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  Every cycle seems to hand us a phrase that captures the tension of the moment. In the early 1990s, it was the “Jobless Recovery.” In the late 1990s, it was “Irrational Exuberance.” Today? We may be living through the “Bend but Not Break” economy. Jobs are faltering,… More >>

September has a long history of testing investors’ nerves. Going back to 1927, the first year of a presidential cycle has produced an average S&P 500 decline of -1.62% in September, with the index falling more than half the time.  On seasonals alone, this September… More >>

For two years, the Fed has battled inflation with a restrictive stance. But Chair Powell’s recent Jackson Hole remarks mark a notable shift. He acknowledged the difficult balance of the Fed’s dual mandate, saying: “In the near term, risks to inflation are tilted to the… More >>

  This week we will hear the scholars and PhDs of the Federal Reserve pontificate at their annual retreat in Jackson Hole. The topic will likely center around Federal Reserve independence and the ruling elite. What I hope they talk about is who counts in a crisis. The… More >>