Market Commentary

Read our timely takes on the markets and economy.

Market Commentary content

Are Stocks Priced for Perfection or Recession?
Market Commentary

Fortunately, stocks are nowhere near that overvalued, based on the price-to-earnings ratio. But, if we take a more refined look at historical stock market valuations at peaks and lows, we find some cause for concern.
Passing the Baton: Signs of Fiscal Stimulus Emerge
Market Commentary

After monetary policymakers took action to lower interest rates and ease financial conditions, they have been asking for fiscal policymakers to enact stimulus though stepped-up government spending and tax cuts—they may be starting to get their wish.
Q&A on Brexit: The Options and Implications for Investors
Market Commentary

We see five main options for Brexit in the coming months; three result in a near-term resolution while two options result in a further delay or “no deal” Brexit.
Negative Interest Rates And The Future Of Investing
Market Commentary

If Japan represents what the debt and demographic future looks like for many countries, then the future for investors in a world of negative bond yields may lead to more stock market exposure.
Is The Tariff War Turning Into A Currency War?
Market Commentary

If rate cuts aren’t seen as enough to address slowing growth and policymakers turn to direct currency intervention, the resulting currency war could be bad news for investors.
Tariffs: Manufacturing A Recession
Market Commentary

Another round of trade tariffs is an additional hit to manufacturing, potentially deepening the global slowdown into a recession, despite the efforts of the Fed and other central banks.
What Race Horses Are Telling Us About Rate Cuts
Market Commentary

Economic indicators don’t have to be complicated to work. We look at four alternative indicators for the main driver of the global economy and assess how interest rate cuts might impact them.
Valuations Hold A Surprising Message For Stock Market Investors
Market Commentary

Valuations suggest international stocks may produce above average, double-digit annualized total returns over the next 10 years, in contrast to below average, mid-single digit returns for U.S. stocks.
U.S. Imports from China Plunge As Other Emerging Markets Fill The Gap
Market Commentary

U.S. imports from China have plunged this year, offset by import gains for other emerging markets not subject to U.S. tariffs.

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