Market Commentary

Daily reports from our Chief Economic Strategist.

AS EXPECTED THE FED MEETING WAS A NON-EVENT
The FOMC meeting was largely a nonevent. There was no change in interest rates and made no change to asset purchases. The Committee essentially reiterated the prior meeting statement of
EQUITIES SURGED ON AN APPARENT BIDEN VICTORY
Equities surged on an apparent Biden victory and a divided government that lowers the probability of a radical re write of the Constitution and the repeal of some of President Trump’s pro-business
WAS LAST NIGHT GALACTICAL?
Wow! Volumes will be written about the election. The polls were extremely inaccurate, the highly forecasted “Blue Wave” did not occur as according to a 7:00 AM report from
WILL A CONCLUSIVE WINNER BE KNOWN TONIGHT?
Will we know the outcome of the election tonight? If we believe the polls or if enthusiasm is indeed “your force multiplier,” it could be an early evening.
TOMMOROW CAN BE GALACTICAL
The election is tomorrow. The WSJ writes “perhaps Mr. Biden will win an overwhelming victory, as nearly the entire press corps predicts and prays.” The WSJ also quotes the
RECORD GROWTH AND TREASURY YIELDS
Did record third quarter growth impact yesterday’s seven-year Treasury auction? In my view the lack luster demand, defined by the weakest demand for bonds by a two standard deviation margin, was
AN UGLY DAY FOR A MULTITUDE OF REASONS
Equities stumbled the most in four months. There were numerous catalysts. Rising COVID cases. Reality setting in Biden could win thus ushering in an unprecedented wave of
EIGHT DAYS UNTIL THE ELECTION
The election is in eight days. Will the outcome end the extreme vitriol and animosity that has dominated society over the last 9 months? I will argue COVID was the proverbial gasoline that
IS THERE A CORRELATION BETWEEN INTANGIBLES AND THE ELECTION?
The polls are saying and the market is pricing it: President Trump will not win on November 3. The obvious question at hand is this a correct conclusion?
INTANGIBLE VS TANGIBLE VALUE
Bloomberg writes all the physical assets owned by all the companies in the S & P 500, all the cars and office building and factories and merchandise, if sold would generate less than

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