”The bond market is the most important market in the world. It is the backbone of all other markets.” – Ray Dalio, founder, Bridgewater. A recent Financial Time piece on bonds [link] reminded us of their long, proud history as well as their critical importance to the proper functioning of today’s global markets. The article…
Our last Market Now series came in March 2022 [link] after Covid had peaked and begun to fade, when Russia invaded Ukraine. This week we think another pause to review conditions is appropriate given a number of dynamics at play. First, the Fed has paused in its rate hikes as their gravity seems to have…
While the war in Ukraine grinds along amid depressing headlines, investors of all stripes are settling into the view that economic effects of the war will be more local than widespread (see our Quote of the Week). Public equities in particular have recovered their value since Russia’s invasion of February 24, having priced in, for…
It was almost a clean getaway. Two years almost to the day since it emerged, Covid was crumbling. The combination of vaccinations (77% of Americans with at least one shot) and infection immunity was finally having an effect. Hawaii became the last state to announce an end to indoor masking. Across the nation school children…