This is the way the expansion ends, “not with a bang but a whimper.”[1] Though T.S. Eliot’s oft-quoted poem isn’t actually about our economic expansion, its final line does ring true in this case.  As we mentioned in our last letter, this interest rate cycle has been a wimp itself, so it is no surprise we...Read More

With good economic news prevailing and comments from several Federal Reserve governors, bets for a rate hike at the next Federal Reserve Open Market Committee meeting have nearly tripled since Tuesday morning.  Currently, the market is close to 90% sure that there will be a 0.25 percent rate increase in mid-March. Indeed, there are fewer...Read More