Market Commentary


Report from San Diego

Author: David R. Kotok, Post Date: January 25, 2018
The presentation of the GIC Frederick Heldring Award for Global Leadership to Eric Rosengren

Dear Readers, We had the wonderful opportunity to present the Heldring Award to Boston Fed president Eric Rosengren at the GIC meeting in San Diego, held on Friday, January 12, at the Rady School of Management. This is GIC’s second year in San Diego but the first time in partnership with Rady, which provided a […]

Potential Fed Vice Chairman

Author: Robert Eisenbeis, Ph.D., Post Date: January 21, 2018
Cumberland Advisors Market Commentary by Robert Eisenbeis, Ph.D.

Reports are that John Williams, president of the Federal Reserve Bank of San Francisco, has been targeted as a potential candidate for Fed vice chairman. President Williams is scheduled to vote as one of the five sitting reserve bank presidents on the FOMC in 2018. What would his appointment mean as far as the Fed […]

US Competitiveness – A Global Comparison

Author: Bill Witherell, Ph.D., Post Date: January 19, 2018
Cumberland Advisors Market Commentary - Bill Witherell, Ph.D.

Next week the World Economic Forum (WEF) will host its 48th annual meeting in Davos, Switzerland, drawing together a large number of leaders from governments (including President Trump), international organizations, business, academia, and civil society. The title for this year’s meeting is “Creating a Shared Future in a Fractured World.” This global networking event will generate […]

Value vs. Equal Investing: It’s More Than Just That Month

Author: Leo Chen, Ph.D., Post Date: January 18, 2018
Cumberland Advisors Market Commentary - Leo Chen, Ph.D.

The US stock market had a marvelous year in 2017. The major benchmark S&P 500 returned 21.60%[1] including dividends. But savvy investors probably noticed that there were some significant discrepancies among the major indexes: If you chose the tech-heavy NASDAQ composite, you would have made 29.58%[2] last year, while if you invested in the small-cap […]

Marijuana Discussion: A Follow-Up

Author: David R. Kotok, Post Date: January 9, 2018
Cumberland Advisors Market Commentary by David Kotok

We thank readers for their diverse and sometimes intense responses to our recent comments about marijuana legalization in California and about the reversal of a US policy. The link to that piece is here: Many good points and counterpoints were argued. Some of them are quoted below. Our position of supporting change is rooted […]

December 2017 FOMC Minutes

Author: Robert Eisenbeis, Ph.D., Post Date: January 5, 2018
Cumberland Advisors Market Commentary by Robert Eisenbeis, Ph.D.

On Wednesday, the Fed released the minutes of the FOMC’s December meeting.  As usual, the minutes followed the standard format, mirroring the way presentations and discussions proceed at FOMC meetings.  It began with a brief summary report by the manager of the Open Market Desk in New York.  There were only two notable pieces of […]

Q4 2017 Credit Commentary – Taxes, Pensions, Ratings

Author: Patricia Healy, CFA, Post Date: January 4, 2018
Cumberland Advisors Market Commentary by Patricia Healy, CFA

The fourth quarter was dominated by tax reform and its effects on the supply and pricing of municipal bonds. The prospect that one of President Trump’s major initiatives would finally be passed by year-end buoyed the stock market For a recap of the tax law changes and effects on the municipal market, please see […]

Puerto Rico – Fourth Quarter 2017 Review

Author: , Post Date: January 3, 2018
Cumberland Advisors Market Commentary

The Commonwealth of Puerto Rico entered the fourth quarter having suffered one of the most devastating natural disasters in the island’s history. Hurricane Maria left billions of dollars in damage in its wake, including both infrastructure damage and economic losses. The human costs have been equally terrible, with millions of US citizens suffering. Three months […]

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