The Federal Reserve got itself a new leader this past month as Kevin Warsh took over as chairman, replacing the beleaguered Jerome Powell. "Beleaguered," because Mr. Powell and President Trump never seemed to agree on the proper level of interest rates . . . whatever that might be. The president has long preferred lower interest…
The headlines from the Iran conflict have started to fade. Stocks have recovered, and life feels like it has mostly returned to normal. But the war in Iran and the disruption in the Strait of Hormuz continue to leave energy markets unsettled. As we discussed in our March Investment Commentary and recent webinar, the Strait…
UPDATE: Immediately after we wrote this commentary, President Trump announced a five-day pause on strikes against Iran to allow for talks to end “hostilities.” Iranian officials denied any direct communication, but markets reacted anyway. Oil dropped from nearly $100 to $85 per barrel, stocks jumped roughly 2%, and interest rates moved noticeably lower. The biggest…
Back in the day, our forefathers did a pretty good job of anticipating many of the stupid things our leaders might attempt at one time or another. They wrote a document (the Constitution?) that basically says, “you guys” (Congress) make the laws, and “you” (the president) enforce the laws, and “you guys” (The Supreme Court)…
It seems that whenever there is new and unusual financial turmoil in the world, the value of the dollar is frequently listed as an eventual victim. Maybe this time it’s true. Maybe this time the dollar will cease to be the world’s reserve currency. Maybe this time some other nation or nations (the BRICS?) or…
