Market Commentary



Author: David R. Kotok, Post Date: October 1, 2018
Market Commentary - Cumberland Advisors - SCOTUS

Readers are invited to check out the background of this case scheduled for SCOTUS at the end of this month: Here is the Wikipedia summary: “Gamble v. United States is a pending United States Supreme Court case about the separate sovereignty exception to the Double Jeopardy Clause of the Fifth Amendment to the United States […]

FOMC Closes Out Q3 2018

Author: Robert Eisenbeis, Ph.D., Post Date: September 28, 2018
Federal Reserve - FOMC

As Treasury markets had correctly predicted, the FOMC raised its target range for federal funds by 25 basis points to 2.0%–2.25% at its meeting on Wednesday, Sept. 26. Perhaps more importantly, it also deleted the observation that policy remains accommodative, though Chairman Powell went out of his way in his opening remarks to point out […]

Q3 2018 Municipal Credit Commentary

Author: Patricia Healy, CFA, Post Date:
Market Commentary - Cumberland Advisors - Q3 2018 Municipal Credit Commentary

Updates, budgets, potential future stresses, state ratings, default study, and last but not least, storms Last quarter we focused our 2Q 2018 municipal credit commentary on two SCOTUS (Supreme Court of the United States) rulings. One allows states to collect tax on out-of-state internet sales while the other restricts public unions from requiring that non-union […]

Trump Trade War & The Keystone Kops

Author: David R. Kotok, Post Date:
Market Commentary - Cumberland Advisors - Trump Trade War & The Keystone Kops

In his Thoughts from the Frontline letter on Friday, John Mauldin wrapped his own strong remarks on Trump’s trade war with China around a tweet from the vastly experienced and hugely connected Harald Malmgren ( “Check out this unusually blunt tweet from former trade diplomat Harald Malmgren, who literally wrote the book on US trade […]

Donor-Advised Funds (DAFs): Warehouses of Charitable Dollars or a Democratic Vehicle for Philanthropy?

Author: Gabriel Hament, Post Date: September 25, 2018
Gabriel Hament, Foundations and Charitable Accounts, Cumberland Advisors

The long-standing debate surrounding the lightly regulated world of donor-advised funds has been gaining traction on the pages of the Nonprofit Quarterly (NPQ).[1] To help frame the discussion, here are some bullet points from Bruce DeBoskey on the history and growth of DAFs, published by the Denver Post: (*) “Today, there are about 300,000 DAFs […]

Eurozone Economy’s Expansion Ongoing and Broad-Based, Downside Risks Worrying

Author: Bill Witherell, Ph.D., Post Date: September 24, 2018
Cumberland Advisors Market Commentary - Bill Witherell, Ph.D.

The European Central Bank (ECB) left its monetary policy stance unchanged at its September 13 meeting. Net asset purchases will end in December, but with the Bank’s maintaining its stock of assets, the reinvestment of redemptions will maintain substantial stimulus. No increase in policy interest rates is signaled until at least after the end of […]

US ETF Q3 2018 Review

Author: David R. Kotok, Post Date: September 20, 2018
Cumberland Advisors - Quarterly Review - 2018 Q1 - US ETF

Third-quarter US stock markets have faced a formidable array of media distractions, ranging from hurricanes to Trump tweets to SCOTUS scuffles – and on and on. For markets the trade war and the Fed have been key. Fed policy seems predictable as the hiking path continues. Trade war effects are worrisome and starting to reveal […]

Yield Curve?

Author: David R. Kotok, Post Date: September 18, 2018

A while ago we wrote about a one-time tax-code change and why it might be causing the yield curve to flatten. Here is that commentary: “Why the Yield Curve Is Flat & Why It May Steepen” ( Now we are past the September Treasury note and bond auction and past the tax-code-change deadline. So will […]

cumber map
Cumberland Advisors® is registered with the SEC under the Investment Advisers Act of 1940. All information contained herein is for informational purposes only and does not constitute a solicitation or offer to sell securities or investment advisory services. Such an offer can only be made in the states where Cumberland Advisors is either registered or is a Notice Filer or where an exemption from such registration or filing is available. New accounts will not be accepted unless and until all local regulations have been satisfied. This presentation does not purport to be a complete description of our performance or investment services. Please feel free to forward our commentaries (with proper attribution) to others who may be interested. It is not our intention to state or imply in any manner that past results and profitability is an indication of future performance. All material presented is compiled from sources believed to be reliable. However, accuracy cannot be guaranteed.