We’re increasingly of the view that a series of disruptions are masking a very real cyclical U.S. economic slowdown underneath the surface.
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Another rate cut from the Federal Reserve this week has taken U.S. interest rates into a new era where we think every rate cut not only means that policy gets easier, but risks becoming too easy, all while the decisions only get harder.
The rally in 2025 and throughout the longer bull market cycle has been uneven, with the largest of large-cap stocks dominating. Key charts illustrate this phenomenon, and we discuss how to factor this into portfolio strategies.
May 7, 2025
Trend & cycle roadmap
October 24, 2017
Social Security At-a-glance
May 10, 2022
Portfolio Focus