Next Phase on the Road to Recovery
The US economy has made impressive progress in recent weeks. As the economy re-opens, the way we assess the recovery has changed. In March and April, we were looking for evidence that growth in COVID-19 cases was decelerating—which thankfully it did—along with evidence that a recession was priced into stocks and that stimulus measures were […]
Is This The Start Of A New Bear Market?
“Stocks take an escalator up, but an elevator down.” — Old investment axiom The saying above sure happened yesterday. In the end, the S&P 500 Index fell 5.9% for the worst day since March 16 and the first three-day losing streak in more than three months. What does it mean? We’ve been on record that […]
Officially In Recession, Now What?
In probably one of the least surprising economic calls of all time, the Nation Bureau of Economic Research (NBER) officially declared an end to the longest expansion ever and the start of a new recession. As shown in the chart of the day, the record expansion lasted 128 months, twice the length of the average […]