Correspondent Blog

Expect a Range-Bound Market This Week Last week we mentioned the market was torn between wanting to believe the rebounding May economic numbers would continue, setting the stage for a robust recovery, versus news of increasing viral case counts and the implication that has on a recovery. This tug-of-war has played out in both equities…

Markets are torn right now between wanting to believe wholeheartedly in the spate of recent economic releases that point to a sharp rebound in activity versus concern over rising virus cases and all that that could mean for squashing the recovery. Yesterday, the concerned side won as Treasuries rallied and stocks suffered narrow losses. This…

This week is the first week banks could potentially take Paycheck Protection Program Forgiveness applications. However, most banks are holding off as we do not have a final application, due out this week. WHEN you release your process merits some analysis, and in this article, we discuss 10 important considerations to decide on as you…

After a week where the Fed took some of the spotlight away from reopening developments it returns as the number one driver of market direction this week, with the added bonus of renewed fears that virus case counts are headed higher. Equities took a header last week, and look to open down this morning, as…

The now-famous Ally Bank commercial of 2012 that asked two kids if they want a pony goes down as one of the most effective in banking history. Two girls are asked if they want a pony, and while the girl in blue gets a toy pony, the girl in orange gets a real pony. Disappointment…

The Fed probably didn’t intend to set in motion a risk-off trade after it’s Wednesday meeting but that’s what  happened after investors had an evening to digest the Fed’s concerns that flowed through their forecasts, the first since December, and in some post-meeting comments. Rising case counts in several states raised concerns too that a…

In a surprise to no one the Fed left the fed funds rate unchanged today, but did return to forecasting the economy and rates for the first time since the December meeting and the bottom line there is the Fed doesn’t expect to hike rates through 2022. Chair Powell is expected to address at the…

Investors will mark time until 2:00pm ET when the FOMC releases its post-meeting statement. While the statement will probably be a fairly mundane affair without too much to surprise the market, more attention will be paid to the post-meeting press conference with Fed Chair Powell. While there isn’t any monetary policy dial-twisting expected today, the…

True to form, last Friday, President Trump signed into law a Paycheck Protection Program (PPP) change giving us yet a new acronym and the need to scramble to figure out how to amend our respective Forgiveness program to accommodate. The good news is that the new law, the Paycheck Protection Program Flexibility Act (“PPPFA”), addresses…

Last Friday’s economic data indicated that U.S. nonfarm payrolls rose by 2.5 million in May, compared with expectations for a decline of 7.5 million. In April, nonfarm payroll fell by 20.7 million in the largest single-month drop in records dating back to 1939. Throughout last week, interest rates rose (the ten-year yield rising by 25bps)…

This week’s FOMC Meeting won’t lead to any monetary policy changes but the most important piece of information is likely to come from the post-meeting press conference where Fed Chair Powell is likely to be asked about what other measures might be employed from here. The answer will probably be the continued use of quantitative…

The May Employment Report is out  and if you like surprises this report is loaded with them. Instead of an expected loss of 7.75 million jobs, the report found  2.5 million jobs created versus 20.7 million jobs lost in April.  The surprises don’t stop there. The unemployment rate was expected to rise to 19.5% from…