The Verdict

The Verdict Last week we mentioned the Wall Street adage ‘buy the rumor, sell the news’ and wondered how markets would react to the first rate cut. The answer still isn’t clear. On Wednesday, the market swung wildly right after the 50 bps rate cut was announced. That is typical right after a Fed announcement, […]
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Not So Fast!

Not So Fast! The rate cut train was building momentum when a strong 2Q GDP report hit and stopped that train in its tracks. The stock market was already on edge as the early earnings reports, including the tech sector, have either not been up to par, or simply failed to impress. The earnings bar […]
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Sudden Impact

Sudden Impact The past month has been a period of “sudden impacts”, both politically and economically. Over the next several months, both should reach some resolution. Politics and Markets Everyone has their opinion of the political situation in the US, most of which are not especially positive. We always try to avoid politics, but the […]
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The Big Picture

The Big Picture One of the great problems writing this missive from week to week is getting too buried in day-to-day events. When that happens, it is very easy to lose sight of the big picture – the very big trends that often occur less than once in a lifetime, but can have monumental impact […]
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Short Takes for a Long Weekend

Short Takes for a Long Weekend A Tentative Green Light The ‘most important event this week’ was the earnings report from AI leader, NVIDIA (NVDA) on Wednesday afternoon. The good news is that earnings exceeded expectations once again, the company announced a 10-for-1 split and the stock hit a new high in excess of $1,000. […]
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What, Me Worry?

What, Me Worry? The Federal Open Market Committee (FOMC) held their meeting this week and as usual, it created some wild swings on Wall Street. What caused the ruckus this time was a market that had been leaning toward fewer and fewer rates cuts and some early chatter about maybe the next move had to […]
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Lower is the New Higher

Lower is the New Higher A funny thing happened on the way to lower rates… Fed projections went up, not down. Wall Street was focused on the Fed’s median for 2024 projection, which was unchanged at three 0.25% rate cuts this year. But the economic gurus at the Fed took away one rate cut in […]
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