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.
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.
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.”
Each week our Investment Policy Committee meets to review asset allocation and our outlook for the economy and global markets. We have a standard book of economic charts that we review to determine the health of the economy and what is transpiring around the world and many of these indicators go back decades.
For many, 2020 has been a year to forget. Headlined by the COVID-19 pandemic and the ensuing global response, stimulus from central banks and governments has helped limit the damage, as the U.S. economy has now experienced its shortest and steepest recession ever.
For the fourth consecutive week, stocks posted negative returns with the S&P 500 trading near 3,220 for most of this week. Market technicians would view this as a technical support level or a base from which the market can work. At the current levels, the market can consolidate and take a breath to prepare for what is next.
Without question, 2020 has brought about not only a steep, yet short-lived, recession, but also a material change in consumer preferences and behavior.
The aggressive fiscal and monetary response to the COVID-19 crisis has been unprecedented in terms of speed and magnitude. A common topic we receive from clients is about the risk of inflation as a result of the response to the crisis.
This morning, the Bureau of Labor Statistics reported a strong jobs report for the month of August, with nonfarm payroll employment rose by nearly 1.4 million.
Is Federal Reserve chair Jerome Powell taking a shot at the Phillips curve? His announcement this week at the virtual Jackson Hole conference revealed that the focus of Fed policy is shifting to be more on maximizing employment and less on the 2 percent inflation target they have had since 2012.
While market commentators continue to debate the shape of economic recovery, a quick glance at an S&P 500 price chart confirms the V-shaped recovery investors have enjoyed since the dark days of late March.
All day and every day we are bombarded by economic, company and political news. And not just U.S. news, but global news as well. Even in normal times this can seem overwhelming, and especially so during a pandemic.
This morning, the Bureau of Labor Statistics reported that the U.S. economy added nearly 1.8 million jobs in the month of July, outpacing economist expectations for an addition of 1.5 million.
“The path of the economy will depend significantly on the course of the virus.” Chairman Jerome Powell reiterated this point emphatically in his comments following the two-day meeting of the Federal Open Market Committee (FOMC). To most people this may seem like stating the obvious, but sometimes it bears repeating, especially considering the data released this week.
The COVID-19 crisis has been the perfect storm for commercial real estate. While the economy is showing signs of life as most of the country reopens, the shock to the commercial real estate market was unprecedented.
Economic data the past week reinforced the view that the U.S. economy continues to improve. This was highlighted by the retail sales number released by the U.S. Department of Commerce on Thursday morning.
Looking back on the first six months of fixed income performance this year reveals a stark tale of two strikingly different quarters.
Economic signals indicate that the recovery has begun around the world. As expected, China has been the first to emerge from recession, and their economy is moving forward.
Preliminary June manufacturing activity gauges pointing to continued progress in re-opening the economy have given way to rising concerns about a resurgence of coronavirus.
Many investors are puzzled by the apparent disconnect between the U.S. stock market and an economy that remains in recession with an unemployment rate last seen in the Great Depression.
In recent months, stocks have experienced an impressive rally, resulting in many commentators and analysts creating new and unusual analogies. This week, our favorite is “the market’s new coffee table.”
Today, Ferguson Wellman and our division, West Bearing Investments, are making a public statement about our position on racism and our commitment to racial diversity within our company.
There has been a decade's worth of world events in the last three months. An oil price war between Russia and Saudi Arabia, growing tension and trade disputes with China, a global pandemic and this week the worst domestic civil unrest in a generation.
