In our previous edition we focused on the 10-year benchmark treasury note and how bond market participants have pushed up its interest rate in recent months, as well as recent years, to the 4 ½ percent area. We are calling that too close for comfort relative to the psychologically important 5% level – a level that would be a new 20-year high if attained. The 10-year treasury note is viewed as part of the long-end of the maturity spectrum for treasuries. We looked at the long

Click For an Audio Summary The bond market has been getting a bit nervous of late. This nervousness is displayed via price action that is picking up in volatility as well as some downside price action overall. With the inverse relationship of prices to interest rates, as prices have declined, interest rates have moved higher. As a general statement, this has been true across the bond market spectrum. For our part, within numerous editions over recent years, we have been focus

Click For an Audio Summary Have you seen what the stock market has done lately? On a personal note, the above is a question I hear consistently. My knee-jerk response is, “Which stock market?” Over recent years (post-2022 in particular), we have shared more editions than I can remember on the observation of how the stock market is narrow in its participation. What this means is of all the companies that comprise the broad stock market, a remarkably low number of them are prov

Click For an Audio Summary Since the launch of Operation Epic Fury back on February 28th, we have shared fewer editions than what had been customary up to that point in time. Through all the noise in the geopolitical landscape since late February, coupled with a high noise level in the socioeconomic backdrop domestically, we have chosen to share less in an attempt to step back a bit and share observations that cut through some of the noise rather than tossing more of it into