Market Commentary

Daily reports from our Chief Economic Strategist.

Capitol Securities COVID-19 Response
Our number one priority is the safety and health of our clients and our associates. Capitol Securities has taken steps to ensure that we can continue supporting our clients and protect our communities to the best of our ability. Contingency Planning We have enacted some...
SOME THOUGHTS
For many years I titled these remarks “Early Morning Commentary,” a commentary as to how I view of the socio economic and geopolitical issues facing the markets and the economy. I am flattered by the
COMMENTS ABOUT THE YIELD CURVE
The yield curve is the steepest it has been since 2016. The current difference between the 2 year and 10-year Treasury is about 100 bps (basis points) up from about
WILL POTENTIAL REGULATION OF ARTIFICIAL INTELLEGENCE COMPANIES BECOME A MAJOR MARKET RISK?
Will regulating artificial intelligence…aka social media companies…become a major market risk? As widely known, social media companies are massive AI operations, their data centers running
WILL THE EVENTS IN WASHINGTON IMPACT AN UNLIKELY SECTOR?
Will the events in Washington impact the markets? Recent happenings far exceed any Netflix mini series.. The potential ramifications far exceed anything that one can
IS WASHINGTON FISCALLY INSANE?
In nine days, the country will have a new president. Regardless of one’s view of the President, the primary villain or champion will no longer be in power. In my opinion during the
2020 IS CONTINUING INTO 2021
Equities continued their advance, rising on a potential stimulus plan that far exceeds anything yet passed. In my view Washington has lost total fiscal restraint and if
THE VIX CONUNDRUM
I commented Tuesday about the VIX “conundrum” where this measure of volatility is rising even as interest rates remain essentially unchanged. I had remarked perhaps the
IS NORMALCY RETURNING FASTER THAN ANYONE WOULD THINK?
Yesterday the title of these remarks was “Will 2021 be the Return to Normalcy?” According to Bloomberg yesterday for the first time in several years the 10-year
WILL 2021 BE THE RETURN OF NORMALCY?
Welcome to 2021! 2020 was the year of Black Swan Events. Will 2021 be the inverse? Will normalcy return, defined as established benchmarks again become relevant?
A MIXED DAY
Equities were mixed as optimism over a COVID relief bill was tempered by the emergence of a new variant of the virus and a slew of lockdown and travel curbs to contain it. Technology led at
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