Market Commentary


Cumberland Advisors Market Commentary offers insights and analysis on upcoming, important economic issues that potentially impact global financial markets. Our team shares their thinking on global economic developments, market news and other factors that often influence investment opportunities and strategies. Our readers appreciate its timeliness, depth of analysis, and quality of research.

  • Central Bank Digital Currency (Part 2)
     Author(s): Robert Eisenbeis, Ph.D. | Thu June 1, 2023

    Central Bank Digital Currency (Part 2)

    Florida’s passage of its law prohibiting the use of central bank digital currencies redefined the definition of money under the Uniform Commercial Code to exclude both US and foreign central bank currencies. Interestingly, the new Florida ban would seem to include…

  • Rates Higher for Longer
     Author(s): David R. Kotok | Wed May 31, 2023

    Cumberland Advisors Market Commentary - Rates Higher for Longer by David R. Kotok

    An acceleration of economic activity in the service sector would be most welcome under normal circumstances. It means more employment, more broadly defined growth in America, more absorption of the excess labor force, more closure of the gap between job seekers and job…

  • Decoration Day
     Author(s): David R. Kotok | Sun May 28, 2023


    I remember going with my father to the Memorial Park in Vineland, NJ, to decorate graves. That was 75 years ago. I was about 5. All the veterans’ groups in the town would join in this annual rite. Small American flags, flowers, various mementos, and veterans groups’…

  • Cumberland Advisors Week in Review + Digest (May 22 - May 26, 2023)
     Author(s): Cumberland Advisors | Sat May 27, 2023


    The Cumberland Advisors Week in Review is a digest of news, commentary, and opinion from our team. These are not revised assessments, and circumstances may have changed in the market from the time of original publication.


  • Debt Debacle Costs $1 Billion per Day
     Author(s): David R. Kotok | Fri May 26, 2023

    Happy Memorial Day Weekend — Debt Debacle Costs 1 Billion per Day

    I'm pleased to share with you my interview with Ed D’Agostino, Publisher & COO of Global Macro Update. There are also video and audio versions of our conversation available which are linked below. Thank you, David  

    David R. Kotok

    Chairman and Chief Investment Officer

  • The Cost of the Debt Ceiling Fight
     Author(s): David R. Kotok | Tue May 23, 2023

    The Cost of the Debt Ceiling Fight

    “One-month Treasury yields remain stubbornly above the current Fed Funds rate, at 5.53 percent versus 5.08 pct. As we have mentioned previously, this is a very unusual occurrence. From 2002 to 2022, 1-month yields averaged 0.13 percentage points lower than Fed Funds,…

  • Central Bank Digital Currency
     Author(s): Robert Eisenbeis, Ph.D. | Mon May 22, 2023

    Cumberland Advisors Market Commentary - Central Bank Digital Currency by Robert Eisenbeis, Ph.D.

    The Florida legislature and Governor DeSantis spent the better part of the first two weeks of May jumping at shadows as they passed and signed a bill (SB7054) to prohibit the use of federally sanctioned central bank digital currencies (CBDCs) in Florida as money under…

  • Banks, Fed, Debt Ceiling
     Author(s): David R. Kotok | Sun May 21, 2023

    Market Commentary\Cumberland-Advisors-Market-Commentary-Sunday-Banks, Fed, Debt Ceiling by-David-R.-Kotok

    I want to start this commentary with a personal statement: The opinion that I articulate at the end of this commentary is my personal view. I have colleagues who agree and also those who disagree. I’m writing this piece in support of the Federal Reserve and the actions it took to avert a serious…

  • A Warning From Credit Spreads
     Author(s): David R. Kotok | Wed May 17, 2023

    Cumberland Advisors Market Commentary - A Warning From Credit Spreads by David R. Kotok

    About a year ago, we published a commentary titled, “A Bond Metric for Stock Markets?” ( We recommend that readers spend three minutes reviewing that commentary.


  • Cross Channel Competition: UK and France
     Author(s): William H. Witherell, Ph.D. | Mon May 15, 2023

    Cumberland Advisors Market Commentary - Cross Channel Competition- UK and France by William Witherell, Ph.D.

    The stock markets of the United Kingdom and France are the largest in Europe. The UK and French economies are among the largest in Europe. The two countries on opposite sides of the Channel share a centuries long history of economic and political competition. Their…



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