainability of U.S. government debt. According to the U.S. treasury, the American government has run a budget surplus only four times in the last 50 years, with the most recent being in 2001.

The End of an Era

The End of an Era

Would you have believed us if we had told you on January 1 that the S&P 500 would be up nearly 10% year-to-date after last year’s 25% jump?

Seasons Change But History Remains

Seasons Change But History Remains

As the seasons change and we move into fall, the focus shifts from summer vacation to back to school and football. And just like the calendar, the markets stay true to history. The S&P 500 is down over 3% this month, led by technology stocks which are down 7%. While there is some angst, these declines are normal.

Is China's Economic Dream in Trouble?

Is China's Economic Dream in Trouble?

Gracing the cover of Time Magazine in 2017, famed political author and Eurasia Group founder, Ian Bremmer claimed “China Won.” This statement was not necessarily controversial, as economists and political pundits all but guaranteed a new age of geopolitical and economic dominance led by the fast-growing nation.

When Is A Surprise Not A Surprise?

When Is A Surprise Not A Surprise?

For years, our clients have worried about the ballooning debt situation with the U.S. federal government. Fitch Ratings, which is one of the three main credit rating agencies, verified these worries earlier this week when they lowered the U.S. government’s credit rating from AAA to AA+. While many called this a surprise move, others have been expecting this for some time.   

Last Hike of the Season

Last Hike of the Season

As expected, the Federal Reserve raised its target interest rate this week by 0.25% to 5.25 – 5.50%, marking the eleventh increase since March of 2022, bringing the interest rate to its highest level in 22 years.

The Recession Expectation Conundrum

The Recession Expectation Conundrum

The U.S. economy continues to defy one of the most anticipated recessions. Since January, investors and economists have been on edge as economic indicators started flashing red, particularly the purchasing managers index (PMI) and the leading economic indicators (LEI). Both metrics are closely watched as they have been reliable in foretelling downturns.  

Better Late Than Never

Better Late Than Never

On Wednesday, days before the U.S. is projected to run out of money to pay its bills, the House passed the Fiscal Responsibility Act of 2023 in a bipartisan effort. The final vote of 314- 177 received support from 149 Republicans and 165 Democrats. With both sides making concessions, it’s not surprising to see members of each party voicing their displeasure with the deal.

A Year Like No Other

A Year Like No Other

The recent intensity of economic and earnings data matched the temperatures outside this week. In absolute terms, inflation remains too hot and while there is some evidence of moderation, the Federal Reserve doubled down on its commitment to return inflation to its 2.0% long-term target, suggesting further interest rate hikes through the end of this year.

Fear and Greed

Fear and Greed

Both fear and greed were on full display this week as the Federal Reserve raised the federal funds rate 50 basis points and announced that additional 50 basis point increases would be needed in the future. Fed Chairman Jerome Powell stated that the U.S. government would stop buying as many bonds on the open market in the coming months, effectively shrinking the Fed’s balance sheet and removing some liquidity from the system.

Mixed Reviews

Mixed Reviews

This week, there was a plethora of economic and company-specific news for investors to digest. Specifically, the release of first quarter U.S. GDP, reported quarterly earnings by major technology companies and the unanimous vote by Twitter’s board to approve Elon Musk’s offer to take the company private. In response to this news, the market declined 4%, with all of the weekly losses occurring Friday afternoon.

Return to Ordinary

Return to Ordinary

In our Outlook 2022 publication titled "Extraordinary to Ordinary" we highlighted that more volatility would be a feature of 2022. Volatility was extraordinarily high in 2020 during the zenith of the COVID-19 crisis and well below average during the robust economic recovery of 2021. This year we expect an environment of more normal volatility.

Demand-Driven Disruption

Demand-Driven Disruption

Americans are buying more than ever before. Despite supply actually surpassing above pre-COVID levels and dockworkers unloading ships as fast they can, the supply chain is unable to keep up with record consumer demand. Furthermore, the supply-demand gap may worsen as we head into the peak of holiday shopping season.