ECB Press Conference September 12, 2019 - What Has Changed?

Summary  ·       As reflected in the new staff projections, expecting a more protracted weakness of the euro area economy, the persistence of prominent downside risks and muted inflationary...


FOMC July 2019 Press Release Language Change

FOMC cut rates by 25bp and stopped shrinking its balance sheet 2 months earlier than scheduled. The market was hoping for more cuts and more clarity in the policy path going forward from Chair Powell...


ECB Press Conference July 25, 2019 - What Has Changed?

Summary Keep ECB interest rates unchanged and expect them to remain at their present or lower levels at least through Q2 of 2020. (unchanged) Intends to continue reinvesting, in full, the principal...


Quarterly Market Commentary - 2019 Q2

The ECB and the FOMC are both poised take action during their next meeting.  The possible commencement of a new rate cutting cycle is giving a boost to the world equity market after a volatile...


FOMC June 2019 Press Release Language Change

As expected, FOMC members held rates unchanged.  The U.S. economy remains solid (jobs and GDP) and especially so when compared to the rest of the world.  After a strong first quarter and a good...


ECB Press Conference June 6, 2019 - What has changed?

Summary  ·       Keep ECB interest rates unchanged and expect to remain so at least through the summer of 2019. (unchanged) ·       ECB expects to remain at their present interest...


2020 HSA Plan Limits

On May 22, 2019, the Internal Revenue Service issued Revenue Procedure 2019-25, announcing the 2020 inflation-adjusted amounts for Health Savings Accounts (HSAs), as determined under the Internal...


FOMC May 2019 Press Release Language Change

The two-day regular FOMC meeting ended on May 1 without any surprises.  Even though the FOMC held the rates steady, Chair Powell’s press conference did not signal a rate cut any time soon. The...


Behind the Headline - Above Trend 2019Q1 GDP (advance)

The advance estimate for first quarter real GDP came in at 3.2% and surprised on the upside. This is above the consensus estimate by market participants.  The two federal reserve bank nowcast models...


Quarterly Market Commentary - 2019 Q1

·       The stock market is back after a serious drop in the fourth quarter of 2018.  The tightening financial conditions and the threat of more interest rate hikes along with BREXIT, trade...