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Cumberland Advisors Week in Review + Digest, Oct 16 - Oct 20, 2023

Cumberland Advisors
Sat Oct 21, 2023

Cumberland Advisors Week in Review + Digest, Oct 16 - Oct 20, 2023

The Cumberland Advisors Week in Review + Digest is a compendium of news, commentary, and opinion from or of interest to our team. These are not revised assessments, and circumstances may have changed in the market from the time of original publication. We may include older and/or guest commentaries that our editors have determined may be of interest to our audience. Your feedback is always welcome.
The latest Cumberland Advisors’ Week in Review Video is now available online. Our end-of-week update on markets generally features equities, bonds, and trading highlights. Thank you for joining us.

Week in Review
Watch the latest update on YouTube: Cumberland Advisors’ Week in Review

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Matt McAleer Email

Please send any feedback from today’s email/video to Matt McAleer. You can reach him at:
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Call Matt: (800) 257-7013 ext. 346

Other questions or comments? Email us at [email protected] or give us a call at (800) 257-7013

Have a great weekend,
Cumberland Advisors


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Cumberland Advisors’ Private Wealth Practice offers institutional-level money management for individual investors. We have a multi-decade history of service to institutional clients – independent non-profits, foundations, qualified retirement plans, and government entities. As a private investor, you can leverage that same expertise in the management of your portfolio. More information is available at our website and in our private wealth digital brochure.
Catch up on recent Market Commentaries
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Market Commentary

Featured Commentary:
Before the FOMC Blackout – October 2023

Cumberland Advisors Market Commentary - 'Before the FOMC Blackout – October 2023' by Robert Eisenbeis, Ph.D.

by Robert Eisenbeis, Ph.D.
Wed Oct 20, 2023

As we approach the FOMC’s November meeting and the blackout period starting October 31 for participants’ public statements on monetary policy, we can expect to hear from a number of policy makers on how they view policy going forward after the release last Wednesday of the minutes of the most recent FOMC meeting.

Cleveland Fed President Mester, a nonvoting FOMC participant, voiced her view shortly after the September meeting, stating that the projections that were released, calling for one more rate increase this year, with rates that might have to remain sufficiently restrictive to get inflation down to 2%, reflected her own views as well. That sentiment was echoed on October 12 by Boston Fed President Collins, a voting member this year. In contrast, Philadelphia Fed President Harker stated on October 16 that the Committee should not be thinking of increasing rates at this time. In contrast, FRB Minneapolis President Kashkari stated on September 27th that he wasn’t sure that rates are sufficiently high to tame inflation. Dallas Fed President Logan, in a speech on October 9, stated that she felt that inflation remained too high but was a bit more circumspect and didn’t indicate her view on another rate increase at the upcoming meeting. Similarly, FRB New York President Williams, on September 29, noted that he felt that rates were about where they were needed to bring inflation down but did not state whether he felt another increase was required at the upcoming meeting. So, there is clearly a wide range of views among reserve bank presidents on what might be needed at the upcoming FOMC.

However, important insights can be gained by parsing the review of FOMC participants’ views of the economic situation contained in the recently released meeting minutes.

Continue to read the full commentary at link below:

Matt McAleer in the news

Matt McAleer, Cumberland Advisors President & Director of Private Wealth, quoted in Sweden's "Today's Industry"...

Manager: Unique position in pressured sector - buy the stock market's King Kong

by Gabriel Mellqvist - October 15, 2023 & Updated 20 October 2023

Excerpt follows.

Several industries that are usually seen as resilient in the stock market during troubled times have been squeezed on Wall Street. In a post on X, formerly Twitter, Jason Goepfert, who runs the American research firm Sentiment Trader, notes that health care, companies in power generation and grocery retail have all performed weakly.

"The value destruction in defensive sectors is now on par with the Black Monday panic," he writes, referring to the stock market crash of 1987, and then mentions a handful of other sharp corrections.

Matt McAleer, who manages wealth at investment adviser Cumberland Advisors, notes that the Consumer Staples segment also had a tough year on the US stock market. That segment includes grocery retail but also major brands in food and drink, such as Pepsi, Coca-cola and the chocolate giant Hershey Company.

All have declined by over 10 percent this year, even though they are seen as less sensitive to economic conditions. Matt McAleer believes that the high interest rates are a culprit in the drama:

"Perhaps the reason they didn't act defensively during the stock market turmoil in September is the fact that you could park money and get 5 percent interest without worrying about the volatility of the shares," he says in a client presentation.

Continue to read the full news story at this link:



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Cumberland Advisors Market Commentaries offer 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.