Monthly Market Perspective: December 2025

Monthly Market Perspective: December 2025

Split-Screen Fed Anyone who is tuned in to all things Fed-related may feel that they’re watching things unfold on a split screen. While Federal Reserve policymakers agreed to cut the benchmark interest rate by another quarter percentage point, the vote was anything...
Monthly Market Perspective: November 2025

Monthly Market Perspective: November 2025

Not Your Grandfather’s Tech Bubble We’ve seen an uptick lately in the back-and-forth among investors about whether we’re in an artificial-intelligence stock market bubble that harkens back to the dot-com era. For us, it’s not that clear. If we are in a bubble, it...
Monthly Market Perspective: October 2025

Monthly Market Perspective: October 2025

The Power of the Purse The United States Constitution explicitly grants Congress responsibility for federal finances. This authority, often referred to as “the power of the purse,” is part of our government’s system of checks and balances among the three branches....
Monthly Market Perspective: September 2025

Monthly Market Perspective: September 2025

Here Comes the Fed The August jobs report was a bust. And in a case of bad news is good news, financial markets have responded favorably. The U.S. economy created just 22,000 jobs in August, well below analysts’ expectations. Further, after an already massive...